Next, a will provides that any assets that are not already in a revocable trust will be transferred into a revocable trust at the time of your passing.Ī revocable trust should hold substantially all of your assets. A Power of Attorney for Financial AffairsĪ will accomplishes two major things: most importantly, it names guardians for any minor children.Rather, enjoy the peace of mind that comes with carefully and thoughtfully expressing your wishes through an estate plan.Īn estate plan typically includes four basic documents, which are highlighted below: Don’t be part of the majority that puts off creating an estate plan. Unfortunately, only slightly more than 30 percent of Americans have an up-to-date estate plan. Probate can be a lengthy, expensive, and potentially contentious process for heirs without a comprehensive estate plan in place. Primary among those court proceedings is probate, which is a legal process that involves the reviewing of assets left behind after someone passes away, which ultimately determines who will inherit those assets. Particularly for ultra-high-net-worth individuals, an estate plan is critical to avoid major headaches and potentially lengthy court proceedings for any heirs. Regardless of where you are in life, having an up-to-date estate plan is a smart move and can help to ensure that the people and causes you care about are protected.
An estate planning checklist is essential for anyone looking to develop an estate plan.
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