Wills & Trusts Kit For Dummies, 2nd Edition
- Length: 416 pages
- Edition: 2
- Language: English
- Publisher: For Dummies
- Publication Date: 2021-11-02
- ISBN-10: 1119832187
- ISBN-13: 9781119832188
- Sales Rank: #164471 (See Top 100 Books)
Enjoy peace of mind knowing that your assets will pass to your family according to your wishes
Regardless of your age or income, writing a legal will is one of the greatest gifts you can give your family. But where do you begin? Wills & Trusts Kit For Dummies walks you through the most important considerations to have in mind when you’re deciding what will happen to your estate when you’re gone.
Writing a will or setting up a trust isn’t as fun as binge watching the latest hot web series, but this book makes the task a little less daunting. Find out who needs a will or trust (spoiler alert: everyone!), when you should create one, and how to take the first steps. Handy online content includes practical worksheets, forms, and templates that simplify and explain the process of estate planning in language that doesn’t require a legal education to understand. With the help of Wills & Trusts Kit For Dummies, you’ll have a document that details your final wishes before you know it.
- Navigate probate, tax, and state laws that govern how property is passed to the next generation
- Avoid the most common estate planning pitfalls and mistakes
- Choose qualified professionals and specialists to help you make the best decisions for your family
- Designate a guardian for your children and plan for their financial needs
You deserve to know that your loved ones will be properly taken care of when you’re no longer with them. Wills & Trusts Kit For Dummies delivers straightforward guidance and peace of mind on a subject that, sooner or later, we all must face.
Title Page Copyright Page Table of Contents Introduction About This Book A Special Note for Residents of Louisiana Conventions Used in This Book Foolish Assumptions Icons Used In This Book Beyond the Book Where to Go from Here Part 1 Getting Started with Your Will or Trust Chapter 1 Ensuring That Your Last Wishes Are Honored The Good, the Bad, and the Ugly: What Can Happen When You Don’t Plan Your Estate Reaping the Benefits of Planning Your Estate Planning for your care while you’re alive Ensuring that your assets go where you want Making things easier for your family Looking Out for Common Pitfalls Benefits and dangers of jointly titling real estate, property, and bank accounts Benefits and dangers of having your assets “pay or transfer on death” Benefits and dangers of life estates Danger of subjecting an asset to Medicaid spend-down rules Potential for increased tax exposure Realizing What Happens If You Don’t Have an Estate Plan Following the laws of intestate succession Determining the custodian of your minor children Creating Your Will or Trust Deciding who should create it Understanding the process Thinking about your kids, money, life insurance, and more Telling Your Family about Your Estate Plan Chapter 2 Making Crucial Decisions Going It Alone Are you comfortable doing it yourself? How complicated is your estate? Choosing a Will or Trust for Your Estate What a will can do for you What a trust can do for you You may benefit from having both Going with a Pro How lawyers and accountants can help Do you save money in the long haul? Working with a Professional Hiring a lawyer Meeting with your lawyer Reviewing and executing the documents Taking the final steps Safeguarding Your Estate Plan The problem of the disappearing document Storing your will or trust Registration of wills and trusts Chapter 3 Gathering Per tinent Information Asking Yourself Some Basic Questions Identifying Your Assets Real estate Personal property Titled personal property Savings Investments Insurance policies and annuities Retirement savings Pensions Considering Community and Jointly Owned Property Valuing Your Property Chapter 4 Planning Your Bequests Calculating Your Assets Determining Your Intended Heirs and Beneficiaries Individuals Institutions or charities Other bequests Thinking about Your Family Circumstances Talking to your family Jealousy and rivalry Pressure from your family Property That Pays or Transfers on Death Estate Planning for Second Families Giving your new spouse a life estate Using trusts to hold your assets More tools to consider Estate Planning for Your Business Inheritance of your sole proprietorship Inheritance of your share of a business Appointing the People Who Will Carry Out Your Estate Plans Choosing your personal representative or trustee Choosing a successor Discussing your estate plan with your helpers Finding Professionals to Assist You Getting help from a lawyer Hiring an accountant Using professional trust services (institutional trustees) Chapter 5 Providing for Your Children and Dependents Choosing a Guardian Making the decision Choosing a guardian other than the noncustodial parent Managing Your Child’s Assets Providing for Your Child’s Needs Your child’s education Your child’s special needs Your child’s financial stability Chapter 6 Dipping into Your Pocket: The Tax Man (and Others) Tallying Up Your Estate’s Tax Liabilities Federal estate taxes — a moving target The generation-skipping transfer tax State estate taxes Gift taxes Minimizing Tax Costs and Liabilities Leaving your estate to your spouse Making gifts Using trusts to avoid estate taxes Creating a Family Limited Partnership Seeing the Big Picture: Tax Avoidance Should Not Dictate Your Estate Plan Paying Your Estate’s Debts Medical costs and Medicaid reimbursements Payment of bills, loans, and mortgages Payment of funeral expenses Covering Administration Costs Court costs Legal fees Administrator’s fees Trustee’s fees Part 2 Everything You Need to Know about Wills Chapter 7 Writing and Signing a Will Deciding Whether a Will Serves Your Needs Simplicity often leads you to a will Assets not covered by a will Exploring the Types of Wills The statutory will The handwritten (holographic) will A will of your own Other wills Elements of a Will Who you are What are your assets Who are your beneficiaries What are your bequests Reference to a tangible personal property memorandum What happens with the residue (if any) of the estate Payment of debts by the estate Describing your funeral and burial wishes Designating a personal representative Designating a guardian for any minor children Your signature Executing a Valid Will Choosing the right witnesses Signing and executing your will Chapter 8 Navigating the Land Mines Identifying Common Land Mines Disinheriting heirs, known and unknown Avoiding invalidating part or all of your will Lashing out from beyond Handling simultaneous death of spouses Realizing Why You Must Update Your Will Your goals and wishes may change over time Your assets may change over time Family changes may invalidate your will Family changes may dramatically alter who inherits under your will Knowing What to Do If You Lose Your Will Chapter 9 When You Already Have a Will Reviewing and Updating Your Will Changes in your family circumstances Changes in your wishes Changes in your financial situation Changing Your Will Adding to your will (amendment by codicil) Executing a valid codicil Revoking Your Will How to revoke a will What to do with a revoked will Chapter 10 Estate Administration: What Happens in Probate Court Navigating Probate Court Discovering How Estate Size Affects Probate Procedures Probate for small estates Probate for larger estates Understanding the Role of the Personal Representative Giving notice to legal heirs Collecting property for distribution Notifying and paying creditors Distributing bequests Hiring a Lawyer Overseeing Probate: The Judge Avoiding Will Contests Validity Mental incapacity Undue influence Part 3 Trust Me! How Trusts Work Chapter 11 The Anatomy of a Trust What’s a Trust and Why You Need One Benefiting from Trusts They’re flexible You can provide for your incapacity You can avoid taxes You can avoid probate A trust can help protect your privacy Selecting a Trustee Choosing Your Beneficiaries Transferring Assets into Your Trust Staying in control Giving (or limiting) your trustee powers Cancelling the trust Distributing trust assets Putting Your Trust into Effect When the Trust Ends Chapter 12 Dead or Alive: Picking Your Trust Why So Many Choices? The Revocable Living Trust The benefits Possible drawbacks Choosing from Other Trusts Trusts to avoid the tax man: Asset protection trusts Trusts for people who can’t manage money: Spendthrift trusts Trusts for doing good: Charitable trusts Trusts to avoid gift taxes: Crummey trusts Trusts for people who receive government benefits: Special needs trusts Trusts to protect your estate plan if you predecease your spouse: Bypass trusts Trusts where you control the trust assets Trusts that own life insurance: Irrevocable life insurance trusts (ILITs) Trusts for multiple generations: Dynasty trusts (generation-skipping trusts) Trusts to postpone estate taxes: Qualified terminable interest property trusts (QTIPs) Trusts for your pet Deciding Which Trust Is Right for You Serving your personal needs Serving the needs of your family Thinking about the tax man Chapter 13 When You Already Have a Trust Creating the Trust Isn’t the End of the Story Transferring Assets into Your Trust Real estate Financial accounts Other assets Reviewing Your Trust Does the trust still serve your needs? Does the trust still fulfill your goals? Is the trust adequately funded? Amending Your Trust Restating a Trust Revoking a Trust What Happens If You Die? Can you avoid probate? Should you also have a will? Part 4 Carrying Out the Intent of Your Will and Trust Chapter 14 Planning for Your Incapacity Planning for Incapacity Has Many Benefits You avoid guardianship and conservatorship proceedings You get to choose who cares for you You ensure that your wishes are followed Drafting a Living Will Discussing your wishes Executing a living will Distributing copies of your living will Reviewing your living will Looking into Other Advance Directives Healthcare proxies Your medical advocate Special instructions: Your wishes for your care Executing a Healthcare Proxy Distributing copies of your healthcare proxy Revoking a healthcare proxy Designating Your Financial Powers of Attorney Selecting power of attorney Deciding between durable powers of attorney or periodic renewal Power now or power later? Drafting your durable power of attorney Executing power of attorney Revoking a power of attorney Chapter 15 Those Cushy Retirement Funds Exploring Retirement Savings Accounts Retirement savings accounts available to anyone Employment-based retirement savings accounts Self-employed retirement savings accounts Putting Off the Tax Man Moving Assets from One Tax-Deferred Investment to Another Designating a Beneficiary Selecting your beneficiary Changing your beneficiaries Maintaining Control Over Your Accounts The Tax Consequences of Putting Your Retirement Savings into Your Estate Chapter 16 Life Insurance: Making Sure It Doesn’t Backfire Taking a Look at the Different Types of Life Insurance Term life Whole life Universal life Variable life Deciding Who Owns the Life Insurance Ownership by a spouse Ownership by a child or children Ownership by a qualified plan Ownership by a trust Designating Beneficiaries for Your Insurance Policy Spouse Child or children Another individual Multiple beneficiaries A trust Your estate Chapter 17 Your Castle: How It’s Owned Makes a Huge Difference Ownership of Your Residence Ownership by one person: Sole ownership Ownership by two or more people Life estates Community property laws Special issues for domestic partners Should Ownership of Your Home Be Held by Your Trust? The Drawbacks Of Adding Your Heirs to the Title The cons outweigh the pros Possible tax consequences Possible Medicaid consequences Leaving Real Property by Will or Trust Remembering Other Properties Vacation properties Investment properties Business real estate Farmland Part 5 The Part of Tens Chapter 18 Ten Common Will Mistakes Not Updating Your Will Being Too Specific in Your Bequests Forgetting to Address the Residue of Your Estate Leaving Everything to Your Spouse Leaving Nothing to Your Spouse Including Items in Your Will That Pass Outside of Your Estate Improper Witnessing of Your Will Losing Your Will (or Making It Impossible to Find) Forgetting to Leave Good Financial Records Forgetting That Your Estate Needs Cash Chapter 19 Ten Reasons to Have a Trust You Avoid Probate You’re Prepared for Incapacity You Avoid a Will Contest You Protect Your Heirs You Can Protect Estate Assets from Creditors and Lawsuits You Plan for Second (and Third, and Fourth) Marriages You Plan for the Future of Your Business You Can Transfer Real Property Located in Another State You Have Continuity of Investments You Avoid Taxes Chapter 20 Ten Tax Traps to Avoid When Planning Your Estate Not Planning Your Estate Focusing Too Much on the Estate Tax Assuming that the Estate Tax Will Not Change Trying to Guess How the Estate Tax Will Change Not Taking Advantage of Your Lifetime Gift Exclusion Not Engaging in Business Succession Planning Hiding Property Transfers and Gifts from the IRS Having Your Estate Be the Beneficiary of Your Life Insurance Not Preparing Your Estate to Pay Any Estate Tax Owed Forgetting That Your Estate Will Grow Over Time Part 6 Appendixes Appendix A State Signing Requirements Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming Appendix B State Inheritance Taxes The Impact of Federal Estate Tax Reform States That Don’t Tax Estates States That Impose Only Inheritance Taxes States That Impose Only Estate Taxes States That Impose Both Estate and Inheritance Taxes Appendix C Estate Planning Worksheet Estate Plan Personal information Goals and priorities Family information Assets Insurance policies and annuities Retirement plans Business interests Additional assets Debts Bequests Special needs heirs Alternate beneficiaries Your advisors Estate planning documents Will Personal representative Guardian for minor children Bequests Estate taxes Disinheritance Trust provisions Funeral and burial arrangements Living Trust Trustees and alternates Property to transfer into trust Disinheritance Distribution of trust assets Conditions on distribution Special concerns Durable Power of Attorney Choice of agent Powers granted Preferences for the sale of property Healthcare Proxy Choice of medical advocate Living Will When should treatments cease Treatments that may prolong life Comfort and pain relief Place of death Index EULA
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