An Estate Planning Overview
Whether you are just beginning to think about estate planning, or you have already started to put your estate plan into place, you will want to make sure that you are aware of the different aspects of estate planning. This article will provide an overview of some of the most common estate planning issues. The article includes information on Advance medical directives, Living wills, Trusts, and tax consequences of tax-deferred accounts.
Living will
Developing an estate plan is important because you want to ensure that your wishes are carried out when you die. Planning will also ensure that you are able to minimize the taxes that you pay when you die. It can also provide peace of mind.
Some basic components of an estate plan include a will, a living trust, and a health care power of attorney. These documents give your loved ones a clear idea of what you want done in the event that you become incapacitated.
An estate plan should be updated at least once per year. You should also make sure that you talk to your family and heirs about what you have decided. This will help to avoid family arguments. You should also put together a letter of instructions. This should include information about your assets, liabilities, financial advisers, and recent tax returns.
Advance medical directive
Creating an advance medical directive (also called a living will) is one way to ensure that you get the care that you want, when you can’t make your own …
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