“When most people hear the term “estate planning,” they think of a will. Although planning your estate does involve making a will, it also involves a few other key details.”
A will is just one of a handful of documents every adult should have in place to protect themselves while they are living, and their heirs and families after they have passed. Following are the “5 estate planning must-haves,” according to an article from the Augusta Free Press:
- Wills and Trusts. Your will directs the distribution of your assets. Without a will, the court will determine who gets your possessions, real property and any other assets, following the laws of your state. Depending on your situation, you and your heirs may benefit from setting up trusts to protect your assets from the probate process, maintain your privacy and possibly avoid some taxes. Keep in mind that if the will or trust is not created properly or doesn’t follow your state’s laws, it could be challenged or deemed invalid. Work with an experienced estate planning attorney to protect your family.
- Many of your accounts—bank accounts, investment accounts, retirement accounts, insurance policies—may already have a named beneficiary, who will inherit the account upon your death. However, if you have not updated those names recently, you may find the wrong person inheriting your assets. Once that occurs, there is no legal means of transferring the assets to another person. Always make sure you have a contingent beneficiary, so if the primary beneficiary dies before you, or for some reason declines to accept the asset, you will have had an opportunity to choose another person to receive the asset. If there is no contingent beneficiary, the court may make that decision.
- Letter of Intent. It must be said that this is not a legally binding document. However, the information it could provide to your loved ones might be very helpful, as they move through the process of settling your estate. It can explain why you structured your asset distribution the way you did, why you would want a given family heirloom passed to a specific family member, or what you would like to have happen at your funeral. If you are not able to discuss these matters in a face-to-face conversation with your loved ones, this is a useful alternative.
- Power of Attorney. Planning for incapacity is an important part of estate planning. If you become incapacitated, you’ll need to have already given someone the power to manage your financial affairs. If you do not have a power of attorney, your family will need to turn to the court system, which will create delays and added stress. You’ll also want to have a healthcare power of attorney in place. Most people assume their spouses will immediately take on this role, but not everyone is capable of making the hard decisions, especially during an emergency situation.
- Legal Advice. Estate planning laws are governed by your state of residence. Your best option is to make an appointment with a local estate planning attorney to learn whether there are any other documents and plans you need to put into place. Some law firms provide a means of documenting assets to ensure that, at the time of death, your family is not embarking on a scavenger hunt to identify assets. In certain states, you can assign a funeral representative to make sure your funeral, burial or cremation and memorial service wishes are carried out. Your attorney will know what you and your family need.
Reference: Augusta Free Press (Nov. 27, 2018) “5 estate planning must-haves”
“大多數人聽到“資產規劃”這個詞時,他們會想到遺囑。雖然規劃你的資產確實牽涉製定遺囑,但它還涉及其他一些其他關鍵細節。”
遺囑只是每個成年人在生時保護自己以及在他們去世之後保護他們的繼承人和家人的少數文件中的其中一份。根據 Augusta Free Press的一篇文章,以下是“5 estate planning must-haves,”:
1.遺囑和信託。您將指定您的資產如何分配。如果沒有遺囑,法院將根據您所在州的法律確定誰擁有您的財產,不動產及任何其他資產。根據您的情況,您和您的繼承人可於通過建立信託以保護您的資產免受遺囑認證過程的影響,維護您的私隱並可能避免一些稅收。請記住,如果遺囑或信任未有正確建立或不符合您所在州的法律,則可能會被質疑或視為無效。與經驗豐富的資產規劃律師合作以保護您的家人。
2.受益人。在您眾多的賬戶 - 銀行賬戶,投資賬戶,退休賬戶,保險單 - 可能已經有一位指定的受益人,他將在您去世時繼承這些賬戶。但是,如果您最近沒有更新指定受益人,您可能會發現繼承您資產的人並不是您想的人。一旦發生狀況,就沒有合法的方式將資產轉讓給他人。確保您有後備受益人,如果主要受益人在您之前去世,或由於某種原因拒絕接受該資產,您將有機會選擇其他人來繼承資產。如果沒有後備受益人,法院可以作出決定。
3.意向書。必須說這不是具有法律約束的文件。但是,它可以為您的家人提供的信息可能非常有用,因為他們正在解決您的財產問題。它可以解釋您如何按照自己的方式去分配資產,為什麼您希望將特定的家傳之寶傳給某一家庭成員,或者您希望在您的葬禮如何進行。如果您無法與親人面對面討論這些問題,這是一個有用的選擇。
4.授權書。為喪失能力規劃是資產規劃的重要部分。如果你喪失能力,你就需要授權某人去管理你的財務。如果您沒有授權書,您的家人將需要轉向法院系統,這會造成延誤並增加壓力。您還想有醫療授權書。大多數人認為他們的配偶會立即擔任這個角色,但不是每個人都能做出艱難的決定,特別是在緊急情況下。
5.法律諮詢。資產規劃法例由您所居住的州去管轄。您最好是預約當地的資產規劃律師,了解是否還有其他文件和計劃需要落實。一些律師事務所提供了記錄資產的工具,以確保在您去世時,您的家人不需像進行尋寶遊戲去識別您的資產。在某些州,您可以指派一名葬禮代表,以確保您的葬禮,土葬或火葬和追悼會的願望得以實現。您的律師會知道您和您的家人需要什麼。
參考: Augusta Free Press (Nov. 27, 2018) “5 estate planning must-haves”