Think About Your
Estate Planning Checklist
January 6, 2005
By Charlie Wick
From Vail Daily, Colorado
You may think it's too
soon to do estate planning. Yet, none of us can predict the future - so you'll
want to be prepared for anything.
Where do you begin?
Consider developing an estate planning checklist.
Identify your objectives
Your first step is to set
out some broad goals, such as these:
-
Distribute assets fairly to your family members.
-
Designate someone to handle your financial affairs if you become incapacitated.
-
Support charitable, religious or educational institutions.
-
Name a guardian to take care of your minor children, should you and your spouse
die prematurely.
List of all your assets
You'll need an accurate
list of all the assets you own, as well as the registration of these assets and
any beneficiary designations associated with them. Create the legal papers
you'll need; estate planning can involve a variety of legal documents. Here are
some of the most common ones:
-
Will - Insures that your assets transfer in the manner that you choose.
-
Durable power of attorney - Names someone to make financial and health care
decisions on your behalf should you become unable to do so.
-
Health care directive/living will - Provides evidence of your wishes regarding
the administering of life-prolonging procedures when you are no longer able to
communicate.
Estimate estate taxes
Your taxable estate
consists of the value of your gross estate - including your savings,
investments, real estate, insurance policies, retirement plans, etc. - less any
deductions. In 2005, you can pass along up to $1.5 million of your estate, free
of federal estate taxes, to your heirs. This estate tax exclusion rises
gradually over the next several years.
Get started soon
In a real sense, your
estate plan sums up the most important chapters in your life - and you'll want
this story to have a happy ending. So start the estate planning process soon.
For More Information Contact::
PartingWishes.com
Email:
support@partingwishes.com
Internet:
http://www.partingwishes.com
