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Given the choice—and you do have the choice—wouldn’t you prefer these matters be handled privately by your family, not by the courts? If you become disabled or die, loved ones are just a click away from the financial and estate-plan information they need. Accordingly, you need to establish a way to keep track of important logins, passwords, access keys and personal identification numbers (PINs) to ensure that your family and loved ones can access important online and electronic records. You will, of course, want this to happen with the least amount paid in taxes, legal fees, and court costs. Accessed April 30, 2020. 0000025683 00000 n
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You can provide full access to a spouse, let's say, while limiting an adult child's access to certain sections. Your plan should be reviewed and updated as your family and financial situations (and laws) change over your lifetime. A last will and testament is a legal document that communicates a person's final wishes, as pertaining to possessions and dependents. 0000027568 00000 n
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Any assets titled in your name or directed by your will must go through your state’s probate process before they can be distributed to your heirs. 0000025790 00000 n
A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create. 0000018935 00000 n
Questions to Ask Your Estate-Planning Attorney, Tips to Help Siblings Avoid or Resolve an Estate Battle, Focus on Estate Planning: The Importance of Beneficiary Designation. Trust-owned life insurance is insurance that resides inside a trust. Here are some reasons why: The longer the length of time, the better the potential tax savings to you. Securities, real estate, or any other property having a fair market value greater than its original purchase price. 0000022996 00000 n
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What is Estate Planning? You cannot direct the gifts. Finally, make sure other people know the location of the document so they may access it when needed. h�b```b``�f`c`��� Ȁ �@16�;`�ꆶ<
��{��[�ϫ|��Hi*��m��s��7����+���y�K�\t,��u���ރ6�����NHi�x$ ���X�H6uA�7��6�_��P��b�9�����'��U�(������EY�}����� h By designating beneficiaries on retirement accounts and completing the transfer on death designations on other accounts, you can keep those assets from passing under the will. Follow this checklist and you'll have covered most, if not all, of your bases. x�b```f``ke`c`����π ���,/��o�00l����d There's space to write your own obituary and to upload a photo for your obit. You can also write your own will with the assistance of online services or other software packages. Your estate administrator or executor will be in charge of administering your will when you die. Personal Estate Planning Kit Save time, protect assets, and avoid distress with a well–planned estate. It is used by many high net worth individuals as the cornerstone of their estate plan. 0000014565 00000 n
If we can provide any assistance during your planning process, please contact Heather R. Sherman at 202-434-6120 or hsherman@aarp.org. 0000024406 00000 n
A free version provides basic information, such as whether you have a retirement account or insurance. You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. And, if you have young children, wouldn’t you prefer to have a say in who will raise them if you can’t? Henderson, who created Estate Map in 2014, says many people don't think about disability or who will get access to their information when they're incapacitated. 43 0 obj <>
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To organize your wishes, plans, and important personal information, you can turn to self-help products, available from Nolo or other publishers. I give, devise and bequeath to AARP Foundation, located at 601 E Street NW, Washington, DC, 20049, TIN: 52-0794300, all (or state a percentage) of the rest, residue and remainder of my estate, both real and personal, for its unrestricted charitable use and purpose.