Every Estate Plan Should Have a Will. A well-written will helps to transfer property quickly according to the wishes of the decedent. Wills describe the estate, the people who will receive specific property, and special instructions about care of minor children, gifts to charity, and formation of posthumous trusts. You may name a person who will manage your estate from the time of your death until the time that your assets are distributed. You may disinherit a person who might usually be expected to receive property. There are certain formalities required by law. More... Trusts. Why you might need them or why you wouldn't. Trusts
can be set up and run while you are alive, or you can prepare a trust
as you would a will, to take effect upon your death. Think about Trust as a box. Life Insurance. If a decedent had Life Insurance then proceeds pass to the designed beneficiary by contract More... Joint tenancy with the rights of survivorship. A joint tenancy is a form of shared ownership, with the key feature being the "right of survivorship." This means that while the joint tenants equally share ownership during their lifetimes, when one joint tenant dies, his or her interest is extinguished, leaving the surviving joint tenant with sole ownership. No Will? No Good. Intestate Succession. If you die without a will the state law will decide where your assets will go and who will take care of your minor children. Taxes Affecting Decedent's Estate Frequently asked Questions |
You Have to Have a Plan, Whether Simple or Complex |