Estate Planning Basics - The Minimum You Need to Ensure Your Wishes Are Carried Out

1. What are the four important estate planning factors?
2. What are the basic estate planning documents?
3. What factors should you consider when planning your estate?
4. Will estate planning checklist?
5. What are the four must have documents?
6. What should you never put in your will?
7. Will list of assets?
8. What is the best estate planning software?
9. How do I prepare for an estate planning meeting?
10. How do you build and manage estate planning practice?

What are the four important estate planning factors?

There are four main elements of an estate plan; these include a will, a living will and healthcare power of attorney, a financial power of attorney, and a trust.

What are the basic estate planning documents?

The 4 Most Important Estate Planning Documents

• A Last Will and Testament. When it comes to estate planning, having a last will and testament is likely the first thing that will come to mind. ...
• A Document Granting Power of Attorney. ...
• An Advance Medical Directive. ...
• Revocable Living Trust.

What factors should you consider when planning your estate?

Factors to Consider in Estate Planning

• Liquidity. This refers to assets that can be easily converted into cash, with minimum impact on the price. ...
• Sentiment. These are assets that have sentimental value, like personal properties and vacation homes. ...
• Tax Planning. Taxes come into play in estate planning as well, adding complications and expenses.

Will estate planning checklist?

This pre-death checklist will get your affairs in order

• More Than a Last Will.
• Itemize Your Inventory.
• Add Your Non-Physical Assets.
• Assemble a List of Debts.
• Make a Memberships List.
• Make Copies of Your Lists.
• Review Your Retirement Account.
• Update Your Insurance.

What are the four must have documents?

This online program includes the tools to build your four "must-have" documents:

• Will.
• Revocable Trust.
• Financial Power of Attorney.
• Durable Power of Attorney for Healthcare.

What should you never put in your will?

Types of Property You Can't Include When Making a Will

• Property in a living trust. One of the ways to avoid probate is to set up a living trust. ...
• Retirement plan proceeds, including money from a pension, IRA, or 401(k) ...
• Stocks and bonds held in beneficiary. ...
• Proceeds from a payable-on-death bank account.

Will list of assets?

Here are some examples of assets that you should include in your will, along with who you may consider leaving them to.

• Money That Should be Used to Pay Outstanding Debts. ...
• Real Estate, Including Your Primary House. ...
• Stocks, Bonds, and Mutual Funds. ...
• Business Ownership and Assets. ...
• Cash. ...
• Other Physical Possessions.

What is the best estate planning software?

The 6 Best Online Will Makers of 2021

• Best Overall: Nolo's Quicken WillMaker & Trust.
• Best Value: US Legal Wills.
• Best for Ease of Use: Trust & Will.
• Best Comprehensive Estate Plan: Total Legal.
• Best for Free: Do Your Own Will.
• Best for Making Changes: Rocket Lawyer.

How do I prepare for an estate planning meeting?

How To Prepare for Your First Estate Planning Appointment

1. Fill out your attorney's intake questionnaire. ...
2. Gather your financial documents. ...
3. Bring copies of your current estate plan documents. ...
4. Divorce agreements, premarital agreements, and other relevant contracts. ...
5. Choose your executors and health care agents.

How do you build and manage estate planning practice?

Getting Started, Step-by-Step

1. Step 1: Educate Yourself. Of course, the first step in starting an estate planning practice is to educate yourself about the area of law. ...
2. Step 2: Draft Your Practice Vision. ...
3. Step 3: Get All the Pieces in Place. ...
4. Step 4: Identify Your Ideal Client and Start Getting Out There.