Estate Plans
Estate Planning is apparently a scary topic for many people. This is either because it sounds too complicated or there is this sense that estate planning is only for those who are wealthy. Both notions could not be farther from the truth. However, it is estimated that as high as 75% of estates transfer without any planning. That means that assets become subject to unnecessary taxation and distributed according to the courts and not the owner’s wishes.
It has been said many times that Americans spend more time planning their vacations or deciding what they savor more on a restaurant menu than they take with planning for the future, whether, financial planning, retirement planning, or estate planning. Premier Guaranty aims to change that by providing resources and information that explode the above myths. You can look forward to:
- Timely articles on important developments in estate planning and even fundamental concepts to increase your understanding.
- Reviews of recent court cases related to wills, trusts, and estate planning to help you visualize the kinds of issues you may avoid in your plans or lack of one.
- Resources that easily facilitate the estate planning process that will save you hundreds of dollars and put you in control prior to meeting with an attorney. Being organized is the key to being empowered. Empowerment begins with www.SolidEstatePlan.com.
With that let’s start with following basic, but vitally important documents that form your understanding of a complete estate plan.
Will. This is usually the first and most basic element of an estate plan. It provides the instructions for how the assets in your estate and how they will be distributed to your family as well as beneficiaries outside your family. These can be friends or entities such as a church or your favorite charity.
You will be filed in probate court and upon your death, your will upon your death will be determined for its validity. Once deemed valid, then your assets will be distributed according to your wishes specified in the will. Generally a vaild will is one that is:
1. In writing. Depending on the state you reside in laws may require that wills are written as well as signed by the testator which is the individual making the will.
2. Witnessed. Generally state laws require at least two witnesses who have no interest or financial stake in the property that will be distributed according to the will. The witnesses are to be in the presence of the testator and the presence of each other.
3. Done by a competent testator who has the capacity or mental ability to understand the document that is being signed and intentions for the property owned and its tranfer to others.
4. Nuncupative (oral). This is valid in some states. Again this simply specifies the testators intent for his/her property.
5. Holographic. This means that the will in written entirely in the testators handwriting.
6. Self-proving. Wills that are properly signed and witnessed with an included notarization that attests proper execution of the will eliminate the need for witness certification when time comes to probate the will.
7. Not written under duress, undue influence or incompetence.
Uncertainty concerning any of the requirements can be grounds for contesting the will, or even setting it aside as invalid. A will that is deemed invalid is the same as not having a will. This is known as an intestate estate where state distribution rules prevail. In any case, the will or in case of intestacy will not become effective until death.
Other components of a solid estate plan are:
Each of these can be followed by clicking each link for more in depth information. It is Premier Guaranty’s goal to ensure that your assets are protected during your lifetime and after for the maintenance and enhancement of your lifestlye and your families.
