Set out your wishes for assets and guardianship
Establish terms for asset distribution upon death
Set forth your wishes for your assets upon death
Outline terms for guardianship and assets
Transfer assets to a Living Trust upon death
Set terms for property and asset distribution
Set up the terms for distribution of assets
Set terms for distribution of assets upon death
Set forth your wishes and instructions in a Will
Plan for the oversight of your digital assets
Set forth your last wishes after remarriage
Provide for your grandchildren in your estate plan
Ensure your partner and children are supported
Make your end-of-life medical wishes known
Make a Will FAQs
You can choose anyone that is legally able to care for your children. It does not have to be a family member. If you do not appoint a guardian in your Will, the state will decide who cares for your children.
After you choose a few candidates, discuss their duties with them to see if it is something they'd want to agree to. You want to pick those who are not only capable but willing.
An executor is a person or professional executor who is appointed to carry out the terms of your Will. Tasks include organizing assets and paying your debts. Once debts and financial obligations are met, they distribute your remaining assets. Depending on the size of your estate, this can be a challenging task. To help ease the burden of families and to minimize family disputes, many often hire a professional executor. Professional executors cost about three to five percent of the estate.
Choosing an executor can be challenging. An immediate family member may not always be the right choice. Plus, you should never feel pressured by anyone to make a specific selection. Since family matters can become emotionally charged, many opt to hire a professional executor (accountant, trust company). Additionally, you will need to appoint a secondary executor in case the first cannot fulfil their duties due to death or illness. Before appointing executors, notify them of their duties and ensure that they are willing to take on the task. Don't forget to update the document periodically if needed.
Assets held in a Living Trust can be distributed more quickly than a Will. If you can afford to fund a Trust, it can be used to provide for your children until the rest of your assets and insurance payments are released.
An inheritance tax is a state tax paid by the one who receives money or property from a deceased person. Most states no longer charge this tax. An inheritance tax differs from an estate tax. An estate tax is taken from an entire estate before assets are allocated. Not all estates have to pay an estate tax since the threshold is rather high. The 2017 federal exemption level for estate taxes was $5.49 million. The federal inheritance tax lower threshold for 2018 is $5.6 million. Roughly only two percent of estates are obligated to pay these taxes.