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Wills and Estate Planning
by Nolo.com
From
the Nolo.com Law Center
What's Below:
Estate Planning: An Introduction
Look here for answers to your questions about planning for death, from writing a basic will to organ donation. Among the issues we cover are probate and the many ways to avoid it, methods for eliminating or reducing death taxes, funeral planning and choosing someone to handle your affairs if you can't. But first, information addressing some general concerns about planning your estate.
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The Right Estate Plan for You
Is your estate plan in good shape? Here's what to consider.
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Do Your Family a Favor: Get Organized
After you've taken the important step of making your estate planning documents, you can help your family by addressing the practical issues discussed here.
Wills
Though most Americans are aware that they need a will, the majority -- about 70% of us -- don't have one. People procrastinate for many reasons, but it's important to know that writing a will doesn't have to be complicated or expensive. And once it's done, you can rest a little easier, knowing that your wishes will be followed after your death.
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Wills FAQ
Here's what you need to know about the basics of making a will.
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Making a No-Frills Will
How to tell when a simple will is all you need.
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Do You Need a Lawyer to Make Your Will?
Most people can make a will without a lawyer's help. Here's why.
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Making Your Will Legal
Just follow a few simple rules to make a binding will.
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What You Can't Do in Your Will
Wills aren't the place to handle certain kinds of property or issues.
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Choosing a Guardian for Your Children
Use your will to name a personal guardian for your children, to raise them in the highly unlikely event you can't.
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Leaving Property to Young Children
When you make your will, you should arrange for someone to manage any property you leave to young children.
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Disinheriting Family Members
What you need to know if you're thinking of disinheriting a spouse, child or other relative.
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Special Property Rules for Married People
Be sure you know what property is yours to leave in your will.
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Is It Time to Change Your Will?
Make sure that your current wishes are reflected in your will.
Probate and Executors
When a person dies, someone must step in to wind up the deceased person's affairs. Bills must be paid, property must be accounted for, and items must be passed on to the people chosen by the deceased person. If state law requires that all this be handled through probate court proceedings, the process can take many months.Because probate is time-consuming, expensive and usually unnecessary, many people plan in advance to avoid it. There are a number of ways to pass property to your inheritors without probate. Some of these probate-avoidance methods are quite simple to set up; others take more time and effort.
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Probate FAQ
You may have heard that you should avoid probate, but you may not even be sure what probate is. Here are the basics.
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Why Avoid Probate?
A handful of reasons why you should do what you can to avoid the probate process.
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Ways to Avoid Probate
An introduction to the most popular ways to avoid probate.
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Using Roth IRAs to Avoid Probate
They're all the rage. But how many people know that Roth IRAs are also a great way to leave money to your heirs without probate?
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Executors FAQ
Answers to your questions about executors, including how to choose one and what they do.
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How to Obtain a Death Certificate
To do your job as executor or administrator of an estate, you'll need certified copies of the death certificate.
Living Trusts
Whether or not you should set up a living trust to avoid probate depends on exactly what you want to accomplish and how much paperwork you're willing to put up with. Living trusts work wonderfully for many people, but not everyone needs one.
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Living Trust FAQ
An introduction to living trusts -- a popular way to avoid probate.
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How Living Trusts Avoid Probate
Here's the lowdown on basic probate-avoiding living trusts.
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Do You Need a Lawyer to Make Your Living Trust?
Don't get ripped off by lawyers; find out how much a living trust should cost.
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Why You May Not Need a Living Trust
Living trusts are an excellent way to avoid probate. But read this article to learn whether you really need one.
Estate and Gift Taxes
It's a universal truth that you can't take it with you. But will your inheritors have to pay for what you leave behind? Most people who consider estate planning are understandably concerned with death taxes (also called estate and inheritance taxes). The good news is that most estates won't have to pay any death taxes -- federal or state.
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The Estate Tax Is Dead (Maybe)
After years of debate, Congress has passed legislation that will gradually repeal the estate tax over the next 10 years.
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Estate and Gift Tax FAQ
Most estates don't owe tax, but it pays to be informed. Here's a palatable introduction to estate and gift tax laws.
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Reducing Estate Tax by Making Gifts Under $10,000
Making gifts during your life can provide you with tax savings and more.
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Tax-Saving AB Trusts
Couples can save a bundle on estate taxes with this kind of trust.
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Tax Breaks for Do-Gooders
If you want to give a big gift to charity, think about using a charitable trust.
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Pooled Charitable Trusts: Tax Breaks for Small Fry
If you have $5,000-$10,000 to contribute, you can help your favorite charity by donating to a pooled charitable trust.
Life Insurance
The phrase "estate planning" is sometimes just a cover for hard-sell pitches from life insurance agents. But in the right circumstances, life insurance can be a helpful part of an estate plan. This may be especially true if you have young children, if you support a disabled adult or if you expect your estate to owe a lot of money -- to pay either debts or estate tax -- after you die. Learn whether you need life insurance -- and if you do, find out about your best options for coverage.
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Do You Need Life Insurance?
Not everyone needs life insurance. Find out whether it's right for you.
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Life Insurance Options
When it comes to choosing a life insurance policy, you may feel dazed by your options. Here are the basic types and the pros and cons of each.
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Buying Life Insurance
Before you buy a life insurance policy, you should compare insurance rates, choose a trustworthy agent and check the reliability of your insurance company. Here's how.
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Using Life Insurance to Provide for Your Kids
Life insurance may be a good source of income for your children if you die. Here's what you should know.
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Reducing Estate Taxes by Transferring Ownership of Your Life Insurance Policy
You can lower your beneficiaries' estate tax burden by making sure you don't own your life insurance policy when you die.
Funeral Planning and Other Final Arrangements
Many of us are squeamish when it comes to thinking and talking about death, particularly our own. But there are many good reasons to spend some time considering what you want to have happen to your body after death, including any ceremonies and observances you'd like.
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Final Arrangements FAQ
Planning some of the details of your final ceremonies and the disposition of your body can be a great relief to your survivors. Here are a few things to consider.
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The Perils of Prepayment Plans
Tips on shopping for funeral goods and services.
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Arranging to Donate Your Organs
What to do if you want to donate your organs after death.
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Arranging to Donate Your Body
Here are the legal basics of full body donations.
Healthcare Directives and Powers of Attorney
Many of us feel a well-grounded fear that we may someday become seriously ill and unable to handle our own affairs. Who would act on our behalf to pay bills, make bank deposits, watch over investments and deal with the paperwork that accompanies collecting insurance and government benefits? Who would make arrangements for our medical care and see that our wishes for treatment are carried out? Preparing a few simple documents -- healthcare directives and a durable power of attorney for finances -- can ease these worries by ensuring that your affairs will stay in the hands of trusted people that you choose.
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Durable Powers of Attorney for Finances FAQ
Learn about the simple way to arrange for someone to make your financial decisions should you become unable to do so yourself.
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Do You Need a Durable Power of Attorney for Finances?
Most, but not all, people can benefit from a durable power of attorney for finances.
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Preventing Challenges to Your Durable Power of Attorney for Finances
Find out how to head off challenges to your durable power of attorney.
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Healthcare Directives FAQ
It's smart to make legal documents setting out your wishes for healthcare should you ever be unable to speak for yourself. Here's some information to get you started.
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Conservatorship FAQ
Learn the advantages and disadvantages of conservatorships.
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