Here s a basic guide to wills, trusts, and other estate planning tools. This Financial Guide gives you a roadmap to the estate planning process. It will enable you to approach your attorney and other professional advisors with a clearer idea of what the process should entail. Simply stated, it includes everything you own at your death minus your debts. Some rather tricky rules apply, which may bring back into your estate assets you ve given away, or thought you d given away.
Most estates pass free of federal estate tax.
In addition to federal estate tax, state inheritance taxes, which vary from state to state, must also be considered. The post-mortem letter to your spouse and survivors, Living wills, Life insurance, Disclaimers, Lifetime gifts, and Powers of attorney. The will is the foundation of good estate planning. It s critical to obtain competent legal help in drafting a will. Do not keep will originals in a safe deposit box.