Time waits for nobody! Each day someone loses a loved one. No one is immortal. When settling and estate accounts will need to be re-registered from the name of the decedent to survivors. Investment allocations, which may have been sensible at one time, need to be re-done. Beneficiary designations will need to be updated. Accounts with beneficiary designations such as life insurance policies annuities and IRAs will pass directly, outside of the estate. Other items are subject to probate. Your will specifies how assets are to be distributed an executor is charged with the responsibility to settle the decedents estate pay just debts, etc.

Developing an estate plan is more than just naming who gets the china and who gets the jewelry. Your healthcare directive is a significant document. Would you want a feeding tube? Ventilator? Whether your answer is yes or no, your family should have something in writing from you. Who will make decisions for you when you are unable to answer for yourself? Trusts may or may be helpful to a sure privacy and potentially protect assets from some taxes, sons-in-law and daughter in law, etc. In addition to federal estate taxes, each state may have estate tax inheritance tax transfer taxes, etc. An up-to-date estate plan will provide calmness to others when the time comes.

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