ESTATE PLAN BASICS

Basic Estate Planning

Forgetting Simple Tasks

Many do not actually consider the fact that any new person assisting another person needs some basic information.

Be sure to have your bank accounts transferred and owned by the trust. This is MUCH better than just adding them as a co-signer. If you actually go to the bank and change the ownership of the account to the trust, you eliminate all problems. And, you still continue with your account as if there were no changes.

Be sure to transfer all insurance policies to the trust(s).

Include a "Statement of Wishes" that explains in your own words things like why you want certain jewelry to go to a certain person, why you want to limit distributions on a timed basis, why you are only leaving $10 to the black sheep relative.

Make multiple copies of all inventory, accounts, wills, trusts, insurance, and titles.

Keep one set of copies close to you and your assets. Keep the originals in a safe place, with your successor trustee, or with your estate planner. Make sure a few people KNOW who has the documents and who will assist the management of the estate.

Estate plans and asset protection do not happen without planning. Without these simple measures, the plan can be thown away, lost, or ignored.