1. 8 Tips for Estate8 Tips for Estate
PlanningPlanning
From Harriet H. Roland MBA, JD,From Harriet H. Roland MBA, JD,
AttorneyAttorney
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2. Make aMake a WillWill
Writing a will is the only way you can ensure that your assetsWriting a will is the only way you can ensure that your assets
are distributed according to your wishes to family members orare distributed according to your wishes to family members or
other beneficiaries. With no will in place, state law determinesother beneficiaries. With no will in place, state law determines
what happens to your property. A will also lets you placewhat happens to your property. A will also lets you place
certain conditions on your assets, such as holding assets incertain conditions on your assets, such as holding assets in
trust for your children until they reach a certain age.trust for your children until they reach a certain age.
A will also allows parents to name a guardian who will careA will also allows parents to name a guardian who will care
for their minor children should something happen to bothfor their minor children should something happen to both
parents. In the absence of this provision in a will, the courtparents. In the absence of this provision in a will, the court
will appoint a guardian for the children.will appoint a guardian for the children.
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3. Determine how individualDetermine how individual
assetsassets should be distributedshould be distributed
Don't underestimate the importance of this step and don'tDon't underestimate the importance of this step and don't
assume that family members will work things out amongassume that family members will work things out among
themselves. Instead, you should openly discuss with thethemselves. Instead, you should openly discuss with the
individuals involved your desire for them to have items ofindividuals involved your desire for them to have items of
sentimental as well as monetary value. This avoidssentimental as well as monetary value. This avoids
misunderstandings and helps to ensure that your treasuredmisunderstandings and helps to ensure that your treasured
possessions go to the people you have in mind.possessions go to the people you have in mind.
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4. Review and update yourReview and update your
beneficiary designationsbeneficiary designations
Life insurance policies, retirement plans, and payable-on-Life insurance policies, retirement plans, and payable-on-
death accounts are all considered contracts in the sensedeath accounts are all considered contracts in the sense
that the beneficiaries you designate will inherit thesethat the beneficiaries you designate will inherit these
assets directly, regardless of what your will states. Makeassets directly, regardless of what your will states. Make
sure you update your beneficiary designations after asure you update your beneficiary designations after a
marriage, divorce, or other major life event.marriage, divorce, or other major life event.
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5. Select a qualifiedSelect a qualified executorexecutor forfor
your estateyour estate
An executor is responsible for paying your debts and distributingAn executor is responsible for paying your debts and distributing
your assets in accordance with your will. The most obvious choiceyour assets in accordance with your will. The most obvious choice
for many individuals is their spouse or oldest child, but you mayfor many individuals is their spouse or oldest child, but you may
want to consider other options, particularly if settling your estate iswant to consider other options, particularly if settling your estate is
likely to be a lengthy or complicated process. A professionallikely to be a lengthy or complicated process. A professional
executor, such as a certified public accountant or other trustedexecutor, such as a certified public accountant or other trusted
advisers, may be more experienced at administering estates andadvisers, may be more experienced at administering estates and
also add the benefit of impartiality in distributing your assets.also add the benefit of impartiality in distributing your assets.
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6. Make sure your family membersMake sure your family members
know where to findknow where to find vitalvital
documentsdocuments
It’s a good idea to prepare a list that shows where all importantIt’s a good idea to prepare a list that shows where all important
documents and assets are stored. This should include birth,documents and assets are stored. This should include birth,
marriage, and death certificates, especially of children, spouses,marriage, and death certificates, especially of children, spouses,
and other potential heirs. You will also want to include importantand other potential heirs. You will also want to include important
financial records, such as stock certificates, insurance policies,financial records, such as stock certificates, insurance policies,
and retirement account statements. Be sure to provide yourand retirement account statements. Be sure to provide your
executor with the names of your attorney, accountant,executor with the names of your attorney, accountant,
stockbroker, and other advisers.stockbroker, and other advisers.
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7. Maximize theMaximize the annual gift taxannual gift tax
exclusionexclusion
To minimize future estate costs, you can makeTo minimize future estate costs, you can make
annual tax-free gifts of $13,000 each to anyannual tax-free gifts of $13,000 each to any
number of individuals. Couples can givenumber of individuals. Couples can give
combined gifts of $26,000 per recipient. Incombined gifts of $26,000 per recipient. In
addition, the future appreciation on the giftedaddition, the future appreciation on the gifted
assets will be transferred out of your estate.assets will be transferred out of your estate.
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8. Make aMake a living willliving will
Also known as an advance health-care directive, a living willAlso known as an advance health-care directive, a living will
expresses to your family and to your health care providers whatexpresses to your family and to your health care providers what
medical procedures (life-prolonging, pain-relief, etc.) you do andmedical procedures (life-prolonging, pain-relief, etc.) you do and
do not want and those you do not want performed in the eventdo not want and those you do not want performed in the event
you are unable to express these desires yourself. You can alsoyou are unable to express these desires yourself. You can also
appoint a "health care proxy" to make decisions on your behalfappoint a "health care proxy" to make decisions on your behalf
that are not covered by your living will. Discuss your desires withthat are not covered by your living will. Discuss your desires with
your family and your health care proxy.your family and your health care proxy.
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9. Draw upDraw up power ofpower of
attorneyattorney
If you are incapacitated or otherwise unable to take care of your financial affairs, aIf you are incapacitated or otherwise unable to take care of your financial affairs, a
durable power of attorney will give a trusted individual the ability to pay your billsdurable power of attorney will give a trusted individual the ability to pay your bills
and manage your affairs during your incapacity. Your will has no effect during yourand manage your affairs during your incapacity. Your will has no effect during your
lifetime and a living will only addresses your medical affairs. Durable powers oflifetime and a living will only addresses your medical affairs. Durable powers of
attorney fill in the end-of-life planning gap and avoid expensive court proceedingsattorney fill in the end-of-life planning gap and avoid expensive court proceedings
to have a guardian or conservator appointed to handle your affairs.to have a guardian or conservator appointed to handle your affairs.
An effective estate plan requires the advice and experience of professionals skilledAn effective estate plan requires the advice and experience of professionals skilled
in estate planning. It also necessitates thoughtful planning not only about thein estate planning. It also necessitates thoughtful planning not only about the
distribution of your property, but also, about how you want to manage certaindistribution of your property, but also, about how you want to manage certain
health care issues. A certified public accountant can work with your attorney andhealth care issues. A certified public accountant can work with your attorney and
other professionals to build an estate plan that meets your objectives.other professionals to build an estate plan that meets your objectives.
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10. Harriet Roland, MBA, JDHarriet Roland, MBA, JD
Harriet Roland, MBA, JDHarriet Roland, MBA, JD is ais a
Las Vegas estate planning attorneyLas Vegas estate planning attorney
For more information please visit:For more information please visit:
http://http://www.rolandlawfirm.comwww.rolandlawfirm.com//
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