ABOUT US       CONTACT US       DISCLAIMER       HOME PAGE       NEWS AND VIEWS       SEARCH       UNIVERSITY OF DIVERSITY
   

NowYouKnowThatYouKnow.com


Estate Planning Essentials

7 Documents you need to fill out before you die

Estate planning is the process of establishing a framework to manage your assets upon death, disability or incapacity. It involves creating documents that outline your wishes. While estate planning is not a pleasant task, it is critical that you implement it before you need it.

Here are seven critical documents necessary to cover the aspects of a well-devised estate plan.

. Last Will And Testament

The fundamental purpose of a will is to outline who will receive your assets upon your death. Another important purpose of a will is to specify guardianship for your minor children. A guardian is one who takes legal responsibility for the care of your minor or incapacitated children after you are gone. It is important to understand that a will does not become effective until the date of death. So it does not provide any benefits during your lifetime. A will can be changed at any time (assuming you are not mentally incapacitated). It can be amended by using a codicil or revoked by writing a new will. A will can also create a trust upon your death (more on this below). If your estate is large enough (over $5.49 million in 2017), you may also need to incorporate federal estate tax planning into your documents.

. Trust

A trust is a legal instrument that provides ongoing management for your assets. It can be inter vivos (also known as a Living Trust, which exists during your lifetime) or Testamentary (one that is created by your will upon your death). It is a good idea to leave assets in trust if the beneficiaries are minors, incapacitated, or if they are simply not fiscally responsible. The trust document names a trustee who has the responsibility of managing the assets in the trust and determines when and how much of the trust assets to distribute (subject to the terms you have written in the trust). You may want to name a trustee while your child is under a certain age, say 25 or 30. Then, once your child reaches that specific age, they can either act as their own trustee, or the trust can terminate and distribute all of the assets to your child outright.

. Power of Attorney

A Power of Attorney allows you to empower someone else to act on your behalf for legal and financial decisions. It can be a Durable Power of Attorney, which becomes effective immediately, or a Springing Power of Attorney, which becomes effective upon a stipulated event, typically when you are disabled or mentally incompetent. It is critical that you completely trust the person to whom you provide this power, as he or she can legally act on your behalf.

. Healthcare Power of Attorney

A Healthcare Power of Attorney (also known as a Medical Power of Attorney) gives a trusted individual the authority to make decisions about your medical treatment should you be unable to do so on your own. No financial authority is granted in this document, only medical power. So you could provide one person the Durable Power of Attorney and another person the Healthcare Power of Attorney if you desire.

. Living Will

While the Healthcare Power of Attorney authorizes another to make medical decisions on your behalf, a Living Will (also known as a Directive to Physicians) sets out your predetermined wishes regarding end-of-life care should you become terminally ill or permanently unconscious. Essentially it takes the decision to withhold life out of the hands of your medical providers and the ones you love so that they are not burdened by it and so that you can be assured your wishes are respected.

. HIPAA Release

One of the important provisions of the Health Insurance Portability and Accountability Act of 1996 (HIPAA) is the obligation that medical records be kept confidential. While this is definitely an important requirement, it can have severe unintended consequences. Without the legal authority to share medical records, your family may not be able to obtain important information regarding your medical condition and treatment if you were to become incapacitated. A HIPAA release allows your medical providers to share and discuss your medical situation with whomever you specify in the document.

. Letter of Intent

A Letter of Intent is a simple, non-binding personal letter to the ones you love expressing your desires and special requests. It may include information regarding burial or cremation, or a specific bequest of collectibles or personal items. While it does not typically have legal authority, it can help to clear up confusion regarding your personal preferences.

Estate planning can be complex and the laws vary widely by state. This article is general in nature and is not meant to provide legal advice. I recommend that you engage the services of an estate-planning attorney to discuss your wishes and prepare the appropriate documents. -- Source.


Now you know that you know.

 

       

The 'Age' of Truth

Remembering Barney Miller

See How To Tell You've Grown Up

Religion According To George Carlin


More Web sites by
KhalsaWebMasters.com


SAAAP.org Dieterata.com
AllIsOne.guru HariSingh.com
TheISites.com SikhTribes.com
SopaSeca.com SikhSongs.com
UbuntuAge.com WaheGuru.guru
UntoInfinity.com NarayanOil.com
LeftOfMaya.com SikhsShine.com
LivtarSingh.com
3HOHistory.com
EyesOnPies.com Turbanators.com
SikhAnthem.com IsolatedSeer.com
BroadPoints.com 13EkOngKar.com
Obama43To1.com SoothingSpa.com
HariKaurBird.com ChardeeKala.com
OpticalViews.com 2020ForEyes.com
KhalsaVision.com SPIRITofGRD.com
GuruRamDas.com LakeKillarney.com
DualityOptics.com HariSinghBird.com
MySikhSense.com
RamDasSingh.com
BigotDetector.com
BeYourAllness.com
3DDispensing.com
LandOfAwwws.com
Interior-Guard.com SatKartarSingh.com
OpticalCourse.com DrRamonIbarra.com
MiriPiriWarrior.com FitItAndForgetIt.com
1IsTheAnswer.com OpticianryToday.com
SatNamMeans.com WordPhysiology.com
KaliYugaSigns.com JustAddedWater.com
SiriSinghSahib.com EyewearMoodys.com
1And1Equals11.com PreetKaurKhalsa.com
CloseOrderDrill.com WhiteTantraYoga.com
RamDhanSingh.com 3HOLegacyLinks.com
2020ForWomen.com TheMahanTantric.com
HangupsByHari.com SiriMantraForLife.com
DownWithCarbs.com
WhoAreTheSikhs.com
ACTForDiversity.com OpticianryReview.com
AdiShaktiMantra.com 2020ForOpticians.com
ScienceOfMudra.com OpticalGuidelines.com
OneIsTheAnswer.com GuruGobindSingh.com
ScienceOfMantra.com OpticalWorkshops.com
GuruGaitriMantra.com KirpalSinghKhalsa.com
OohRahMemorial.com SimranKaurKhalsa.com
WeProcessLoans.com
SatpalSinghKhalsa.com
AkalCommittee13.com SadhanaGuidelines.com
GurdwaraSecurity.com YouAreTheEssence.com
AmarSinghKhalsa.com KundaliniYogapedia.com
DiversityDialogues.org StFrancisOfficePark.com
SensitivitySummit.com ToTheSweetestMom.com
AwtarSinghKhalsa.com YogiBhajansTeacher.com
SurvivalCampUSA.com OpticalShiftHappens.com
KhalsaWebMasters.com AllForOneWonForAll.com
MasculineMoments.com DrinkingDrivingDead.com
AhaMomentOfTruth.com MyInterviewWithGod.com
HairInLaysTheTruth.com SaTaNaMaMeditation.com
PartnersNotParents.com FaceBlindnessIsReal.com
ToTheSweetestWife.com ToServeIsToSucceed.com
EachMomentIsAGift.com ServingVersusSelling.com
SikhAndYeShallFind.com SukhmaniKaurKhalsa.com
OpticiansForChange.com LakesideManorOnline.com
HappinessIsTheRule.com EyeWearProfessionals.com
AtTheFeetOfTheYogi.com SecurityAdvisoryTeam.com
SiriGuruGranthSahib.guru ReligionDemographics.com
RaMaDaSaMeditation.com TimeForCraftsmanship.com
UniversityOfDiversity.com FirstSikhOfSikhDharma.com
YogiTeaByYogiBhajan.com
AkalCommitteeThirteen.com
DispensingGuidelines.com HealthEqualsHappiness.com
CourageousDialogues.com GoodGuysWearTurbans.com
SatKriyaByYogiBhajan.com AquarianAgeBeganHere.com
IfYouKnowWhoYouAre.com ButterflyEffectExplained.com
EyeExaminationOnline.com FirstTeachersAreWomen.com
GlassesOnlineWarning.com SugarIsAFourLetterWord.com
IDoNotEatDeadAnimals.com SikhWomenWearTurbans.com
MoreThanYouCanKnow.com WomenWimpsOrWarriors.com
OpticiansForThePeople.com CosmicCyclesAndCircles.com
OnsiteFamilyHealthcare.com TheAfterDeathExperience.com
SantSipahiAdvisoryTeam.com IAmABornAgainAmerican.com
KirtanKriyaByYogiBhajan.com TestYourKnowledgeOnline.com
SatHanumanSinghKhalsa.com LifeAccordingToYogiBhajan.com
TextingAndDrivingIsCrazy.com NowYouKnowThatYouKnow.com
ItsAllAboutMeNotAboutYou.com KundaliniYogaByYogiBhajan.com
WordsOfWisdomAndHumor.com
IfYourDadDoesntHaveABeard.com
CrucifixionByAnEyewitness.com EndOfPrideAndPrejudiceIsNigh.com
GodAndMeMeAndGodAreOne.com EkOngKarSatNamSiriWaheGuru.com
ReachOutAndTouchSomebody.com TheTechnologyOfConsciousness.com
ConsciousCommunicationGuidelines.com OneIsTheAnswerWhatIsTheQuestion.com

   ®
Khalsa

WebMasters.com
© All rights reserved.

 

 

ABOUT US       CONTACT US       DISCLAIMER       HOME PAGE       NEWS AND VIEWS       SEARCH       UNIVERSITY OF DIVERSITY