Authors: Liza Hanks
ISBN-13: 9781413310719, ISBN-10: 1413310710
Format: Paperback
Publisher: NOLO
Date Published: November 2009
Edition: (Non-applicable)
Liza Hanks is an estate planning attorney with the firm of Finch Montgomery Wright LLP in Palo Alto, California. She frequently writes and speaks about estate planning and is the author of The Trustee's Legal Companion and The Mom's Guide to Wills and Estate Planning. A Stanford Law School graduate, she has also taught estate planning and taxation at Santa Clara Law School.
Estate planning basics to help you protect your young family.
You know that now is the time to do something in the way of estate planning to provide for your young children -- but what, exactly? Is a will all you need? What about life insurance or a living trust? And how much will it all cost?
The Mom's Guide to Wills & Estate Planning gives you practical, straightforward recommendations on estate planning options and provides a solid plan that every family can find the time to follow -- without the expense of hiring an attorney.
This book outlines which proactive steps are most crucial and should be taken immediately, and which can be delayed. Focusing on your family's real-world concerns, you'll find out:
vhow to keep your estate plan current
You'll also see handy and relevant USA TODAY snapshots, infographics and insights throughout The Mom's Guide to Wills & Estate Planning. So what are you waiting for? Create an estate plan to protect your young children today.
I Your Estate Planning Companion 1
1 Picking Guardians: You CAN Do It! 5
Get It Done 6
How Guardianships Work 8
What Guardians Are (and Are Not) Responsible For 9
Picking the Right Guardian 11
After You've Chosen a Guardian: Talking It Over 26
Giving Guardians Some Written Guidance 28
2 Getting Organized, or Trying To 31
Cash 36
College Savings Plans and Custodial Accounts for Children 37
Safe Deposit Box 39
Real Estate 39
Investments, Retirement and Otherwise 43
Life Insurance 46
Pensions 47
Annuities 48
Government Benefits 49
Automobiles and Personal Property 49
Moving On 49
3 Leave Money to Your Kids? Are You Nuts? 53
Custodial Accounts 58
Trusts 64
Your Backup Plan: Appoint a Property Guardian 79
4 Yes, You Need a Will 83
Why a Simple Will Is Just Fine 84
Making a Will: A DIY Project or Not? 85
What Wills Don't Do 88
What Happens If You Don't Make a Will? 91
Taking Care of Business: Picking an Executor 92
The Will Worksheet 97
Simple Will Worksheet 104
5 Creating a Living Trust (Maybe) 105
Probate: A Judge Makes Sure the Right Things Happen 107
What Is a Living Trust? 111
Do You Need a Living Trust? 114
Creating a Living Trust 117
Casting the Play: Selecting Trustees and Beneficiaries 120
Transferring Assets Into the Trust 122
Do You Still Need a Will? 126
6 Those Retirement Accounts: Naming the Right Beneficiaries 129
Alphabet Soup: Plans Explained 131
What Beneficiaries Have You Already Named? 134
Retirement 101: The Basic Rules of Choosing Beneficiaries 136
Naming Your Beneficiaries 139
A Little Housekeeping: Clean Up Your Retirement Plans145
Filling Out the Forms 147
7 Life Insurance: Not Just for Other People 149
Do You Need Life Insurance? 150
What Is Life lnsurance? 153
Life Insurance Primer 154
How Much Is Enough? 157
How Much Life Insurance Costs 160
Naming Beneficiaries 166
8 Payable-on-Death Accounts (Weird Name, Handy Tool) 171
When POO and TOD Accounts Are a Good Idea-And When They're Not 172
How POD and TOD Accounts Work 173
How to Set Up a POD or TOD Account 178
9 Powers of Attorney: You Really Need These 187
Health Care Directives 189
Durable Powers of Attorney for Finances 200
10 Life Changes-So Will Your Plan 209
What You've Accomplished 210
Storing Your Estate Plan 211
Whom to Give Copies To 211
Keeping Your Plan Current 212
When to Update Your Plan 212
How to Make Changes to Your Estate Plan 214
Appendix: Estate Planning Worlfsheets 219
Will Worksheet 220
The Ideal Guardian 221
Potential Guardians 222
Guardians for My Children 222
Family Inventory 223
Inheritance Planner 225
My Children's Money Manager 226
How Much Could Your Kids Inherit? 226
Property Guardians for My Children 226
My Executors 227
Family Retirement Assets: Current Beneficiaries 227
My Health Care Agent 227
My Agent for Financial Management 227
Index 229