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Law & Legal
  1. How to Qualify for a Medicaid Waiver
  2. Six Reasons Someone May Be Placed Under a Guardianship
  3. What Can Be Included in a Will?
  4. How Much Should You Put as a Down Payment on a House?
  5. 3 Assets That Can Fund a Trust
  6. Why You Should Have a Life Insurance Policy
  7. Is Real Estate a Good Financial Investment?
  8. S-Corp vs. C-Corp
  9. 5 Reasons Someone Might Disinherit a Child
  10. Benefits of a Testamentary Trust
  11. Steps on How to Sign Up for Life Insurance
  12. What is the Estate Administration Process?
  13. What Types of Government Benefits are Available for the Elderly?
  14. What is the Job of an Executor?
  15. What is a Simple Estate Plan?
  16. Why You Should Have a Will
  17. 3 Things You Need to Prepare Your Taxes
  18. Tips for Planning an Estate
  19. What is Electronic Notarization?
  20. Are There Requirements to Qualify for Medicaid Home Care?
  21. 3 Benefits of Tax Planning
  22. 3 Things to Know About Retirement Planning
  23. How Does Mental Illness Impact Your Estate Planning Process?
  24. What is a Lawsuit for Wrongful Death?
  25. What is The Tax Code?
  26. Guide to Become a Tax Advisor
  27. Does My Parents' Divorcing Impact My Inheritance?
  28. Guide to Understand When You Should and Shouldn't Buy a Home
  29. 3 Things a CPA Can Help With
  30. Tips to Maximize Your Tax Refund
  31. 3 Reasons You Should Have a Tax Accountant on Retainer
  32. Do Self-Employed Individuals Get Taxed Differently?
  33. What are Unclaimed Funds?
  34. 4 Things to Know About Surrogate's Court
  35. 3 Reasons Having Advance Directives is Important
  36. What are Estate Taxes?
  37. What is The Estate-Tax Exemption?
  38. Who Has to File Taxes?
  39. 3 Reasons You Should Have a Trust Protector
  40. Understanding Spousal Impoverishment
  41. Who Files Taxes For Businesses?
  42. Should I File My Taxes Using Turbo Tax?
  43. 3 Ways to Protect Against Financial Exploitation
  44. Who Qualifies for a Special Needs Trust?
  45. Guide on How to Write Off Business Expenses When Doing Your Taxes
  46. 3 Things Every Small Business Should Know
  47. Why Updating Your Will is Important
  48. What is the Probate Journey?
  49. What Happens if I Don't File My Taxes?
  50. Tax Accountant vs CPA
What is a Simple Estate Plan? {{ currentPage ? currentPage.title : "" }}

Planning for your eventual passing isn’t something most people want to dwell on, but having an estate plan in place is an important part of preserving your legacy and ensuring your wishes are carried out after death. An estate plan is an official plan that is created while you are living which details how you want property and assets to be dispersed after you pass. Some people think estate planning is only beneficial for high-net-worth individuals, but the truth is that everyone can benefit from estate planning.

Having a plan in place protects assets like your home, business or bank accounts, and it also reduces the legal work required of your loved ones left behind. This also means your estate largely stays out of the probate process, so you maintain greater control over how your estate is executed.

How to Set Up a Simple Estate Plan

To set up your own simple estate plan, you’re encouraged to work with a local professional. Laws vary in different states, so you want to work with an estate planner in your area. A simple estate plan New York City planners can create may be vastly different from one planners in California can create. Additionally, a simple estate plan New York City estate planners can create will factor in local and state laws as they pertain to assets, accounts and probate.

When drafting your plan, your estate planning team will help you create a will if one does not exist and will guide you through the process of naming an executor. This will be the individual who will be responsible for ensuring that your will is faithfully executed upon your passing.

Check With Your Account Managers

A simple estate plan is usually enough to cover most situations, but everyone has different needs. You may need to work directly with your estate planner and various account managers of bank accounts, investment accounts and business accounts to make sure their protocols are satisfied to pass along assets upon death. Most institutions, like banks, will have forms you can fill out to make the transition easy.

Author Resource:-

Mark writes often about estate planning. His articles may include topics like real estate closing attorney and business succession laws to help the people in needs. You can find his thoughts at estate planning services blog.

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