Advantages:

• Avoids probate but not necessarily estate taxes
• Administers property in different states with one document
• Manages business and personal affairs during your life
• Manages assets if you become incapacitated
• Depending on state law, may protect separate assets in case of divorce
• Can pay medical and other bills and provide for scholarships
• Distributes assets faster to beneficiaries
• Provides privacy

Disadvantages:

• Expensive to draft
• Involves costs to update
• Expenses can outweigh benefits
• Not court-supervised
• To protect assets, the trust must be funded with them
• The need to update and fund the trust is ongoing

Lesson Contents

I. Introduction

II. Estate Planning

III. Power of Attorney: Planning for Incapacity

IV. Property Transfer: Documents and Legal Arrangements

V. A Will: Who Needs One?

VI. The Probate Process

VII. Personal Representative: To Carry Out Your Wishes

VIII. Gifting and Tax Strategies

IX. A Trust: Who Needs One?

a. Types of Trusts: Testamentary and Living Trusts

b. Advantages and Disadvantages of a Living Trust

c. Is a Trust the Right Planning Device for You?

X. How to Hire and Work with an Attorney

XI. Learn More

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Glossary

Case Studies and Resources

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Disclaimer

Acknowledgments

Prepare Your Estate Plan belongs to a series called Legally Secure Your Financial Future. The series also includes information to help you organize important household papers and to communicate your health-care wishes.

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