• Myhre Law Office Admin

Should I make a will? Your quick guide to estate planning.

Updated: Jan 28, 2018

Making a Last Will and Testament is just one part of an overall process called “Estate Planning”.

Estate planning involves a range of undertakings to manage an individual's asset base in the event of their incapacitation or death. Drafting a will to bequest assets to heirs and the settlement of estate taxes is only one part of these undertakings.

Some of the major estate planning tasks may include:

  1. - Creating a will

  2. - Limiting estate taxes by setting up trust accounts in the name of beneficiaries

  3. - Establishing a guardian for living minor dependents

  4. - Naming a personal representative of the estate to oversee the terms of the will

  5. - Creating and updating beneficiaries on plans such as life insurance, IRAs and 401(k)s - Setting up funeral arrangements

  6. - Establishing annual gifting to reduce the taxable estate

  7. - Setting up durable power of attorney (POA) to direct other assets and investments

  8. - Setting up a health care directive to provide guidance to relatives and medical providers about your last wishes about continued medical care.

Estate planning should be an ongoing process and should be started as soon as one has any measurable assets, such as a house, investments, or other savings. As situations change due to marriage, the birth of children, the death of close relatives, an increase (or decrease) in assets, your estate plan should be examined to determine if it is in line with your new goals.

Disclaimer. The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem.