Estate planning is not only about having bags of money to give away. Practically everyone needs a will to ensure affairs are left as organized as possible for loved ones. A complete estate plan goes farther, allowing for us to arrange for our own financial and medical care and decision making in the event of unforeseen capacity declines.
Leaving Loved Ones Prepared
Whether the assets we can leave behind are many or few, it makes good sense to have an estate plan which arms those we care about with the tools and information to act on our behalf, as needed: “Estate planning is not only for wealthy individuals or families. In fact, anyone can benefit from making sure that their finances are taken care of and that their assets are passed on as they wished after their passing.Estate planning may help your family avoid probate or make sure that they have the ability to carry out your wishes while you’re still alive but incapacitated.”
Although establishing a trust can sometimes be a helpful tool in estate planning,
preparing a will, and periodically updating and reviewing it, remains vital for most adults:
A will is a legal document that sets forth your wishes regarding the distribution of your property and the care of any minor children after your death. If you die without a will, those wishes may not be carried out. Further, your heirs may end up spending additional time, money, and emotional energy to settle your affairs after you’re gone….To maximize the likelihood that your wishes will be carried out, create what’s known as a testamentary will. This is the most familiar type of will; you prepare the document and then sign it in the presence of witnesses. It’s arguably the best insurance against successful challenges to your wishes by family members or business associates after you die. You can write a will yourself but having it prepared by a trusts and estates attorney tends to ensure it’ll be worded precisely, correctly, and in keeping with your state’s laws.
As useful as wills are to those we love when we die, wills do not contain vital information and authorizations that may be needed to help us during our lifetimes. That’s why having a complete estate plan is essential:
Some people believe that estate plans are just wills or trusts, but the reality is that an estate plan should have beneficiary designations, a letter of intent, guardianship designations, health care power of attorney documents, a durable power of attorney appointment and other legal documents included as well.An estate plan is about more than just passing on your assets, because it has the potential to protect you during life or when you’re incapacitated. It lets you discuss your wishes and make sure that they’ll always be carried out when possible.Estate plans may also help you distribute life insurance, to provide for a pet through a pet trust or to make sure assets pass on without having to go through costly, time-intensive probate.
Designating A Fiduciary?
An important step when making an estate plan, is the designation of a loved one, friend or professional who is prepared to serve in a fiduciary capacity in carrying out our goals. Depending on your circumstances and region, your fiduciary may be specifically referred to as an executor, or personal representative. Regardless of the details of your estate plan, the fiduciaries you appoint have a legal responsibility to carry out your affairs, in accordance with the intentions set forth in your will, and the law. When representatives are designated, fiduciary bonds, alternatively referred to as estate bonds, may be required.
Learn more about estate bonds right here. At Colonial Surety Company, a leading national provider of all types of fiduciary bonds, the steps to obtaining estate bonds are easy: get a quote online, fill out the information, and enter a payment method. Print or e-file the bond from anywhere—even the law office.
Estate Law Practice?
Colonial Surety is here to help speed things up whenever and wherever a bond is needed. With a few clicks, you’ll arm your clients with exactly the bond specified.
Just log in to The Partnership Account® for Attorneys, choose a bond, send it to your client for payment, then download, e-file or print the bond. Specific obligee requirements? Trust us: Colonial’s a direct bond writer, so our experts are here to ensure the requirements of obligees across the country are properly met.
Our fiduciary bond portfolio includes: administrator, estate, executor, guardian, personal representative, probate, surrogate, trustee, conservator and the list goes on. Our court bond portfolio includes appeal, supersedeas, injunction, replevin, receiver and more.
Speedy, easy bonds court and fiduciary bonds, right here:
The Partnership Account® for Attorneys.
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