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Two critical documents in estate planning are the living trust and the living will. A living trust allows you to manage your assets during your lifetime and direct how they will be distributed after your death. A living will outlines your wishes regarding medical treatment if you become unable to communicate.

The 5 by 5 Power in a Credit Shelter Trust serves as a creative estate planning tool that can help with potential taxes. Essentially, a Credit Shelter Trust, also known as a Bypass Trust, can incorporate the 5 by 5 Power to allow the surviving spouse to access the Trust's income.

It's a provision in the trust that grants a beneficiary the annual power to withdraw the greater of $5,000 or 5% of the trust's assets, while avoiding certain negative tax consequences (which are beyond the scope of this post) that might otherwise be applicable if the withdrawal right were exercised outside of those ...

Here are the key steps to take. Step 1: Find a Qualified Attorney. Step 2: Take Stock of Your Assets. Step 3: Identify Key Individuals. Step 4: Know the Key Documents You Need. Step 5: Manage Your Documents. Step 6: Don't Neglect the Softer Side of Estate Planning. Step 7: Plan to Keep Your Plan Current.

5 Steps to Organize Estate Documents for Your Executor 5 Steps to Organize. Step 1: Create a checklist of important documents (and their locations) ... Step 2: List the names and contact information of key associates. Step 3: Catalog your digital asset inventory. Step 4: Ensure all documents are organized and accessible.

Really, the only good thing about DIY wills and trusts, is that they could possibly save time and money. While a DIY will or trust costs less in the interim, we have found no case is ever simple enough for a ?one size fits all? situation, and will in fact only cause issues in the long-run.

The Last Will and Testament Template, available for free, is compatible with all Microsoft Word versions from 2003 onwards.

How to make a will in 10 steps Decide how you'll write your will. List your assets in your will. Decide who should receive your assets. Choose your will executor. Choose guardians for your minor children. Leave a gift to charity. Sign your will in front of witnesses to make it legally valid.

Create a title and intros. A straightforward yet important detail to start your will is with a title and introduction. Appoint an executor. Determine guardianship/care of dependents. Assign distribution of assets. List your beneficiaries. Specify funeral and burial instructions. Add residuary clauses. Sign and notarize.