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Estate Planning Basics
 
 
  Your Guide to Estate Planning Basics  
 
 
   

 

MEG Financial: Estate Planning Basics

Estate planning is an important process that involves people such as: your family, other individuals and, in many cases, charitable organizations of your choice. It also involves your assets and all the various forms of ownership and title that those assets may take. MEG Financial will help you understand all of the estate planning basics so you can make the right choices.

a. What is Estate Planning?
b. What is involved in estate planning?
c. Who needs estate planning?
d. What is included in my estate?
e. What is a will?
f. Estate Planning Guides (PDF)
 
 
   
  What is Estate Planning?  
  As stated before Estate Planning involves individuals, charitable organizations, and your assets along with their titles. Additionally, Estate planning addresses your well being and needs, planning for your own personal and health care if you are no longer able to care for yourself. Like many people, you may at first think that estate planning is simply the writing of a will but you will soon find out that it involves much more. Learn more...  
   
  What is involved in estate planning?  
 

There are a few simple questions you may ask yourself -

  • What are your assets and what is their approximate value?
  • Whom do you want to receive the assets - and when?
  • Who should manage your assets if you cannot, either during my lifetime or after death?
  • Who should have the responsibility for the care of my minor children if I become incapacitated or die?
  • If I cannot take care of myself, who should make decisions on my behalf concerning my care and welfare? Learn more...
 

 
  Who needs Estate Planning?  
  Whatever the size of your estate, you should designate the person who, in the event of your incapacity, will have the responsibility for the management of your assets and your care, including the authority to make health care decisions on your behalf. Learn more...

 
What is included in my estate?  
  Your estate consists of all property or interests in property which you own. The simplest examples are those assets which are in your name alone, such as a bank account, real estate, stocks and bonds, and furniture, furnishings and jewelry. Learn more...

 
What is a Will?  
  A will is a traditional legal document which is effective only at your death to:
  • Name individuals (or charitable organizations) to receive your assets upon your death (either by outright gift or in trust)
  • Nominate an executor, appointed and supervised by the probate court, to manage your estate, pay debts and expenses, pay taxes, and distribute your estate in an accountable manner and in accordance with your will
  • Nominate the guardians of the person and estate of your minor children, to care and provide for your minor children
  • Assets or interests in property in your name alone at your death will be subject to your will and subject to the administration of the probate court, generally in the county where you reside at your death. Learn more...
  
Estate Planning Guides  
 

Looking for an Estate Planning Guide? EstatePlanningBasics.com provides some great resources to get you started. Quickly find the information you need using our PDF Estate Planning Resources page. Estate Planning Basic Guides


  
     
 
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