The Complete Guide to Wills
What You Need to Know Explained SimplyBook - 2011
Whether many people realize it or not, a will is a vital necessity in making sure all assets and wishes are properly attended to after death. Many more people neglect it because it seems too complex and time consuming. Fortunately, with this guide in hand, you will have a comprehensive outlook on exactly what a will entails and what you need to do to prepare one.
You will learn the basics of estate planning, starting with the outlining of your assets and understanding the various different forms of ownership style. The real and personal property lines, including how your marriage, children, and other legal relationships will affect your property rights, are included. You will learn what value life insurance can have and why every one should have an active policy before creating a will. In addition, you will learn how to measure and distribute assets from a pension, other retirement accounts, and if you own your own business.
Dozens of interviews were conducted with attorneys, tax accountants, and other experts to establish a set of clear guidelines to help you ensure your will is created with the best of everyone in mind. You will learn how to minimize the amount of taxes that will be levied on your estate, including through estate taxes, state taxes, and income taxes. A chapter is included that helps you outline and keep track of how you will keep your will updated as you age and your estate changes.
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Ashar, an attorney who teaches at DeVry U., and Baker, an author of financial books, describe the major considerations and features of wills and related estate planning issues. They discuss the importance of a will, especially for those with children and businesses; types; the estate planning team; marriage issues; life insurance; pensions and retirement accounts; beneficiaries and gifts; executors; providing for children; will challenges; special considerations like dependents with special needs, same-sex unions, common law marriages, sudden riches or debt, and taxes; using trusts; medical decisions and incapacity; and final life decisions. Throughout the book are additional tips from attorneys, judges, and loved ones. Annotation ©2011 Book News, Inc., Portland, OR (booknews.com)