 The
Money Management Newsletter: Taxes
and Estate Matters
Estate planning: Getting started - before it's
too late!
By The Money Management Editor
Money Management Newsletter, September 2003
Planning for the future is never an easy task
and this is especially true when tackling the issue of estate planning.
When we think about planning for our estates, many of us often get discouraged
or end up putting off the task for longer than we should. In this case
however, it pays to remember that we are just putting off the inevitable.
By establishing a complete estate plan you can, among
other things, ensure that your wishes concerning the division of your
assets are respected. Your heirs will benefit from this forethought because
a well constructed estate plan will minimize taxes and ensure that your
assets are divided according to your instructions and will remain in the
hands of those intended.
Unfortunately, many people confine their estate planning
to just making a will. The truth is, an up-to-date will is only one component
of a complete estate plan. Other important considerations include your
insurance requirements, care of dependents, establishment of any trusts,
legal arrangements, and even setting up a power of attorney for property
and health to cover off any periods of incapacity. A living will should
also be explored to let your wishes be known in the event you have to
be placed on life support.
Fiscal Agents' Learning
Center features a comprehensive collection of information pertaining
to developing and maintaining an estate plan. The Estate
Planning Users Guide provides step-by-step instructions for developing
your estate plan and clearly explains exactly what is involved with each
step.
The guide covers a wide selection of topics and situations
ranging from setting
up a team of professional advisors to establishing Power of Attorney
for both property
and personal care.
Also contained within the Users Guide is a section entitled "Drawing
Up Your Will", which contains insightful information on the purpose
of a will as well as hints and tips designed to make the process of writing
a will as simple as possible. This section also describes the different
types of wills for those who are new to the will-writing experience.
In addition to focusing on creating an estate plan,
Fiscal Agents also endeavors to cover issues on the other side of the
estate planning coin. The section entitled Estate
Planning: Being an Executor takes an in-depth look at the numerous
tasks, duties and responsibilities that accompany this important role.
Whether you are just getting started or already
have an estate plan in place, Fiscal Agents' Estate planning section is
a great research tool.
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