Vicki Cook - Estate Planning 101: From Avoiding Probate and Assessing Assets to Establishing Directives and Understanding Taxes, Your Essential Primer to Estate Planning

A CRASH COURSE IN PLANNING FOR THE UNEXPECTED

A LIVING WILL DICTATES WHAT ACTIONS SHOULD BE TAKEN FOR YOUR HEALTH IF YOU ARE NO LONGER ABLE TO MAKE DECISIONS FOR YOURSELF.

ESTATE PLANNING 101

FROM AVOIDING PROBATE AND ASSESSING ASSETS TO ESTABLISHING DIRECTIVES AND UNDERSTANDING TAXES, YOUR ESSENTIAL PRIMER TO ESTATE PLANNING

CHOOSING THE RIGHT LIFE INSURANCE IS ONE OF THE MOST IMPORTANT ASPECTS OF ESTATE PLANNING.

PROBATE, THE PROCESS WHERE A WILL MUST BE PROVEN IN COURT, CAN BE AVOIDED WITH THE CORRECT GUIDANCE.

ONE OF THE FIRST STEPS IN ESTATE PLANNING IS CHOOSING YOUR BENEFICIARIES, OR THE PEOPLE WHO WILL INHERIT YOUR ESTATE.

VICKI COOK and AMY BLACKLOCK

Founders of Women Who Money

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First Adams Media hardcover edition August 2021

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Library of Congress Cataloging-in-Publication Data

Names: Cook, Vicki, author. | Blacklock, Amy, author.

Title: Estate planning 101 / Vicki Cook and Amy Blacklock, founders of Women Who Money.

Description: First Adams Media hardcover edition. | Stoughton, MA: Adams Media, an imprint of Simon & Schuster, Inc., 2021. | Series: Adams 101 | Includes index.

Identifiers: LCCN 2021013721 | ISBN 9781507216392 (hc) | ISBN 9781507216408 (ebook)

Subjects: LCSH: Estate planning--United States--Popular works. | LCGFT: Law for laypersons

Classification: LCC KF750.Z9 C664 2021 | DDC 332.024/0160973--dc23

LC record available at https://lccn.loc.gov/2021013721

ISBN 978-1-5072-1639-2

ISBN 978-1-5072-1640-8 (ebook)

Many of the designations used by manufacturers and sellers to distinguish their products are claimed as trademarks. Where those designations appear in this book and Simon & Schuster, Inc., was aware of a trademark claim, the designations have been printed with initial capital letters.

This publication is designed to provide accurate and authoritative information with regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional advice. If legal advice or other expert assistance is required, the services of a competent professional person should be sought.

From a Declaration of Principles jointly adopted by a Committee of the American Bar Association and a Committee of Publishers and Associations

Estate planning means different things to different people. For some, it may involve complex healthcare plans and extensive planning for distributing various types of property. For others with fewer assets, it may be simpler. But whatever your situation, estate planning is a necessary part of your life. Estate planning, at its simplest, means deciding what assets you have and what will happen to them when you pass on. Its a way of determining the kind of future you want to give your loved ones.

Estate Planning 101 will help you learn the ins and outs of this process. Youll know whos involved each step of the way, what decisions you must make, when to make changes, where you can store documents, and why particular circumstances may impact your planning. Youll also understand the importance of communicating your plan to others and how to go about doing so.

This book will help you create a safeguard for those you leave behind. By learning how to plan your estate, youll be able to determine who gets your property and wholl be the guardian of your kids. Estate planning also protects you and your finances and safeguards your right to make decisions and control your assets during your lifetime and when you die. Essential estate planning paperwork includes a living will, financial and healthcare power of attorney documents, and a last will and testament. You may decide to complete certain forms on your own, or you may seek out the help of an estate planning attorney. Whatever you decide, the entries in this book will help guide you on the best path.

Additionally, Estate Planning 101 will enable you to look beyond your estate and strategize for retirement, taxes, emergencies, end-of-life arrangements, and the legacy you want to leave behind. This book will help you determine if what youre doing today aligns with what you want your future to hold. By the time you finish, not only will you know the steps to take, but youll also have the ability to reflect and clarify how your vision will impact your plans.

With this knowledge, you can take action and begin creating your estate planning documents. You may choose to start with just essential medical documents and a will and build the rest of your estate plan over time. Or you may be motivated to tackle the job now and develop a more comprehensive plan right away. Either way, you can use Estate Planning 101 to help guide you in building a solid foundation for your estate. With it by your side, you will create a robust and complete estate planning path to help you and your loved ones secure your future.

You may not consider what you own to be an estate. But as you read this chapter, we hope youll realize estate planning should start when youre young, healthy, and beginning to accumulate money and valuable possessions. While your plan can evolve as you age, waiting to create one puts you, your family, and your assets at risk.

Chapter 1 introduces you to the estate planning process and provides an overview of several topics youll learn more about throughout the book. In addition to the ins and outs of different documents, we also address the emotional side of making decisions. Estate planning is rarely easy, and it can be more challenging if you have complex assets or family dynamics. But its worth all the effort. We think youll feel that way too, once you consider your heirs and estate and how you want to protect them.