These states have lower exemption limits than the IRS. In addition to the federal estate tax, more than a dozen states have an estate tax. If assets are bequeathed to your spouse, they are not subjected to the tax. If you are transferring assets through your Will to beneficiaries upon your death, the taxes owed will be paid by the estate. This includes real estate, financial accounts, and cash. Each document should be reviewed periodically.Įstates with assets exceeding $11.7 million will be subject to the federal IRS estate tax. You don’t have to be wealthy to have an estate plan in fact, everyone needs estate planning documents like a Will, Health Care Proxy, and Power of Attorney.Īlso, as your life changes and certain events take place – such as divorce, having children, buying property, acquiring assets – you need to update your estate plan. Each legal document protects you, your assets, your choices, and your family (including your pet family members!). Appoint a permanent Caregiver for your pet, and name a Trustee and Protector to ensure your wishes are followed and your pet receives the best care after you’re gone.Ī comprehensive estate plan is more than just having a Will. Pet Trust – Set aside funds to provide for your pet if they should outlive you.Pet Power of Attorney – Provides instructions and grants legal authority to a person you appoint to care for your pet if you become disabled, or just go away on vacation.Power of Attorney – You appoint a person who will manage your legal and financial matters if you are not capable of handling your affairs.The supplementary Living Will allows you to express medical and health care choices you would want or not want if you become incapacitated and cannot make your own decisions. Health Care Proxy & Living Will – With a Health Care Proxy – also known as a Power of Attorney for Health Care or a Medical Power of Attorney, you can name someone to make health care decisions if you become incapacitated and cannot make decisions, yourself.Revocable Trust – You can place assets in a Trust while you are living that will go directly to named beneficiaries when you pass. A Will also allows you to name a guardian for your minor children. You can list assets you want to bequeath to beneficiaries of your choice. Will – A Last Will and Testament spells out your last wishes.Before we get to the checklist, these are the basic estate planning documents you should have:
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