Practical Law Presentations Putting a Legal House in Order 10 Things Estate Planning Can Do for You Provide for your immediate family Besides providing money through a will or trust, both spouses should be sure in their wills to nominate personal guardians for the children under 18, to make important decisions about their upbringing, education, and way of life. Get your property to beneficiaries quickly Options include insurance paid directly to beneficiaries, joint tenancy, living trusts, and simplified or expedited probate. Plan for incapacity Health care advance directives enable you to decide in advance about life support and pick someone to make decisions for you about medical treatment. Minimize expenses Good estate planning lowers the cost of transferring property to beneficiaries. Choose executors/trustees for your estate Choosing competent executors/trustees and giving them the necessary authority will save money, reduce the burden on your survivors, and simplify administration of your estate. Ease the strain on your family You can plan your funeral arrangements when planning your estate. Or you may want to simply limit the expense of your burial or designate its place. Help a favorite cause Your estate plan can support religious, educational, and other charitable causes, either during your lifetime or upon your death, and save on taxes. Reduce taxes on your estate A good estate plan can lower taxes imposed at death. Provide for people who need help and guidance You could establish a special trust fund for disabled family members, young grandchildren, and others who need support that you won't be there to provide. Make sure your business goes on smoothly You can provide for an orderly succession and continuation of its affairs by spelling out what will happen to your interest in the business. >>Putting a Legal House in Order Home >>Estate Planning >>What Is a Will? >>10 Things Estate Planning Can Do for You >>Preparing a Will >>Protecting Your Property >>Health-Care Advance Planning Reaching the Community Home | Practical Law Presentations Home