Check the topic or topics you for which you desire to receive information below:

• Dying without a will: Assets will be distributed according to state law, with community property typically going to the surviving spouse.

• Updating wills: Review every 3-5 years or after major life events.

• DIY vs lawyer: A lawyer is recommended due to complexities of community property laws.

• Will vs living will: A will distributes property after death only; a living will specifies healthcare wishes while you are alive but unable to speak for yourself.

• Revocable vs irrevocable: Revocable can be changed, irrevocable generally can't.

• Avoiding probate: Trusts can help bypass probate for both separate and community property.

• Estate tax reduction: Trusts can be useful, but community property already has tax advantages.

• Special needs trusts: Can be set up to provide for a disabled beneficiary without affecting benefits.

• Durable vs non-durable: Durable remains in effect if you become incapacitated.

• Separate financial/healthcare POAs: Yes, often advisable.

• Revoking: Notify the agent in writing and inform relevant institutions.

• Living will vs healthcare proxy: Living will states preferences to assist in your wishes if you are unable to speak for yourself; a healthcare proxy or directive designates someone to make decisions.

• Specificity: Be as specific as possible about your wishes.

• Ensuring it's followed: Communicate your wishes to family and healthcare providers.

• Typical accounts: Retirement accounts, life insurance policies, bank accounts.

• Review frequency: Annually or after major life events.

• No beneficiary: Assets typically go through probate.

• Current exemption: $13.61 million per individual for 2024 (federal).

• Gift taxes: Annual exclusion is $18,000 per recipient for 2024.

• Tax reduction strategies: Gifting, trusts, charitable donations.

• Duration: Typically 6-12 months, but can be longer.

• Costs: Usually 3-7% of the estate's value.

• Assets going through probate: Those solely in the deceased's name without beneficiary designations.

• Backup guardians: Name alternates in your will.

• Different guardians: Yes, you can appoint different guardians for different children.

• Managing inheritance: Consider a trust with a designated trustee.

• Business valuation: Professional appraisal recommended.

• Tax implications: Can be complex; consult a tax professional.

• Buy-sell agreement: Often advisable for multi-owner businesses.

• Lawsuit protection: Trusts, business entities, and insurance can help.

• Insurance role: Provides a first line of defense against liability.

• Limits: Yes, particularly for fraudulent transfers.

• Include in estate plan: List accounts and provide access instructions.

• Social media accounts: Specify your wishes for each platform.

• Incorporation into estate plan: Through wills, trusts, or beneficiary designations.

• Tax benefits: Can reduce estate taxes and provide income tax benefits.

• Providing for step-children: Consider adoption or specific provisions in your will/trust.

• Balancing needs: Clear communication and potentially separate trusts for different beneficiaries

• Planning: Consider long-term care insurance and setting aside funds.

• LTC insurance role: Can help protect assets and provide care options.

• Pet provisions: Can be included in your will or trust.

• Pet trust: Provides ongoing care and maintenance for your pet.

• Documentation: In a separate document referenced in your will.

• Ensuring wishes are carried out: Communicate with family and consider prepaid arrangements.

• Handling: May require separate wills in each country.

• Dual citizenship implications: Can complicate tax situations and require specialized planning.

• Mental incapacity planning: Use durable power of attorney and healthcare directives.

• Springing power of attorney: Becomes effective only if you're incapacitated.

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