The Foundations of an Effective Estate Plan

The Foundations of an Effective Estate PlanBaylor

Legacies Newsletter
by W. Marc McDonald

The Will

The basic element of an effective estate plan is a Will. However, three out of four Americans die without a Will.

A properly prepared Will ensures that your assets are given to the person or organization you desire. It prevents assets from being needlessly taxed. It specifies a guardian for your children. It designates someone qualified to settle your estate.

A formal Will is in writing, signed by you, and attested by two credible witnesses over the age of fourteen (14) who sign in your presence. More…

The New Estate Planning

The New Estate Planning

by John McDermott
MidAm Bank

In the old days “estate planning” simply meant making a will.New needs have sparked new thinking.

Andy Ames just did some planning:He placed his securities in a living trust.If anything happens to him, his trust will grow to include the proceeds of his life insurance.The enlarged trust fund then would be invested and managed as a unified source of income for Andy’s wife and children.

Barbara Bates desires estate planning privacy.Also, there are certain relatives for whom she is not providing, so she wants to minimize the risk of challenges from disgruntled heirs.She too has built her estate plan around a Revocable Living Trust. More…