Barkathfin.com presents - Online Estate Planning : Tips & Pointers!

    Will & Trust Process Orientation for Netlaw    

                           Online Software

Congratulations, you have taken the first step to protect the family and assets. 

 

Now, let's complete the process of creating and notarizing the documents ASAP and help as many families as possible to take care of these important documents.

 

Please work with your financial professional to set up a time, but before that try to complete all basic steps by watching the below short video, and then identify key people first.

When using the Netlaw software, we will be preparing a total of 6-7 documents that will be prepared for Husband.

There will be 6-7 Documents prepared for the Wife also.

 

First things first, please spend some time to watch this video to get an idea on how to complete the forms online. 

Here is the list of things you need to do before you start filling up the forms on NETLAW. 

Please have minimum KEY people (Minimum 3-4 People) recommended are : 

• 3-4 - Executors
• 3-4 - Guardians
• 3-4 - Trustees

At least one executor must be local (to city/state/country) with immediate availability. So, please have those key people's copy of photo IDs to enter their details in estate planning docs and avoid mistakes on names and contact info like City and State and phone numbers, DOB's etc..

Note: There is no limit on the number of executors/guardians/trustees and having an additional number is better as the majority's vote is considered to be executed.

Login into Netlaw and complete online filling.
Once successfully completed online estate planning and here are next steps:
Download all docs
Note: Most of the states required to fill contact info of Executors/Guardians/Trustees before you print/notarize the documents
For example, TX state required to fill contact info, So, Please update the following documents with contact info of those key people for both of your documents.
- Healthcare - Medical Power Of Attorney
- HIPAA Authorization
- Power Of Attorney

Print and Notarize the documents
Must read all the Execution Instructions and for the Trust, the Funding Instructions document.

What is an executor?
In general, the executor is the person named in your Will to settle your affairs after your death. Your executor will file your Will with the probate court, pay your debts, distribute your assets as provided for in your Will, and oversee the entire probate process until your estate is closed.

What is a guardian?
In general, a guardian is a person named in a Will who is responsible for the support, education and welfare of the deceased person’s minor children. Keep in mind that if your minor child’s other parent is living, he or she will likely be given custody of your minor child.

What are my responsibilities as trustee?
In general: The trustee controls the assets in the trust. If simplifying probate is one of your goals, you will transfer assets into the trust during your lifetime.

A trustee in a living trust plays a crucial role in managing and administering the assets held within the trust. Here’s what a trustee typically does:

1. Management of Trust Assets: The trustee is responsible for managing the assets in the trust according to the terms set out in the trust document. This includes making investment decisions, paying bills, and ensuring that the trust’s assets are maintained and preserved.

2. Distribution of Assets: The trustee distributes the trust’s assets to the beneficiaries as specified in the trust. This might occur during the grantor’s lifetime (if it’s a revocable living trust) or after the grantor’s death.

3. Fiduciary Duty: The trustee has a fiduciary duty to act in the best interests of the beneficiaries. This means they must manage the trust assets prudently, avoid conflicts of interest, and follow the terms of the trust document.

       4.⁠ ⁠Record Keeping and Reporting: The trustee must keep detailed records of all transactions and decisions made on behalf of the trust. They may also be required to provide regular reports to the beneficiaries, showing the status of the trust’s assets and any distributions made.

5. Tax Filings: The trustee is responsible for filing any required tax returns on behalf of the trust and paying any taxes due. This might include income taxes on trust earnings or estate taxes, depending on the situation.

6. Handling Legal Matters: The trustee may need to handle any legal issues that arise, such as dealing with creditors or defending the trust in court if there are disputes.

7. Adhering to the Trust Document: Above all, the trustee must strictly adhere to the terms and conditions outlined in the trust document. They have limited authority outside of what is explicitly stated in the trust.

A trustee’s role is crucial, and selecting a trustworthy, competent person or institution is essential for the effective manage

What happens if I name more than one alternate?
In general:  If you name two people, they will have to agree on any decisions that are made.  If you name three or more people, they will act by majority vote.

 

 

SERVICE CLARIFICATION : What is NOT INCLUDED in the NETLAW Software

 

i)            You will need to print the document and notarize it in front of 2  

         witnesses (additional charges can apply):

                       a) It is recommended to print on good quality paper as the      

                       document needs to last many years 

                       (for example - 32 lb paper from FEDEX).  

                   b) Please print on one side only.

                     c) Please ensure that the witness is not mentioned in any place in the  

                       Estate Planning documentation.

                   d) Share a copy of the documents with your Trustee/Executor/Guardian.

                        Give them a walkthrough of the documents to help them understand 

                        your requirements.

ii)         This is NEITHER an Insurance policy NOR a Tax advantage policy.

iii)         Follow the law of the land (avoid personal biases). 

iv)      Check with your county if they need a copy of your Estate Planning documents.

v)        It is preferred to record the Will with the local court in advance, 

       so that probate court knows whom to contact when the time 

        comes (additional charges can apply). It is not recommended to record 

        the Trust at the court as it will become public document.

vi)        You can use your SSN as TAX ID for the revocable trust. 

       It is not necessary to register the Revocable Trust with the IRS.  

vii)      You will need to fund the TRUST with your assets. 

       (additional charges can apply) .                   

        You may use DIY sites such as trusteddeeds.com

                             

BEST PRACTICES TO AVOID PROBATE COURTS

It is highly recommended to complete the following 5 activities independently. You can reach out to your financial professional for any clarifications as the following are not part of the Estate planning. Please do not put these off though:

1. Home Title Deed to be in Husband and Wife's name. Better option is to move it to the Trust name. (Inform the HOA, Mortgage company and Insurance company)
2. Add beneficiary to bank accounts (POD : Payable on Death)
3. Add beneficiary to Life Insurance 
4. Add beneficiary to Retirement and Investment accounts (Such as Crypto, 401K, ROTH IRA)
5. Apply for Umbrella insurance coverage of 1 Million USD of liability coverage.
6. Set Timelines to complete the Estate Planning steps at the earliest. Protecting your family is your #1 priority!!!

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Author Bio                                                                      Disclaimer

Nabeel Mattara is a financial professional and business coach based in Virginia, USA. Nabeel's journey into financial planning and business coaching was inspired by his own challenges navigating the US financial landscape as a first-generation immigrant. Motivated to protect his family and equipped with licenses in Life Insurance, he founded barkathfin.com to assist individuals and families in legally reducing taxes using diversification vehicles for tax free growth, improving savings, and securing their financial future.