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.  Checklist for Executors

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.

“This blog information is for educational purposes only and should not be considered legal advice. Please consult a licensed attorney or financial professional for advice specific to your situation.”

 

 

Service Clarification: What's NOT Included in the NETLAW Software

1. Printing & notarizing — You'll need to print the final documents in Word format and notarize them in front of 2 witnesses (additional charges may apply).
   • Print on good-quality paper (e.g., 32 lb paper from FedEx) so the documents last for years.
   • Print on one side of the page only.
   • Make sure your witnesses are not named anywhere in the Estate Planning documents.
   • Share a copy of the documents with your Trustee, Executor, and Guardian, and walk them through what's expected of them.
2. Not insurance or a tax shelter — This is neither an insurance policy nor a tax-advantage strategy.
3. Follow your state's law — Set personal preferences aside and follow the law of your state.
4. Check with your county — Some counties require a copy of your Estate Planning documents on file.
5. Recording the Will — Record the Will with your local court in advance so the probate court knows who to contact when the time comes (additional charges may apply). Do not record the Trust with the court — doing so makes it a public document.
6. Tax ID for the Trust — You can use your SSN as the Tax ID for a revocable trust. No need to register it with the IRS.
7. Fund the Trust — You still need to fund the Trust with your assets (additional charges may apply). DIY options include trusteddeeds.com and deedclaim.com.

                             

Best Practices to Avoid Probate Court

Please complete the following 5 activities on your own. They fall outside the scope of Estate Planning, so reach out to your financial professional if you have questions — but don't put these off.

1. Update your home title. List both spouses' names, or better, retitle it in the name of your Trust. Notify your HOA, mortgage company, and home insurance company. Confirm your Living Trust is listed as "Additional Insured" on your home policy — skipping this can jeopardize your trust funding.
2. Add a payable-on-death (POD) beneficiary to each bank account.
3. Add a beneficiary to every retirement and investment account (401(k), Roth IRA, mutual funds, crypto, etc.).
4. Get umbrella insurance — at least $1 million in liability coverage.
5. Add a beneficiary to your life insurance policy, and check whether it includes living benefits. Watch the linked video for how life insurance supports your Estate Planning.                                                                                                                 
   
                                                                                                                                                                                                               Please complete the Protection Layer activities from the Financial Pyramid, and set a timeline to finish your Estate Planning as soon as possible. Estate Planning and Long Term Care, along with Living Benefits for critical, chronic, or terminal illness, are essential to have in the USA.
   
                                            
   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.