Once you have a disability plan, the next step is to create a plan for what happens after you die. This will include deciding who will inherit what and when they'll get it. Only you can decide if you want to leave your estate to family, friends, and/or charity. Once you decide who, you'll need to make a plan for when they'll get it.
Aside from this, if you're married, then you'll need to understand the elective share laws of your state regarding how much your spouse is entitled to inherit because in 49 states and the District of Columbia you can't completely disinherit your spouse unless he or she waives all inheritance rights in a prenuptial or postnupital agreement (Georgia is the only state that doesn't have an elective share law). In addition, you and your attorney will need to determine if estate tax planning should be part of your plan through the use of AB Trusts or ABC Trusts:
- How to Make a Plan for Your Personal Effects
- What Are the Options for Paying Minor Beneficiaries Their Inheritance?
- What Are the Options for Paying Adult Beneficiaries Their Inheritance?
- Benefits of Creating Lifetime Trusts for Your Spouse and Other Beneficiaries
- Can You Disinherit Your Spouse?
- Can You Disinherit Your Children?
- What is an AB Trust?
- What is an ABC Trust?
You'll also need to think about your funeral arrangements (burial or cremation?) and make a plan for where the cash will come from to pay your final expenses, including the estate tax bill if your estate is taxable at the federal and/or state levels:
- Needs and Uses of Life Insurance in Estate Planning
- What is an Irrevocable Life Insurance Trust?
- Which of Your Beneficiaries Will Bear the Estate Tax Burden?
- Where Will the Cash Come From to Pay Your Estate Tax Bill?
- Who is Responsible for Paying a Deceased Person's Bills?
Once your disability and death plans are in place, you'll need to decide who to put in charge of carrying out your wishes.
