3 Steps and The Basics of Estate Planning

June, 2019

It’s important to have a basic Estate Plan in place regardless of your net worth to ensure that your family and financial goals are taken care of. When putting together a strategy for your Estate Plan, you must be aware of federal and state laws relating to taxes.

Estate planning can be complicated and an attorney is essential to help protect your assets.

STEP 1: Take Inventory

Begin by taking an inventory of your assets. Assets can include:

  • Investments
  • Savings
  • Insurance Policies or Certificates
  • Real Estate
  • Business Entities
  • Personal Property (artwork, vehicles, jewelry, etc.)

STEP 2: Decide Who Inherits What?

Think about and decide:

  • Who will inherit your assets?
  • Who will handle your financial affairs should you become incapacitated?
  • Who will make medical decisions for you should you become unable to make them for yourself?
  • If you have minor children, who will be named guardian?

STEP 3: Discuss Your Plans

Discuss your plans with all of your heirs so that everyone is aware of your intentions. This will lessen confusion and disagreements later.



Dying without a Will can be costly for your heirs and it gives you no say over your asset distribution.

  • A will documents how you want your assets distributed when you die.
  • A will names guardians for your children.

A Simple Will is a will that only distributes personal property and homestead. Homestead refers to the member’s dwelling house and its adjoining land where the family resides. Some examples of when a more complex will is required are when the attorney must consider:

  • Minor children. If members have a minor child, will must include a trust.
  • A specific bequest which is a gift of a specific item of property to a specific individual.
  • A Living Will which gives specific instructions about any aspect of your health care.


A Trust:

  • Allows you to legally define how and when your assets will be distributed.
  • Can reduce your estate and gift taxes.
  • Removes any costs or delays for your heirs; it also eliminates probate court!

Since most Trusts deal only with specific assets, you still need a will to distribute your total assets. There are many different types of trusts that cover a range of needs from trusts setup during a person's lifetime to those established only after a person's death. Your attorney can help identify and setup the trust that best fits your needs.

Living Will / Health Care Proxy

A Living Will is a document that states your wishes regarding life prolonging medical treatments in the event that you become incapacitated and can no longer communicate. A Living Will can also be referred to as an advance directive, health care directive, or a physician's directive.

if you ever unfortunately become incapacitated, different institutions or doctors may come to different conclusions about your condition. You can help ensure your directives are enforced if you have a health-care agent (or proxy) advocating for you. You can designate a Health Care Proxy by assigning a medical power of attorney to someone you trust to make medical decisions for you.

Power of Attorney

A Power of Attorney assigns someone to manage your financial affairs should you become unable to do so.

Your designated agent can legally sign your name.

Most often, people elect a “Durable Power of Attorney” which goes into effect immediately upon you becoming incapacitated.

Group Legal Plans from Legal Club provide a wide range of free and discounted legal care, tax and identity theft benefits including a Free Simple Will for you and your family. Also included is access to over 85,000 online forms such as Last Will and Testament and Power of Attorney forms.  To learn more about the plans offered by Legal Club, browse this website or call us at 800-305-6816.


Blog List


Return to Blog Overview

MARCH, 2021
Tax Season Tip: How to Avoid an IRS Audit

Tax Filing Season Starts February 12

Important Tax Changes for 2021

The Added Importance of Voluntary Benefits In The  New Year

5 Reasons Why Employers Should Offer a Group Legal Plan

Legal Club Supports Breast Cancer Awareness

It's Never Too Early to Check Tax Withholding

AUGUST, 2020
9 Questions That Explain Why Plans From Legal Club Provide Meaningful Benefits For Everyday Life

JULY, 2020
Overcoming the Pitfalls of Home Buying in the New Normal

JUNE, 2020
Advice For Attorneys During Uncertain Times

MAY, 2020
How to Reach Your Financial Goals

APRIL, 2020
Important Tax Updates Due To COVID-19

MARCH, 2020
Is Filing for Bankruptcy Right for You?

Paying Taxes Is Not Optional

Important Tax Information for 2020

Resolutions for the New Year - 2020

Boosting Employee Morale and Productivity with Group Legal Plans

The “Right” Attorney vs. Any Attorney

Benefits That Are Popular With Employers Are A Win Win

AUGUST, 2019
Cyber Safety Tips from our Partners at GuardStreet Keeping Your Children Safe Online

JULY, 2019
Group Legal Can Help You Have a Successful Re-Enrollment

JUNE, 2019
3 Steps and The Basics of Estate Planning

MAY, 2019
Cyber Safety Tips from our Partners at GuardStreet - The Rise of the Dark Net

APRIL, 2019
Cyber Safety Tips from our Partners at GuardStreet - Should You Use ‘Free’ WiFi at Sporting Events?

Meaningful Benefits for Everyday Life

Legal, Tax, Identity Theft solutions and more

Corporate Headquarters

7771 W. Oakland Park Blvd., Suite 217

Sunrise, Florida 33351-6796

Toll Free Main 800-316-5387

Local Main 954-377-0222

Fax 954-267-0401

Legal Club provides group legal, tax, ID theft solutions and other benefits to more than 2,000,000 working Americans and their families. Legal Club's suite of products can be tailored to meet the needs of evolving employee populations and are designed to provide maximum value and flexibility. Partnering with agents, brokers, consultants and other distributors, Legal Club has provided meaningful benefits for everyday life to organizations around the country for more than two decades.

Legal Club is a proud sponsor of BCRF, donating 2% of revenue from new group cases each year. Learn more >

© 2021  Legal Club of America. Privacy Policy | Disclaimer