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First and foremost - get an estate planning attorney that will go over the nuts/bolts with you...
BASIC BASIC BASIC Estate planning include but not limited to...
** attorney drafts a will based on what you want
Will has a pour-over provision to your trust.
** attorney drafts a trust agreement
trust agreement states what happens after you die...
while you are alive, you or attorney transfers your assets to be held by the "trust"
** when you meet with your attorney, they'll also talk about property POA and health POA (living will)
** Usually you are the Trustee who is in charge of the assets and income is reported on your 1040 -
** You die and your executor/successor trustee and attorneys handle your estate. Estate is comprised of probate assets and non-probate assets - assets held by your trust is considered non-probate asset. Probate is whole different topic...
Attorney decides if your estate goes through probate and/or if a 706 (estate tax return) is due... Trust agreement determines how separate trusts are created and how they are administered... (if you want to create separate trusts after you die)
Then you get into post-death trust administration...
I don't know how specific or what exactly you are looking for... VERY IMPORTANT TO GET A COMPETENT ATTORNEY... (preferably a CPA/JD) you don't want to screw this up - I've seen way too many nasty probate court cases and family fights...
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