1. You Already Have an Estate Plan, But Do You Know What It Says?  Your state legislature has created  an estate plan for every resident, called Laws of Intestacy, but it rarely meets the needs or desires of every person. Especially if you have a “non-traditional” family (and who doesn’t these days?), the default estate plan probably misses the mark.

2. You Get What You Pay For.  There are plenty of legal software and websites that will give you a Will, but chances are it will be little better than your state’s default estate plan. This is because software can’t get to know you, your family, your business, etc., the same way an attorney can. You need expertise, not a printout.

3. God Bless the Child.  Even if you don’t have valuable property, take care of what’s most valuable: your children.  A Will allows you to designate the person you will trust to love and raise your children if you are not able to.

4. A Matter of Trust.  Trusts are wonderful things, but they can’t do everything. Most common trusts (revocable or living trust) do not avoid estate taxes, but that shouldn’t be a problem for most people. They do give you free access to your assets, help avoid probate administration, and protect your assets from your beneficiaries’ creditors (and themselves). Not bad.

5. A Will Made in Brooklyn.  If you’ve moved since making a Will or Trust, there’s a good chance that it will work just fine in your new home state.  But it’s worth having an attorney tell you for sure.  

6. Don’t Become a National Debate.  Terri Schiavo did not have a Living Will, and it took her husband, her parents, a number of state courts, the Florida Supreme Court, the Florida Legislature, and the U.S. Supreme Court to figure out whether life sustaining procedures should be continued. Wouldn’t you rather make the decision for yourself?  Have a Living Will.

7. If You Get Hurt and Can’t Work (Or Do Anything Else).  Modern medicine has gifted us with good health and long life.  But at some point during your life, you may need help taking care of yourself.  Decide in advance who will take care of you by having a Durable Power of Attorney, Designation of Health Care Surrogate, and Declaration of Preneed Guardian.

8. Death and Taxes. Most people don’t have to worry about estate taxes.  In 2009, a person with less than $3.5 million in property will not pay estate taxes. This threshold may change in the coming years (Congress has left us to wonder about this), but estate taxes will probably always concern only a small number of folks.  But for those faced with estate taxes, watch out!  The estate tax rate quickly reaches 45%.

9. Special Trusts For Special Needs.  Sometimes the best thing to do for a loved one is to not give him an inheritance, at least not directly. This is especially true for physically or mentally challenged individuals who qualify for government assistance.  Rather than jeopardize this government supports, you can use a special needs trust to ensure that an inheritance will supplement government support, not replace it.

10. Joint Tenancy With Right of Regret. You can accomplish a lot of estate planning through the joint titling of real estate, financial accounts, and other assets, but it’s not always good estate planning. As simple as it is to add your spouse, daughter, third cousin, dog, etc. to that deed or account, you should understand the consequences.  Here’s a hint: your attorney can help.