Reviewed by Leonard Smuts for Readers' Favorite

The complexities of getting your personal affairs in order are examined in Wills, Trusts and Estate Planning by Margaret K. Ellis. This comprehensive guide stresses the importance of making a will and nominating beneficiaries, while planning for incapacity or healthcare when elderly. Record-keeping advice includes retaining bank records, listing account numbers, updating insurance policies, reviewing contacts, keeping track of passwords, leaving behind emergency instructions, and granting power of attorney in case of emergency. Instructions for funeral arrangements and the disposal of valuables or collectibles should be specified in writing. Inheritance taxes and life assurance are also covered. If family circumstances warrant it, forming a Living Trust may be the answer. Trusts are covered in detail, from the legal aspects of registration to what should be included, and what is best left out. Readers are encouraged to get their affairs in order by taking the time to draw up an inventory of assets with value estimates, lists of debtors and amounts owing to creditors, ensuring that documents are stored safely. Details often overlooked include the ownership of cryptocurrency, Social Security claims, passwords for cloud accounts, social media access, monitoring subscriptions, and how to retrieve digital memories. It is best to discuss your thinking with your family in advance to avoid disputes or misunderstandings that may arise later.

Margaret K. Ellis reminds readers that rules differ between states and are regularly updated, so they should stay informed of changes and be aware that relocation could complicate matters. It is essential to follow the correct procedure. Getting your affairs in order will lighten the load of those left behind, and wills are not just for the wealthy. Other misconceptions are dispelled, while potentially costly mistakes are highlighted. While many of the administrative tasks can be undertaken by the individual, more complex estates may require professional advice. Beware what you sign, particularly in the case of online packages. Cost estimates are shared for expenses such as attorneys and funerals. Each situation should be reviewed annually, or updated earlier if circumstances change. Detailed self-assessment checklists and worksheets are included. Wills, Trusts and Estate Planning is a combination of the author’s previous publications to provide a useful source of reference. Once again, the author has produced an informative guide that is practical, detailed, and written in everyday language. It asks relevant questions and provides sound advice without providing pre-packaged solutions or offering legal opinions, and will prove to be a valuable guide that every household should read and retain.