Does NOT...

"Things the 2010 Act does not do, things you still need to do both for yourself during your lifetime and especially for your surviving loved ones after you are gone: 
  1. Legally appoint guardians for your minor children (without making some of the most common mistakes even loving parents make that could leave their children legally and financially vulnerable  
  2. Legally appoint the people you want to express your wishes, speak on your behalf, and make medical decisions for you in the event of your incapacity to do so yourself during your lifetime and even after your death 
  3. Legally empower someone you trust implicitly to become familiar with and manage any or all of your financial affairs if you should ever be unavailable or become unable to do so during your lifetime
  4. Legally designate the specificcific people to whom you want to leave whatever you may have whenever you die, when and how and for what purposes you want them to receive it
Legally designate the person you want to be responsible for wrapping up all your final affairs and overseeing the sale or distribution of everything you own at your death to the people you've designated to receive it

Defer (until after the surviving spouse in a couple dies), reduce, or eliminate state estate tax [Virginia currently does not have an estate tax]- that exemption amount remains at $1 million, which may sounds like a lot but talk with your estate planning attorney about whether you may have a taxable estate, you may be surprised at what you learn." [modifications limited to make it more readable for this site]


Attribution: Danielle G. Van Ess Hingham, Massachusetts, one of the finest contributors to educating the public by blogging. Vist Danielle's site or blog. Danielle is a fellow member of Wealthcounsel as is Richard Mayberry.