The old adage says, "No one gets out of this world alive." Yet, nearly six out of 10 people today have no estate plan detailing what should happen to their assets if they die, or what kind of medical care they would want if they become unable to make their wishes known.

"Thinking about what happens after we die or become incapacitated is not a pleasant exercise," says Amy Tabler, a vice president and Trust Officer with Fifth Third Private Bank. "But, it's a responsibility we take on for the sake of our loved ones."

She says estate planning can save heirs from the confusion and frustration of sorting through a relative's affairs without direction and alleviate the hard feelings and arguments that frequently accompany that chore.

"Furthermore, when people die without having proper estate-planning documents, state laws dictate a plan for them," Tabler explains. "It's essentially a flow chart that dictates what goes to the surviving spouse, children or stepchildren. Settling an estate without a proper estate plan typically takes longer. However, an estate planning attorney can help you plan tax-efficiently and reduce the time and complexity of the estate settlement process for your beneficiaries."

What does estate-planning entail?
Although the Internet offers examples of estate planning documents, Tabler urges people to work with estate planning attorneys to make sure everything is legal and contains the necessary notices and witnesses. The documents involved in estate planning include the following:

• A living will. This document specifies the kind of medical treatment people want should they become unable to articulate those wishes themselves. To ensure these wishes are carried out, it's important that copies of this document are shared with a primary care physician and spouse, involved family member or friend.

• A durable power of attorney for health care. In this document, people designate another person to make health care decisions on their behalf, in case they become unable to do so themselves.

• A durable power of attorney for financial affairs. In this document, people designate another person to make financial decisions on their behalf, in case they become unable to do so themselves.

• A last will and testament. This document states where people want their assets to go after their death. This includes all tangible and intangible property -- cars, real estate, stocks, bonds and bank accounts.

• A trust. Not everyone sets up a trust. However, a trust can offer some benefits that a last will and testament does not. For example, it can offer privacy because it is not a public document. It can offer some tax savings benefits, particularly with married couples. It can also be used to control how a principal is distributed to certain beneficiaries.

"The reality is, some people fear that if they leave a son or daughter a lump sum, it could be squandered all too quickly. A trust can help avoid that scenario," Tabler adds.

Getting started
Sometimes one of the hardest parts -- and most emotional -- is deciding who gets what. Tabler recommends people give this careful thought before meeting with an attorney or at least come with specific questions for discussion. "If people don't have an estate planning attorney, we can offer contact names. Customers can interview these attorneys and choose the individual they like best," she says.

Other considerations
"Many banks offer a free consultation and I encourage people to take advantage of that," Tabler continues. "We can review your accounts and deeds to make sure they are registered the way you want them to be. For example, a common concern is when a parent has a joint checking account with a son or daughter for help with bill paying. However, if that parent dies, that account would legally be transferred to that son or daughter, even if that was not the parent's intention."

Tabler also encourages people to consider gifts and charitable deductions when estate planning, because they can reduce the size of the estate and its ensuing taxes.

For more information on estate planning, contact Fifth Third at (866) 475-4201 or visit the Fifth Third website.

To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

Fifth Third does not provide gift, estate or income tax advice. Please consult your tax advisor before making any decisions or taking any action based on this information.

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