An Introduction to Estate Planning
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Transcript of An Introduction to Estate Planning
AN INTRODUCTION TOESTATE PLANNING
Estate planning is one of the core responsibilities of adulthood
Unfortunately, statistics indicate that the majority of adults in the United States
ARE UNPREPARED
People sometimes shy away from things that they are
unfamiliar with, and this is understandable
This presentation will endeavor to provide a useful introduction
to estate planning
Transferring FINANCIAL
ASSETS
Arranging for the eventual transfer of your financial assets to your loved ones is at the core of estate planning
There are various different ways that you can accomplish this
objective
Drawing Up a Last Will1
Some people choose to use a
LAST WILL to direct asset distributions
An estate must be probated when you arrange for asset transfers with a last will
Probate can be expensive
The process of probate can also get lengthy
Probate can be expensive
If you use a will your heirs will not receive their inheritances until the
estate has been probated
The process of probate can also get lengthy
Probate can be expensive
Avoiding Probate2
There are various ways that you can avoid probate
There are various ways that you can avoid probate
One popular probate avoidance tool is the revocable living trust
With these trusts you as the grantor maintain control of the assets while
you are alive
After you pass away, the trustee distributes assets to the
beneficiaries in accordance with your wishes
These distributions are NOT subject to the probate process
MedicalDECISIONS
You may experience a period of decline before passing away
It is possible that you may become unable to make your own health care decisions
To express your wishes regarding the use of artificial life-support
systems you can create a
LIVING WILL
A health care proxy is used to select an agent that is empowered to make medical decisions in your behalf if you can't make them for yourself
FinancialDECISIONS
When you reach an advanced age you may suffer from diminished mental capacity
Alzheimer's diseaseis very common among the elderly
Alzheimer's causes dementia, and dementia sufferers may be unable to make sound financial decisions
You can create a durable power of attorney
and select an attorney-in-fact
to handle your financial affairs in the event of your incapacitation
FinalARRANGEMENTS
To leave behind a turnkey situation for your family you may want to address your final arrangements when you are creating your estate plan
With a document called an AUTHORIZATION FOR FINAL DISPOSITION you empower someone to handle your final arrangements
In this document you can include specific instructions that your representative must
follow
ActionREQUIRED
If you do not have an estate plan, or if your current plan is out of date, now is the time to take action
You never know what the future holds, and it is important to take the appropriate steps to
ensure the well-being of your family
With a simple visit to a licensed estate planning attorney you can put the procrastination behind you and go forward with total peace of mind
With a simple visit to a licensed estate planning attorney you can put the procrastination behind you and go forward with total peace of mind
Click to visit: www.DuffyLawOffice.com
Learn WHY you need an estate plan and what a good plan can do for you
and your loved ones