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