Creating a Basic Estate Plan
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Transcript of Creating a Basic Estate Plan
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The majority of adults in the United States DO NOT have a
comprehensive estate plan in place
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One of the reasons for this is a lack of information
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One of the reasons for this is a lack of information
Many people simply
don't know how to proceed
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To demystify things we would like to look
at the components that comprise a basic estate plan
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When you are planning your estate you must arrange for the transfer of your financial assets to your heirs
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There are a number of different ways of doing this
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The optimal course of action will vary on a case-by-case basis
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Let's take a glance at two very common vehicles of asset
transfer
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One way that you can arrange for the distribution of your resources is through the execution of a simple last
will
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In your will you should name an executor or personal representative
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In your will you should name an executor or personal representative
This individual will handle the business
of the estate
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If you arrange for asset transfers through the terms of a last will
probate will be a factor
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The heirs to the estate won't receive their inheritances
until the estate has been probated
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You can arrange for asset transfers outside of probate by conveying assets
into a REVOCABLE LIVING TRUST
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You may suffer through a period of decline before passing away
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This could include mental and/or physical incapacity
You may suffer through a period of decline before passing away
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It is important to plan ahead for possible incapacity when you are devising an estate plan
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A living will does not have anything to do with the transfer of
financial resources
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This type of will is an ADVANCE DIRECTIVE FOR HEALTH
CARE
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With this legal instrument you state your preferences regarding life-sustaining medical
procedures
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Durable powers of attorney are used to empower individuals of your choosing
to make decisions in your behalf in the event of your incapacitation
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You can utilize a DURABLE FINANCIAL POWER OF ATTORNEY
to select a financial decision maker
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A durable power of attorney for health care
is used to appoint someone to make medical decisions in your behalf
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Estate Planning Is ImportantFOR EVERYONE
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All responsible
adults should have an
estate plan in place
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This is especially true for parents of young children
All responsible
adults should have an
estate plan in place
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It is important to make financial provisions while naming a potential guardian
to care for the children
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If you live in the greater Raleigh-Durham area
contact our firm to set up a FREE ESTATE PLANNING
CONSULTATION
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Click to visit:
organizeyourassets.com