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Estate Planning Essentials

64% of Americans die each year without a basic estate plan.

Your state decides who inherits your assets or cares for your children.

What is an estate plan?Your estate consists of the assets and liabilities you own at your death.Your estate plan is a document of how you want your financial and personal affairs handled at your death.

Benefits of planning

Property passed to the people you choose.Establish the timing of the distribution.Appoint the right people to distribute your estate or care for your children's future.Name people to make decisions when you are incapacitated.Eliminating, minimizing, or deferring estate taxes.Minimizing the cost of estate administration.

Estate Planning essentialsLast Will & Testament.Living Trust.Durable Financial Power of Attorney.Advance Medical Directives / Living Will

Last Will and TestamentA will is a legal document that sets forth your wishes regarding the distribution of your property and the care of any minor children.A valid will requires a written document signed by the testator who is at least 18 and of sound mind and by two witnesses.Without a will, your assets will be distributed in accordance to state law.

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Living TrustAliving trustis a legal document created by you (the grantor). Assets are transferred to the trust for your benefit during your lifetime.Assets are transferred to nominated successors on your death.Living trusts avoid probate.

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Power of Attorney for finance & PropertyDesignate another person to act on your behalf for legal and financial matters.Can be limited in scope or duration.

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Advanced medical directivesA medical power of attorney names another person to act on your behalf for medical decisions.A medical power of attorney becomes effective only if you are unable to make the decisions for yourself.The power of attorney may allow your agent to do all acts or the acts may be limited.

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Living willsA living will states your wishes regarding the use of artificial life support systems if you are terminally ill, comatose, and beyond hope of recovery.The Colorado statute regarding living wills addresses both life support systems (respirator, heart machine, etc.) and whether food and water should be withheld.

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Living willsA living will states your wishes regarding the use of artificial life support systems if you are terminally ill, comatose, and beyond hope of recovery.The Colorado statute regarding living wills addresses both life support systems (respirator, heart machine, etc.) and whether food and water should be withheld.

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When to review your planMarriage / Divorce or death of a spousePurchases or refinancing of a homeNew Accounts Saving, funds or brokerageChildren Baby, adoption, step-child or reached the age of 18 years.

Where can I startVisit enodare.com to see our product range.Get Enodares Estate Planning Essentials

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