Creating a Basic Estate Plan

CREATING A BASICESTATE PLAN

The majority of adults in the United States DO NOT have a

comprehensive estate plan in place

One of the reasons for this is a lack of information

One of the reasons for this is a lack of information

Many people simply

don't know how to proceed

To demystify things we would like to look

at the components that comprise a basic estate plan

TransferringFINANCIAL ASSETS

When you are planning your estate you must arrange for the transfer of your financial assets to your heirs

There are a number of different ways of doing this

The optimal course of action will vary on a case-by-case basis

Let's take a glance at two very common vehicles of asset

transfer

SIMPLE LAST WILLS

One way that you can arrange for the distribution of your resources is through the execution of a simple last

will

In your will you should name an executor or personal representative

In your will you should name an executor or personal representative

This individual will handle the business

of the estate

REVOCABLE LIVING TRUSTS

If you arrange for asset transfers through the terms of a last will

probate will be a factor

The heirs to the estate won't receive their inheritances

until the estate has been probated

You can arrange for asset transfers outside of probate by conveying assets

into a REVOCABLE LIVING TRUST

INCAPACITY PLANNING

You may suffer through a period of decline before passing away

This could include mental and/or physical incapacity

You may suffer through a period of decline before passing away

It is important to plan ahead for possible incapacity when you are devising an estate plan

LIVING WILL

A living will does not have anything to do with the transfer of

financial resources

This type of will is an ADVANCE DIRECTIVE FOR HEALTH

CARE

With this legal instrument you state your preferences regarding life-sustaining medical

procedures

DurablePOWERS OF ATTORNEY

Durable powers of attorney are used to empower individuals of your choosing

to make decisions in your behalf in the event of your incapacitation

You can utilize a DURABLE FINANCIAL POWER OF ATTORNEY

to select a financial decision maker

A durable power of attorney for health care

is used to appoint someone to make medical decisions in your behalf

Estate Planning Is ImportantFOR EVERYONE

All responsible

adults should have an

estate plan in place

This is especially true for parents of young children

All responsible

adults should have an

estate plan in place

It is important to make financial provisions while naming a potential guardian

to care for the children

TAKE ACTION!

If you live in the greater Raleigh-Durham area

contact our firm to set up a FREE ESTATE PLANNING

CONSULTATION

Click to visit:

organizeyourassets.com