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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. 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.
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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
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
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
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
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
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
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
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
