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A lot of people are frozen with inaction when it comes to estate planning because of a lack of information. There are numerous different legal devices that can be used depending on the circumstances. In this presentation we will stick to the basics.
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@MOLEVERLAWFIRM
WHAT SHOULD I INCLUDE IN MY
ESTATE PLAN?
@MOLEVERLAWFIRM
A lot of people are frozen with inaction when it comes to estate planning because of a lack of information
@MOLEVERLAWFIRM
There are numerous DIFFERENT LEGAL DEVICES that can be used depending on the
CIRCUMSTANCES
@MOLEVERLAWFIRM
In this presentation we will stick to the basics
@MOLEVERLAWFIRM
ARRANGING FINANCIAL ASSET DISTRIBUTIONS
@MOLEVERLAWFIRM
When you are planning your estate, you should arrange for your intended beneficiaries to inherit your property
@MOLEVERLAWFIRM
Many people will choose to do this through the execution of a will
IF YOU DO UTILIZE A LAST WILL TO EXPRESS YOUR
WISHES REGARDING FUTURE ASSET TRANSFERS, YOU SHOULD NAME A PERSONAL REPRESENTATIVE
@MOLEVERLAWFIRM
This is the person who will actually handle the business of the estate
during the probate process
@MOLEVERLAWFIRM
THE LEGAL PROCESS OF PROBATE
@MOLEVERLAWFIRM
Many people are not aware of the existence of
the probate process
IN MINNESOTA, AN ESTATE MUST GO THROUGH PROBATE IF THE ASSETS IN QUESTION EXCEED $50,000 IN TOTAL VALUE, OR IF THE DECEDENT OWNED AN INTEREST IN
REAL ESTATE
@MOLEVERLAWFIRM
It is possible to arrange for the transfer of your financial assets outside of the probate process
@MOLEVERLAWFIRM
It is possible to arrange for the transfer of your financial assets outside of the probate process
PEOPLE OFTEN CHOOSE TO PLAN AROUND PROBATE BECAUSE PROBATE CAN BE TIME-CONSUMING AND
COSTLY
@MOLEVERLAWFIRM
This is achieved by using a device other than a will to transfer the property to your
intended beneficiaries
@MOLEVERLAWFIRM
REVOCABLE LIVING TRUST FOR PROBATE AVOIDANCE
@MOLEVERLAWFIRM
If you are interested in avoiding probate, you may want to consider creating a REVOCABLE LIVING TRUST
@MOLEVERLAWFIRM
With these trusts, you retain control of the assets while you are living
@MOLEVERLAWFIRM
You could change the terms of the trust or dissolve it altogether
@MOLEVERLAWFIRM
You name a trustee and a beneficiary or beneficiaries
@MOLEVERLAWFIRM
You name a trustee and a beneficiary or beneficiaries
After you pass away, the trustee distributes assets to the beneficiaries
@MOLEVERLAWFIRM
Distributions are made in accordance with the instructions that you include in the trust agreement
@MOLEVERLAWFIRM
LIFE SUPPORT PREFERENCES
@MOLEVERLAWFIRM
Different people have different ideas about the utilization of life-sustaining measures
@MOLEVERLAWFIRM
With a health care directive you can state your own choices about the use of life-support systems if you were to fall into an irreversible terminal condition
@MOLEVERLAWFIRM
By executing a health care directive, you take a potentially excruciating decision
out of the hands of your loved ones
@MOLEVERLAWFIRM
HEALTH CARE DIRECTIVE & HIPAA RELEASE
@MOLEVERLAWFIRM
It is possible that medical circumstances can arise that are not specifically covered in your health care directive
@MOLEVERLAWFIRM
With a health care directive, you can also empower an agent to make medical decisions in your behalf should you become unable to communicate your own choices
@MOLEVERLAWFIRM
This will allow doctors to provide your named representatives with relevant
medical information
You should also include a HIPAA release authorization
@MOLEVERLAWFIRM
INCAPACITY PLANNING
@MOLEVERLAWFIRM
A significant percentage of elder Americans become unable to make sound financial decisions at some point in time
@MOLEVERLAWFIRM
This is largely due to the widespread
nature of
dementia or Alzheimer's
disease
@MOLEVERLAWFIRM
You can prepare for this possibility by executing a durable power of attorney
THE ATTORNEY-IN-FACT THAT YOU NAME WILL BE EMPOWERED TO HANDLE YOUR FINANCIAL AFFAIRS IN THE EVENT OF YOUR INCAPACITY
@MOLEVERLAWFIRM
PUT THE PROCRASTINATION BEHIND YOU
@MOLEVERLAWFIRM
After viewing this presentation, you should feel more comfortable
about the process of estate planning
@MOLEVERLAWFIRM
As you can see, it is not as complicated as it may seem on the surface
@MOLEVERLAWFIRM
The intelligent first step is to set up a consultation with an experienced
estate planning attorney
The intelligent first step is to set up a consultation with an experienced
estate planning attorney
@MOLEVERLAWFIRM
Click to visit:
www.molever.com
Your attorney will gain an understanding of your wishes, evaluate your situation, and make the
appropriate recommendations