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An Introduction to Estate Planning

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"Estate planning is one of the core responsibilities of adulthood. Unfortunately, statistics indicate that the majority of adults in the United States are unprepared. People sometimes shy away from things that they are unfamiliar with, and this is understandable. This presentation will endeavor to provide a useful introduction to estate planning. " – PowerPoint PPT presentation

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Title: An Introduction to Estate Planning


1
An Introduction to
Estate Planning
2
Estate planning is one of the core
responsibilities of adulthood
3
Unfortunately, statistics indicate that the
majority of adults in the United States ARE
UNPREPARED
4
People sometimes shy away from things that they
are unfamiliar with, and this is understandable

5
This presentation will endeavor to provide a
useful introduction to estate planning
6
Transferring
Financial Assets
7
Arranging for the eventual transfer of your
financial assets to your loved ones is at the
core of estate planning
8
  • There are various different ways that you can
    accomplish this objective

9
1
Drawing Up a Last Will
10
Some people choose to use a LAST WILL to direct
asset distributions
11
An estate must be probated when you arrange for
asset transfers with a last will
12
Probate can be expensive
13
Probate can be expensive
The process of probate can also get lengthy
14
Probate can be expensive
The process of probate can also get lengthy
If you use a will your heirs will not receive
their inheritances until the estate has been
probated
15
2
Avoiding Probate
16
There are various ways that you can avoid
probate
17
There are various ways that you can avoid
probate
One popular probate avoidance tool is the
revocable living trust
18
With these trusts you as the grantor maintain
control of the assets while you are alive
19
After you pass away, the trustee distributes
assets to the beneficiaries in accordance with
your wishes
20
These distributions are NOT subject to the
probate process
21
Medical
Decisions
22
  • You may experience a period of decline before
    passing away

23
  • It is possible that you may become unable to make
    your own health care decisions

24
To express your wishes regarding the use of
artificial life-support systems you can create a
LIVING WILL
25
A health care proxy is used to select an agent
that is empowered to make medical decisions in
your behalf if you can't make them for yourself
26
Financial
Decisions
27
When you reach an advanced age you may suffer
from diminished mental capacity
28
Alzheimer's disease is very common among the
elderly
29
Alzheimer's causes dementia, and dementia
sufferers may be unable to make sound financial
decisions
30
You can create a durable power of attorney and
select an attorney-in-fact to handle your
financial affairs in the event of your
incapacitation
31
Final
Arrangements
32
To leave behind a turnkey situation for your
family you may want to address your final
arrangements when you are creating your estate
plan
33
With a document called an AUTHORIZATION FOR FINAL
DISPOSITION you empower someone to handle your
final arrangements
34
In this document you can include specific
instructions that your representative must follow
35
Action
Required
36
  • If you do not have an estate plan, or if your
    current plan is out of date, now is the time to
    take action

37
You never know what the future holds, and it is
important to take the appropriate steps to ensure
the well-being of your family
38
With a simple visit to a licensed estate planning
attorney you can put the procrastination behind
you and go forward with total peace of mind
With a simple visit to a licensed estate planning
attorney you can put the procrastination behind
you and go forward with total peace of mind
39
Learn WHY you need an estate plan and what a good
plan can do for you and your loved ones
Click to visit www.DuffyLawOffice.com
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