An Introduction to Estate Planning

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

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

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Drawing Up a Last Will
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Some people choose to use a LAST WILL to direct
asset distributions
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An estate must be probated when you arrange for
asset transfers with a last will
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Probate can be expensive
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Probate can be expensive
The process of probate can also get lengthy
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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
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Avoiding Probate
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There are various ways that you can avoid
probate
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There are various ways that you can avoid
probate
One popular probate avoidance tool is the
revocable living trust
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With these trusts you as the grantor maintain
control of the assets while you are alive
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After you pass away, the trustee distributes
assets to the beneficiaries in accordance with
your wishes
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These distributions are NOT subject to the
probate process
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Medical
Decisions
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• You may experience a period of decline before
  passing away

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

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To express your wishes regarding the use of
artificial life-support systems you can create a
LIVING WILL
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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
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Financial
Decisions
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When you reach an advanced age you may suffer
from diminished mental capacity
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Alzheimer's disease is very common among the
elderly
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Alzheimer's causes dementia, and dementia
sufferers may be unable to make sound financial
decisions
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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
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Final
Arrangements
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To leave behind a turnkey situation for your
family you may want to address your final
arrangements when you are creating your estate
plan
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With a document called an AUTHORIZATION FOR FINAL
DISPOSITION you empower someone to handle your
final arrangements
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In this document you can include specific
instructions that your representative must follow
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Action
Required
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• If you do not have an estate plan, or if your
  current plan is out of date, now is the time to
  take action

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You never know what the future holds, and it is
important to take the appropriate steps to ensure
the well-being of your family
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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
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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