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Creating 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. 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. – PowerPoint PPT presentation

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Title: Creating a Basic Estate Plan


1
CREATING A BASIC
ESTATE PLAN
2
The majority of adults in the United States DO
NOT have a comprehensive estate plan in place
3
One of the reasons for this is a lack of
information
4
One of the reasons for this is a lack of
information Many people simply don't know how
to proceed
5
To demystify things we would like to look at the
components that comprise a basic estate plan
6
Transferring
Financial Assets
7
When you are planning your estate you must
arrange for the transfer of your financial assets
to your heirs
8
There are a number of different ways of doing
this
9
The optimal course of action will vary on a
case-by-case basis
10
Let's take a glance at two very common vehicles
of asset transfer
11
Simple Last Wills
12
One way that you can arrange for the
distribution of your resources is through the
execution of a simple last will
13
In your will you should name an executor or
personal representative
14
In your will you should name an executor or
personal representative
This individual will handle the business of the
estate
15
Revocable Living Trusts
16
If you arrange for asset transfers through the
terms of a last will probate will be a factor
17
The heirs to the estate won't receive their
inheritances until the estate has been probated
18
You can arrange for asset transfers outside of
probate by conveying assets into a REVOCABLE
LIVING TRUST
19
Incapacity Planning
20
You may suffer through a period of decline before
passing away
21
You may suffer through a period of decline before
passing away
This could include mental and/or physical
incapacity
22
It is important to plan ahead for possible
incapacity when you are devising an estate plan
23
Living Will
24
A living will does not have anything to do with
the transfer of financial resources
25
This type of will is an ADVANCE DIRECTIVE FOR
HEALTH CARE
26
With this legal instrument you state your
preferences regarding life-sustaining medical
procedures
27
Durable
Powers of Attorney
28
Durable powers of attorney are used to empower
individuals of your choosing to make decisions
in your behalf in the event of your
incapacitation
29
You can utilize a DURABLE FINANCIAL POWER OF
ATTORNEY to select a financial decision maker
30
A durable power of attorney for health care is
used to appoint someone to make medical
decisions in your behalf
31
Estate Planning Is Important
For Everyone
32
All responsible adults should have an estate plan
in place
33
All responsible adults should have an estate plan
in place
This is especially true for parents of young
children
34
It is important to make financial provisions
while naming a potential guardian to care for
the children
35
Take action!
36
If you live in the greater Raleigh-Durham area
contact our firm to set up a FREE ESTATE
PLANNING CONSULTATION
37
Click to visit organizeyourassets.com
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