Estate Planning: Some of the Basics

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ESTATE PLANNING
Some of the Basics
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People sometimes fail to put an estate plan in
place because they don't know where to begin
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We have created this presentation to pass along
some basic estate planning information
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The Last Will
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The most frequently used estate planning device
is the last will or last will and testament
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The will is used to express your wishes regarding
the distribution of your assets after your
passing
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Parents of dependent children should include a
choice of potential guardian as well
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Executor or Executrix
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When you are drawing up your last will you have
to ask yourself who will be carrying out the
wishes that you record on paper
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This individual is known as the executor,
executrix, or personal representative
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You should choose someone with a good bit of
business experience because this representative
will be conducting the business of the estate
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The Probate Process
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When you use a last will the estate must pass
through the process of probate before the heirs
receive their inheritances
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Though probate provides certain protections there
are pitfalls that go along with it
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Probate can be costly, and it is also
time-consuming
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Revocable Living Trusts
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There is no law that says you have to use a last
will to arrange for future asset transfers
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You have a number of other options, and one of
them would be the utilization of a revocable
living trust
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With these trusts distributions to the
beneficiaries are made outside of probate
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Advance Medical Directives
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When you are drawing up your estate plan you
should consider the period of time that would
logically precede your death
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To be prepared for all contingencies you should
execute advance medical directives
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Living Will Durable Power of Attorney for
Health Care
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Two advance directives that are highly
recommended are a living will and a durable power
of attorney for health care
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With a living will you state your preferences
regarding the use of life support measures
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• THE DURABLE POA
• is used to empower someone
• to make medical decisions in your behalf
• in the event of your incapacitation

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Durable Financial Power of Attorney
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If you were to become incapacitated the court
could appoint a guardian or conservator to handle
your financial affairs
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This individual may not be the person that you
would have chosen
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With a durable financial power of attorney you
can make sure that your own hand-picked
decision-maker is in place
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Now that you know some of the basics we invite
you to contact our firm to SCHEDULE A FREE
CONSULTATION
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In eastern and northern Kentucky give us a call
at [phone]
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In Charlotte we can be reached at [phone]
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Click to visit www.potterestateplanning.com
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