What Is Estate Planning?

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What Is Estate Planning?
Facing the Facts
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There are certain inherent facts of life
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Ironically, the inevitability of death is one of
them
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All responsible adults should plan ahead for
this eventuality
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This is done by engaging in the process of
ESTATE PLANNING
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Transferring Financial Assets
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ESTATE PLANNING involves arranging for the
transfer of your financial assets to your heirs
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If you do not take action on your own, YOU WILL
DIE INTESTATE
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Under these circumstances, the state would
distribute your assets using intestate succession
laws
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Making Your Own Decisions
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Most people would not want the state handing out
their assets
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When you effectively plan your estate, you seize
control of the situation
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Intestacy will be avoided
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Your loved ones will receive their inheritances
in accordance with your wishes
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The Last Will
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One way to arrange for the transfer of your
assets to your heirs is through THE CREATION OF A
LAST WILL
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While this is a very commonly used vehicle of
asset transfer, it is not your only choice
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Revocable Living Trust
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A commonly used alternative to a last will is a
revocable living trust
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THIS TYPE OF TRUST is useful for a wide range of
people
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Property that is conveyed into a revocable living
trust can be distributed to the beneficiaries
outside of probate
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Probate
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PROBATE is the legal process of estate
administration
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It does provide certain protections
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However, it can be time-consuming and expensive
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For these reasons probate is often avoided
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Incapacity Planning
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A COMPREHENSIVE ESTATE PLAN will consider the
possibility of future incapacity
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You can name people to make decisions in your
behalf in the event of your incapacitation by
executing durable powers of attorney
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In addition, a living will can be included to
state your preferences regarding the utilization
of artificial life sustaining measures
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The Next Step
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Now that you know a little bit about estate
planning, you may want to take action to put a
plan in place
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If you live in Warwick or Wakefield, RI, CONTACT
OUR FIRM TO SCHEDULE A FREE CONSULTATION
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