Creating a Basic Estate Plan

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