What Is Estate Planning?

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What Is Estate Planning?
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Square One
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Most people have heard of the document called a
last will
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When you execute a will, you state your wishes
regarding the distribution of your property
after you die
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A last will can be a part of an estate plan
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However, a comprehensive estate plan will take
things quite a bit further
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Choices
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There is nothing binding you to the creation of a
last will as your primary vehicle of asset
transfer
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There are other ways to arrange for the transfer
of your financial assets to your loved ones
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You should certainly explore your options before
you make any decisions
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Probate
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If you do use a will to direct the future
distribution of your assets, PROBATE WILL BE A
FACTOR
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This is a legal process that is conducted under
the supervision of the probate court
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The executor or personal representative
administers the estate, and the court supervises
the administration
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Problems With Probate
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There is nothing inherently wrong with probate,
but it can make things quite inconvenient
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It will take months at a minimum for the estate
to be probated
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The heirs will not receive their inheritances
until the estate has been closed by the probate
court
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In addition, considerable costs can also
accumulate during the probate process
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Avoiding Probate
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It is possible to arrange for the transfer of
your assets to your heirs outside of probate
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This can be done in multiple different ways
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One very popular probate avoidance vehicle is the
REVOCABLE LIVING TRUST
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Incapacity Planning
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When you are planning your estate, you should
consider the possibility of INCAPACITY LATE IN
YOUR LIFE
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An incapacity plan will typically include the
execution of durable powers of attorney
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With these legally binding instruments you name
agents to make decisions in your behalf in the
event of your incapacitation
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Free Cincinnati Estate Planning Consultation

• This is a very basic look at the anatomy of a
  simple estate plan.
• If you would like to learn more and ask specific
  questions, contact our firm to schedule a free
  consultation.
• The Zimmer Law Firm
• [phone]
• ZimmerLawFirm.com

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FREE CINCINNATI ESTATE PLANNING CONSULTATION
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This is a very basic look at the anatomy of a
simple estate plan
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If you would like to learn more and ask specific
questions, contact our firm to schedule a free
consultation at [phone]
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Click to visit ZimmerLawFirm.com