Estate Planning: The Core Components

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Estate Planning
The Core Components
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Depending on the exact estate in question
various different types of legal devices could
be utilized.
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In this presentation we are going to look at the
core components of a basic estate plan.
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MORE COMPLEX SITUATIONS MAY REQUIRE THE
ADDITION OF SOME MORE ADVANCED ESTATE PLANNING
TOOLS.
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Transferring Assets
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Estate planning is clearly going to involve
arranging for the transfer of assets to your
heirs after your passing.
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This can be done in various different ways.
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The most widely utilized asset transfer
vehicle is thE
last will.
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You should however be aware of the fact that the
estate must pass through probate when you use a
last will.
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Revocable Living Trusts Are a Viable Option
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You have probably heard about trusts.
Many people are under the impression that these
devices are only useful for the very wealthy.
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In fact, revocable living trusts can provide
advantages to everyday people.
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With a living trust the distributions to the
beneficiaries take place outside of probate.
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What Is Probate?
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Probate can be succinctly defined as the legal
process of estate administration.
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During this interim final debts must be paid, and
interested parties could contest the estate.
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Probate can be costly
and time-consuming.
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Inheritances are not distributed until the estate
has been probated and closed.
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Incapacity Planning
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When you understand the facts you can see why
incapacity planning is important.
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The segment of the population that is at least 85
years of age is growing faster than any other.
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Around 45 of people who comprise this age group
suffer from Alzheimer's disease.
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Health Care Proxy
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With a health care proxy or durable power of
attorney for health care you empower an agent 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 unable to make financial
decisions, who would handle your affairs?
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Through the execution of a durable financial
power of attorney you answer this question as you
empower an agent to act in your behalf should it
become necessary.
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Use of Life Support Measures
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How would you feel about being kept alive
indefinitely
through the use of artificial means?
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With a living will you make your personal
preferences known.
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When you have a living will in place your family
won't be forced to make excruciating decisions.
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Want to Know More?
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In Vermont, contact Unsworth Law to schedule a
free consultation.
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