Estate Planning Checklist

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ESTATE PLANNING CHECKLIST
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Everyone is going to pass away someday, but in
spite of this most people don't have a
comprehensive estate plan
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There are certain estate planning documents that
everyone should have in place
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In this presentation we will look at these legal
devices
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Last Will
When you think about estate planning documents
the last will or last will and testament will
probably come to mind
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You can state your wishes regarding the
distribution of your assets after you pass away
with a last will
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An executor or executrix should be named in the
will
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This is the individual who will handle the
administration of the estate
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Probate
When you are planning your estate you should
understand a little bit about the process of
probate
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The administration of the estate is supervised by
the probate court when you use a last will to
arrange for asset transfers
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Probate provides certain protections, but it is
sometimes avoided because it is time-consuming
and potentially costly
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Living Trusts Enable Probate Avoidance
Revocable living trusts are often utilized by
people who would like to avoid probate
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You as the grantor retain control of the assets
while you are living
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After you pass away your trustee distributes the
assets to the beneficiaries in accordance with
your wishes
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These distributions are not subject to the
probate process
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Advance Directives for Health Care
One type of advance directive is the living will
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With this type of will you state your choices
regarding the use of life support measures
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Another directive that is widely recommended is
the durable medical power of attorney
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With this directive you name someone who would
be empowered to make medical decisions in your
behalf in the event of your incapacitation
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Financial Decision Makers
During the latter stages of your life you may
become unable to make sound financial decisions
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You can account for this possibility by executing
a durable financial power of attorney
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With this device you select an agent who would
be empowered to handle your financial affairs if
you become unable to handle them yourself due to
incapacitation
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Final Arrangements
You can include an authorization for final
disposition when you are planning your estate
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With this instrument you name someone who will
handle your final arrangements
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If you choose to do so you can also include
instructions for the representative to follow
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Free Hartford Estate Planning Consultation
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After viewing this presentation you may want to
go a step further and discuss everything with a
licensed attorney
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If you reside in the greater Hartford area we
invite you to contact our firm to schedule a FREE
CONSULTATION
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• Nirenstein Horowitz
• [phone]
• www.preserveyourestate.net