Estate Planning: The First Steps

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Estate Planning The First Steps
Parman Easterday
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Surveys consistently find that most American
adults do not have all of the necessary estate
planning documents in place
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Many recognize the importance of planning ahead
for the inevitable
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They procrastinate because they don't know where
to begin
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This presentation will look at the different
components that typically comprise a basic
estate plan
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Arranging Future Asset Transfers
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One of the first things to think about when you
are planning your estate is the way that you will
get your assets into the hands of your loved
ones
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This can be done in a variety of ways
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The most common vehicle of asset transfer is the
last will
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Within the will you express your wishes
regarding the distribution of your financial
assets
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You also name an executor who will be charged
with the responsibility of administering the
estate
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The Process of Probate
When you retain personal ownership of your
property and you arrange for its distribution
through your will, probate happens
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During this process the probate court will
supervise the administration of the estate
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The executor will administer the estate
He or she must settle final debts and prepare
the estate property for distribution to the
heirs
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Avoiding Probate
The probate process can take a good bit of time

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The heirs to the estate don't receive their
inheritances until this process has been
completed
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There are also expenses that go along with the
probate process
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Because of the time and money involved people
often choose to avoid probate
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Revocable Living Trusts
Many people use revocable living trusts to
avoid probate
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The grantor is the person who creates and funds
the trust
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As the grantor you can choose to serve as the
trustee and the beneficiary while you are
living
You choose successors to assume these roles
after your passing
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When you die the trustee distributes funds to
the beneficiaries in accordance with your wishes
as stated in the trust agreement
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Medical Procedures
It is possible that you may become unable to
communicate before passing away
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Life sustaining procedures can sometimes keep
people alive indefinitely even if they are
terminally ill with no hope of recovery
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By executing a living will you can make your
wishes known regarding the use of life-support
measures
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Appointing Decision Makers
If you were incapacitated and unable to make
sound decisions the state could be petitioned to
appoint a guardian to make them on your behalf
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This person may not be someone that you would
have chosen
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To avoid a future guardianship proceeding you
could appoint potential future decision-makers by
executing legal devices called durable powers of
attorney
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ESTATE PLANNING IS ESSENTIAL
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Your estate planning attorney should be able to
create a tailor-made plan ideal for you and your
family
So you can live with total peace of mind
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To Learn More Receive a FREE Report Entitled,
15 Common Reasons to Do Estate Planning (A
19.95 Value!) CLICK HERE OR Call
405-562-9609 Today
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13913 Quail Pointe Drive, Ste B Oklahoma City, OK
73134 Phone [phone] Nall Avenue,
Suite 160 Overland Park, KS 66211 Phone (913)
385-9400