Post on 22-Jun-2015
description
transcript
WHAT IS ESTATE PLANNING?
Facing the Facts
There are certain inherent facts of life
Ironically, the inevitability of death
is one of them
All responsible adults should plan ahead for this eventuality
This is done by engaging in the process of ESTATE PLANNING
TRANSFERRING FINANCIAL ASSETS
ESTATE PLANNING involves arranging for the transfer
of your financial assets to your heirs
If you do not take action on your own,
YOU WILL DIE INTESTATE
Under these circumstances, the state would distribute your assets using intestate succession
laws
MAKING YOUR OWN DECISIONS
Most people would not want the state handing out their assets
When you effectively plan your estate,
you seize control of the situation
Intestacy will be avoided
Your loved ones will receive their inheritances in accordance with
your wishes
THE LAST WILL
One way to arrange for the transfer
of your assets to your heirs is through THE CREATION OF A
LAST WILL
While this is a very commonly used vehicle of asset transfer, it is not your only choice
REVOCABLE LIVING TRUST
A commonly used alternative to a last will is a revocable living trust
THIS TYPE OF TRUST is useful for a wide range of
people
Property that is conveyed into a revocable living trust can be
distributed to the beneficiaries outside of probate
PROBATE
PROBATE is the legal process of estate administration
It does provide certain protections
However, it can be time-consuming and expensive
For these reasons probate is often avoided
INCAPACITY PLANNING
A COMPREHENSIVE ESTATE PLAN
will consider the possibility of future incapacity
You can name people to make decisions in your behalf in the event of your incapacitation by executing durable powers of
attorney
In addition, a living will can be included to state your preferences
regarding the utilization of artificial
life sustaining measures
THE NEXT STEP
Now that you know a little bit about estate planning, you may want to take action to put a plan
in place
If you live in Warwick or Wakefield, RI, CONTACT OUR FIRM TO SCHEDULE A FREE
CONSULTATION