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