DRAFT-PC-ES Estate Planning Basics



What You Need To Know About Estate Planning

An estate plan is a compilation of legal documents that describes your wishes regarding your home, savings, investments, and other assets after you die. It will also include instructions for your medical care, should you become incapacitated. Regardless of your age or level of wealth, an estate plan is one of the best ways to protect yourself, your family, and your assets – both now and in the future. Consider the following key documents that may be a part of your estate plan: A POUROVER WILL/PROBATE AVOIDANCE

This “pours” assets into your trust upon your death, specifies how your property will be disbursed, and specifies who will be responsible for any of your surviving minor children. A LIVING TRUST/REVOCABLE Specifies how your assets should be passed on and helps your beneficiaries avoid the administrative burden, delays, public record, and the lack of privacy associated with the probate process. HEALTHCARE POWER OF ATTORNEY This enables you to empower a person to make health care decisions and express your medical treatment preferences on your behalf, thus preventing family conflicts and possible court intervention. A LIVING WILL This addresses deathbed concerns and establishes your wishes for life- prolonging medical care should you become incapacitated. DURABLE POWER OF ATTORNEY Grants another person legal authority to manage your financial and business affairs in a general or limited capacity while you are alive. His or her authority ends at your death.


preserved and passed on  Avoid lengthy probate  Manage and minimize estate, income, and capital gains taxes as well as other expenses  Help avoid disputes between family members, loved ones, and/or third parties   Transfer ownership of a business  Provide higher education funding for children or grandchildren   Establish limitations for spendthrift beneficiaries

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