what should i include in my estate plan?
DESCRIPTION
A lot of people are frozen with inaction when it comes to estate planning because of a lack of information. There are numerous different legal devices that can be used depending on the circumstances. In this presentation we will stick to the basics.TRANSCRIPT
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WHAT SHOULD I INCLUDE IN MY
ESTATE PLAN?
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@MOLEVERLAWFIRM
A lot of people are frozen with inaction when it comes to estate planning because of a lack of information
![Page 3: What Should I Include in My Estate Plan?](https://reader038.vdocument.in/reader038/viewer/2022103116/5587d046d8b42a937c8b46c5/html5/thumbnails/3.jpg)
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There are numerous DIFFERENT LEGAL DEVICES that can be used depending on the
CIRCUMSTANCES
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@MOLEVERLAWFIRM
In this presentation we will stick to the basics
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ARRANGING FINANCIAL ASSET DISTRIBUTIONS
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When you are planning your estate, you should arrange for your intended beneficiaries to inherit your property
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Many people will choose to do this through the execution of a will
IF YOU DO UTILIZE A LAST WILL TO EXPRESS YOUR
WISHES REGARDING FUTURE ASSET TRANSFERS, YOU SHOULD NAME A PERSONAL REPRESENTATIVE
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This is the person who will actually handle the business of the estate
during the probate process
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THE LEGAL PROCESS OF PROBATE
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Many people are not aware of the existence of
the probate process
IN MINNESOTA, AN ESTATE MUST GO THROUGH PROBATE IF THE ASSETS IN QUESTION EXCEED $50,000 IN TOTAL VALUE, OR IF THE DECEDENT OWNED AN INTEREST IN
REAL ESTATE
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It is possible to arrange for the transfer of your financial assets outside of the probate process
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It is possible to arrange for the transfer of your financial assets outside of the probate process
PEOPLE OFTEN CHOOSE TO PLAN AROUND PROBATE BECAUSE PROBATE CAN BE TIME-CONSUMING AND
COSTLY
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This is achieved by using a device other than a will to transfer the property to your
intended beneficiaries
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REVOCABLE LIVING TRUST FOR PROBATE AVOIDANCE
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If you are interested in avoiding probate, you may want to consider creating a REVOCABLE LIVING TRUST
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With these trusts, you retain control of the assets while you are living
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You could change the terms of the trust or dissolve it altogether
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You name a trustee and a beneficiary or beneficiaries
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You name a trustee and a beneficiary or beneficiaries
After you pass away, the trustee distributes assets to the beneficiaries
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Distributions are made in accordance with the instructions that you include in the trust agreement
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LIFE SUPPORT PREFERENCES
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Different people have different ideas about the utilization of life-sustaining measures
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With a health care directive you can state your own choices about the use of life-support systems if you were to fall into an irreversible terminal condition
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By executing a health care directive, you take a potentially excruciating decision
out of the hands of your loved ones
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HEALTH CARE DIRECTIVE & HIPAA RELEASE
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It is possible that medical circumstances can arise that are not specifically covered in your health care directive
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With a health care directive, you can also empower an agent to make medical decisions in your behalf should you become unable to communicate your own choices
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This will allow doctors to provide your named representatives with relevant
medical information
You should also include a HIPAA release authorization
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INCAPACITY PLANNING
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A significant percentage of elder Americans become unable to make sound financial decisions at some point in time
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This is largely due to the widespread
nature of
dementia or Alzheimer's
disease
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You can prepare for this possibility by executing a durable power of attorney
THE ATTORNEY-IN-FACT THAT YOU NAME WILL BE EMPOWERED TO HANDLE YOUR FINANCIAL AFFAIRS IN THE EVENT OF YOUR INCAPACITY
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PUT THE PROCRASTINATION BEHIND YOU
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After viewing this presentation, you should feel more comfortable
about the process of estate planning
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As you can see, it is not as complicated as it may seem on the surface
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The intelligent first step is to set up a consultation with an experienced
estate planning attorney
The intelligent first step is to set up a consultation with an experienced
estate planning attorney
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Click to visit:
www.molever.com
Your attorney will gain an understanding of your wishes, evaluate your situation, and make the
appropriate recommendations