dissecting the basic estate plan

the Basic Estate Plan

DISSECTING

Estate Planning Information Portal for Forest Hills, NY718-793-7000

Unfortunately, researchers tell us that most Americans have not executed all of the appropriate estate planning documents.

Unfortunately, researchers tell us that most Americans have not executed all of the appropriate estate planning documents.

Many people don't act because they DON’T KNOW where to begin.

This presentation explains the basics, and it may inspire you to finally take action for the

benefit of your family if you are currently unprepared.

The Eventualities of Aging

People usually don't pass away suddenly without experiencing any type of decline.

Incapacity among elders is common, especially when you consider the ubiquity of Alzheimer's disease.

For this reason it is important to include incapacity planning documents within

your estate plan.

A Living Will

Advances in medical science have made it possible for physicians to keep terminally ill patients alive via the utilization of artificial means.

With a living will you state your wishes in a legally binding manner concerning the use of life support

measures.

If you were to become unable to communicate while in a terminal condition these wishes would be

honored.

Health Care Proxy

With a health care proxy you select an attorney-in-fact to make medical decisions in your behalf should you become unable to make them on your own.

The reason why this document is recommended even if you have a living will is because scenarios can present themselves that were not specifically addressed in the living will.

The Financial Side of Incapacity Planning

The court could be petitioned to appoint a guardian to handle your financial affairs if you were to become unable to make sound decisions on your own.

This individual or entity may not be consistent with your own

preferences.

You can select your own hand-picked decision-maker by

executing a durable power of attorney.

Arranging for Future Asset Transfers

The matter of asset transfers is something that must be addressed as well.

There are numerous different vehicles of asset transfer.

The best combination will vary depending upon the unique circumstances in question.

The Last Will

With a last will you declare your wishes regarding how you want your assets distributed among your heirs.

You should choose an executor or executrix to administer the estate after your passing.

Those who have dependent children should also include the selection of a

guardian who would care for the children in the event of the death of both parents.

Revocable Living Trusts

Revocable living trusts facilitate asset transfers outside of probate.

Some people choose to take steps to avoid probate because it can be a lengthy and expensive process.

You name a trustee when you create the trust along with a beneficiary or

beneficiaries.

Now that you understand what you need to do to protect yourself and your family…

…you may want to

If you live in the greater New York City area contact

our firm to set up a free consultation.

718-793-7000

www.DavidovLaw.com