Estate Planning 101
"Learn about estate planning basics, common questions, probate process, asset protection strategies, and creating a revocable living trust. Get insights from a knowledgeable speaker and understand how to secure your assets for the future."
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Presentation Transcript
Estate Planning 101 {Date/Time October 15, 2019 Location 100 Main Street, Somewhere Speaker Name, Credentials Bobette Lawyer, JD, LLM}
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Common Estate Planning Questions
What is Estate Planning? A comprehensive plan that addresses how you and your stuff are to be managed.
What if I do not have an estate plan? The state will decide what happens to you and your stuff.
What is probate? Probate is the court process of determining: Whether the a person died (the decedent ) with a valid will Who will be appointed to wind up the affairs of the decedent Who will receive the decedent s assets Downsides of probate: Time consuming Expensive Matter of public record, not private
Cant I just add someone as a joint owner? It is technically possible but you are putting your assets at risk.
Cant I just complete a (transfer on death or pay on death)TOD/POD designation? For some assets, you can direct that it be transferred to a named individual upon your death but the asset is now vulnerable to your beneficiary s creditors.
Then how do I avoid probate? Die with no assets being in your name alone.
Creating a Revocable Living Trust Trustee You Successor Home and Real Estate Bank Accounts Smith Family Trust Beneficiaries You Loved ones Retirement Account
How does a trust accomplish my goal? Successor Trustee Home and Real Estate Bank Accounts Smith Family Trust Beneficiaries
People Needing Special Consideration
Minor Children: Appointing a Guardian Temporary Guardian Someone who has the legal authority to make decisions for your child for a short period of time (usually six months). Can be helpful if you are traveling without your child. Full Guardian Someone who has the legal authority to make decisions for your child and has legal custody of them in the event of your death,
Minor Children: Protecting their inheritance A trust is the best way to go. You choose who will manage the property and money (often called assets ) You determine when and how the money is distributed to the child If you do not create a trust, the court will do it for you but the judge will decide who will manage the assets and the law states that the money will be distributed outright to the child upon reaching the age of majority (18 or 21).
Those Who Need Help Managing Money Common reasons beneficiaries may need extra help: They are bad with managing money They currently have creditors looking to collect from them They are in a job that has a high risk of lawsuits There is a possibility that they could end up in a divorce Crafting a trust that protects their inheritance instead of gifting it to beneficiaries outright will help ensure that they gets maximum enjoyment and your legacy lives on.
Blended Families Several issues to be addressed Separate property Providing for children Yours, Mine, and Ours Outstanding obligations Prenuptial Agreements, Divorce Settlements, etc.
Special Needs This can be anyone: grandparent, parent, child, grandchild, etc. It is any beneficiary who is or might be receiving government benefits. If you want to leave them an inheritance, it has to be done the right way or else the beneficiary will lose their benefits. A special/supplemental needs trust can be written to ensure that the beneficiary receives enjoyment from the inheritance without losing government benefits.
Business Owners Your business is an asset just like your home or bank account. However, you can t just name a beneficiary and move on. Involves much more complex planning Who will run the business if you are unable to? Do you want to keep the business in the family or sell it? Who would you sell it to? How much do you need to sell the business for in order to walk away financially secure? When do you want to get out of the business?
Pets Who will take physical custody of your pets? Should you leave money to take care of your pets? Outright? In trust?
Other Important Estate Planning Documents
Financial Power of Attorney A legal document in which appoint someone to act as your Attorney- In-Fact (also called agent ) and conduct transactions on your behalf. Different types of Financial Powers of Attorney Springing vs. Immediate General vs. Limited
Health Care Power of Attorney Allows you to appoint someone to make your medical decisions for you if you are incapacitated or unable to communicate your wishes Choose this person wisely Can they handle the responsibility? Can they be at your side in an emergency?
Living Will / Advance Directive Allows you to provide directions about your end of life care. It s a gift not to leave them guessing. This supplements your health care power of attorney. Not a DNR order.
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