In this presentation, we will examine the essential components of a basic estate plan.

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Estate Planning
Essentials
Essential Components of a Basic Estate Plan

2. ESTATE PLANNING ESSENTIALSEstate Planning 101
In this presentation, we
will examine the
essential components of
a basic estate plan.

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PEOPLE THAT HAVE ESTATE TAX
CONCERNS
AND/OR ASSET PROTECTION AIMS
MAY BENEFIT FROM THE
UTILIZATION OF
MORE ADVANCED
LEGAL DEVICES.

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#1. Transferring Financial Assets
Arranging for the transfer of financial
assets after your passing is certainly
part of the equation.

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This is often accomplished through the
execution of a last will or a
revocable living trust.

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#2. Last Will

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IF YOU STATE YOUR FINAL WISHES
THROUGH THE EXECUTION OF A
LAST WILL
YOU SHOULD INCLUDE A CHOICE OF
EXECUTOR.

9. THIS INDIVIDUAL WILL BE CHARGED WITH
THE RESPONSIBILITY OF
ADMINISTERING THE
ESTATE.
THE ADMINISTRATION WILL BE
SUPERVISED BY THE PROBATE COURT.
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10. #3. The Process of Probate
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11. DURING THE PROBATE PROCESS THE
ESTATE MUST PAY ANY
OUTSTANDING DEBTS
THAT MAY EXIST, INCLUDING TAXES.
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12. There are expenses incurred during this
process, and it can be
time consuming.

13. Interested parties that wanted to
contest the
validity of the will
could step forward to present their
arguments during probate.
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14. #4. Revocable Living Trusts
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16. A VERY COMMONLY UTILIZED
PROBATE AVOIDANCE TOOL IS THE
REVOCABLE LIVING TRUST.
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17. WITH THESE TRUSTS YOU SELECT A
TRUSTEE
TO MANAGE THE FUNDS, AND A
BENEFICIARY
WHO WILL RECEIVE DISTRIBUTIONS.
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19. These asset transfers take place
outside of the process of probate.
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20. #5. Advanced Health Care Directives

21. The two advance directives that everyone
should have are
A LIVING WILL With a living will you
record your preferences
with regard to medical
procedures.
A DURABLE
MEDICAL POWER
OF ATTORNEY
The durable medical
POA is used to name an
agent who would be
authorized to make
health care decisions in
your behalf.

22. #6. A Financial Decision Maker in the
Event of Incapacity
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23. INCAPACITY PLANNING
is important, especially in light of the widespread
nature of Alzheimer's disease.

24. If you use a living trust to direct future asset
transfers you can include the choice of a
successor or disability trustee.
This individual would be
empowered to manage
the resources placed into
the trust in the event of
your incapacitation.
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25. #7. Durable Financial Power of Attorney
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26. You can also select an individual of your own
choosing to make financial decisions in your
behalf through the execution of a durable
financial power of attorney.
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28. IF YOU FAIL TO PLAN AHEAD FOR THE
POSSIBILITY OF
INCAPACITY
THE STATE MAY BE FORCED TO APPOINT A
GUARDIAN OR CONSERVATOR TO HANDLE YOUR
FINANCIAL AFFAIRS.
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29. Now that you know the basics
you may want to
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Frank & Kraft: Indianapolis Estate
Planning Attorneys
We invite you to contact our
firm to schedule a free
consultation.
You can give us a call at:
(317) 684-1100
Or get in touch through our
website:
www.FrankKraft.com