The document outlines the essential components of estate planning, emphasizing the importance of asset transfer through wills and trusts, including the benefits of revocable living trusts which bypass probate. It discusses the probate process and the need for incapacity planning, especially for the aging population, highlighting tools like health care proxies and durable powers of attorney. Additionally, it mentions living wills that allow individuals to express their medical preferences and avoid difficult family decisions.

1. Estate Planning
The Core Components

2. Depending on the exact estate in
question
various different types of legal devices
could be utilized.

3. In this presentation we are going
to look at the core components of a
basic estate plan.

4. MORE COMPLEX
SITUATIONS
MAY REQUIRE THE
ADDITION OF SOME MORE
ADVANCED ESTATE
PLANNING TOOLS.

5. 1

6. Estate planning is clearly going to
involve arranging for the transfer of
assets to your heirs after your passing.

8. This can be done in various
different ways.

9. The most widely
utilized asset
transfer vehicle
is thE
last will.

10. You should
however be aware
of the fact that the
estate must pass
through probate
when you use a
last will.

11. 2

12. You have probably heard about trusts.
Many people are under the impression that these
devices are only useful for the very wealthy.

13. In fact,
revocable living trusts can
provide advantages to everyday
people.

14. With a living trust the distributions
to the beneficiaries take place
outside of probate.

15. 3

16. Probate can be succinctly
defined as the
legal process of estate
administration.

17. During this interim final debts must be
paid, and interested parties could
contest the estate.

18. Probate can be costly…
… and time-consuming.

19. Inheritances are not distributed until the
estate has been probated and closed.

20. 4

21. When you understand the facts
you can see why
incapacity planning is important.

22. The segment of the population that is
at least 85 years of age is growing
faster than any other.

23. Around 45% of
people who
comprise this
age group
suffer from
Alzheimer's
disease.

24. 5

25. With a health care proxy or durable power of
attorney for health care you empower an agent to
make medical decisions in your behalf in the
event of your incapacitation.

26. 6

27. If you were to become unable to make
financial decisions,
who would handle your affairs?

28. Through the execution of a durable
financial power of attorney you
answer this question as you empower
an agent to act in your behalf should
it become necessary.

29. 7

30. How would
you feel
about being
kept alive
indefinitely
through the
use of
artificial
means?

31. With a living will you make your personal
preferences known.

32. When you have a living will in
place your family won't be
forced to make excruciating
decisions.

33. Want to
Know More?

34. In Vermont, contact Unsworth Law to schedule
a free consultation.
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