Estate Planning Basics

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					Estate Planning Basics

All responsible adults should have at least a basic estate plan in place. Exactly how you should proceed
will depend upon your unique situation.

To be sure that you are going about things the right way the intelligent course of action is to work with
a licensed estate planning attorney. He or she will gain an understanding of your financial situation and
your family dynamic, listen as you explain your wishes, and make the appropriate recommendations.

The above having been stated here are three basics to consider when you are planning your estate.

Vehicle of Asset Transfer

You are going to have to express your wishes with regard to how you want your assets distributed after
you pass away. The most commonly utilized vehicle of asset transfer is the last will. However, many
people opt for living trusts instead, largely because of the fact that they enable probate avoidance.

Probate is a legal process that your estate must pass through if you use a last will, and it can be costly
and time-consuming.

Living Will

A living will has nothing to do with financial matters. With this document you express your wishes
regarding the utilization of certain medical procedures if you were to become incapacitated and unable
to communicate.

Durable Powers of Attorney

Durable powers of attorney are utilized to empower individuals of your choosing to make decisions in
your behalf should you become unable to make them for yourself due to incapacity. Most people will
execute a durable power of attorney for financial decision-making along with a durable power of
attorney for health care naming a medical decision-maker.

Experienced estate planning attorneys Cleveland OH of The O'Brien Law Firm LLC offers estate
planning and business planning resources to residents of Cleveland OH. To learn more about these free
resources, please visit www.obrienlaw.net/ today.

				
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Description: All responsible adults should have at least a basic estate plan in place. Exactly how you should proceed will depend upon your unique situation.