VIEWS: 14 PAGES: 1 CATEGORY: Legal POSTED ON: 1/31/2013
All responsible adults should have at least a basic estate plan in place. Exactly how you should proceed will depend upon your unique situation.
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.
Pages to are hidden for
"Estate Planning Basics"Please download to view full document