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MYTHS ABOUT ESTATE PLANNING
A standard “estate plan” exists
Estate plans are as diverse as
the individuals creating them. They are tailored to an
individual’s personal and financial situations in order to
achieve one’s goals.
Estate planning is drafting a
Will
Estate planning employs various
devices (Revocable Trusts, Irrevocable Trusts, Last Will and
Testament, Advance Medical Directive, and Power of Attorneys) in
order to collectively achieve an individual’s objectives.
Depending on the circumstances, a Last Will and Testament, which
takes effect upon death and directs the transfer of assets in a
manner dictated by the individual, may not be effective to carry
out desired distribution goals without the utilization of other
aforementioned devices. Given the ever-increasing range of
options available, it is important for an individual to
recognize the limitations associated with relying exclusively on
a Last Will and Testament, as well as the results that may be
obtained through the use of alternative estate planning tools.
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