ESTATE PLAN PACKAGE 2

This package includes:

Living Trust:

A “living” trust (also called an “inter vivos” trust) is simply a
trust you create while you’re alive. The beneficiaries you name in your
living trust receive the trust property when you die. You could instead
use a will, but wills must go through probate—the court process that oversees the transfer of your property to your beneficiaries.

Many people create a revocable living trust as
part of their estate plan. These trusts can be modified or revoked at
any time. Typically, you’ll name yourself as the “trustee” of your
trust. This means that while you are alive, you retain control of the
trust and its property. In your trust document, you will also name a
“successor trustee” to take over and manage the trust (distribute your
property) after you die. (If you create a shared living trust, as is
often done by spouses, then your successor trustee would assume control
after both spouses have died.)

EIN:

Employer Identification Number, also known as the Federal Employer
Identification Number or the Federal Tax Identification Number, is a
unique nine-digit number assigned by the Internal Revenue Service to
business entities operating in the United States for the purposes of
identification.

Your Will:

A will or testament is a legal document that expresses a person’s
wishes as to how their property is to be distributed after their death
and as to which person is to manage the property until its final
distribution.

Health Directive:

A health care directive is a written document that informs other of your wishes about your health
care. It allows you to name a person (“agent”) to decide for you if you are unable to decide. It
also allows you to name an agent if you want someone else to decide for you. You must be at
least 18 years old to make a health care directive.

Financial Power of Attorney:

A Durable Financial Power of Attorney is a document that lets you
appoint someone (known as your “agent”) to manage your finances for you
if you ever become unable to do so for yourself. The name is made up of
three parts: First, the authority you grant to your agent is called the
“power of attorney.” Second, a “financial” power of attorney is one that
grants authority over financial matters; it is different from a
“healthcare” power of attorney, for example, which grants authority to
make medical decisions. Finally, a “durable” power of attorney is one
that remains in effect even after its creator becomes physically or
mentally incapacitated.

Powers given with a Financial Power Of Attorney:

• Provide for your family’s ongoing expenses

• Take care of your healthcare and insurance bills

• Handle your taxes and file them on your behalf

• Keep your business or businesses running

• Manage real estate property you may own

  Oversee your insurance and retirement account