Working Moms Group - UT

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Topic

Date

Attendees

Presenter: Tommey, Kristin

Other Attendees: Lauren El-Assad LCSW Sanchez, Diana Sanchez, Sara Kayla Ford tiffany beckley Courtney Ann Sy Caroline Enriquez Janice V Williams rose mastrangelo  Tabitha McDaniel Corson, Sara L Wendy Elder  Wagner, Jessica H Merri S Wilson Erica Fennewald  Letitia Marie MonseyGonzalez, Andrea G

Discussion Notes

  • Will-describes how property will be distriuted at death
    • Real: house, land
    • Personal: jewlery, car, etc
  • Designate an executor (handles everything after your death)
  • Cannot dispose on non-probate assets (life insurance, proceeds, IRAs, employee beneift plan proceeds)
  • Joint wills are not recommended; indiivdual wills can mirror each other, but dont do joint will bc propoerty can differ
  • Will can designate guardian for children (but there is also a separate document)
  • Debt:
    • Depends on the type of debt and when it was acquired if there assets to cover it, etc
  • Why do you need one:
    • Ensure the right people are beneficiaries
    • Avoid costly and emotional court proceedings for loved ones
    • Avoid tying up assets
  • How do you get one?
    • Handwritten
      • Possible but often problematic
    • Typewritten
      • requires two witnesses that are not beneficiaries in front of a notary
      • Preferably handled by a lawyer
  • How will a lawyer visit go?
    • Provides form to list any property
    • Charges for preparation of both wills, livins trusts for children and other documents
    • Negotiate for a flat rate
    • Cost estimate for straight forward husband and wife will and contingent trust is $1500
  • Living trust: setting up a trust that is only delivered upon your death to your kids but cannot access it until they are 18; have to put money in it (protects the child and designates a trustee to be in charge of assets)
  • Is that it?
    • Keep your will in a safe place
      • Keep with attorney in case you need to make changes; safety deposit box, fire/water proof box
    • Update it when they are changes in heirs
    • After death, your will may need to be proved valid in court (probate) within four years
  • Guardian Designation (separate form)
    • Define guardians for long-term care of minor children
    • Discuss this with your prospective guardians
    • Provide clear guidance and documention about your wishes
    • Give caregivers (non-guardians) clear instructions
    • Form must be signed in front of notary
  • Living Wills
    • Instructions to physician to withhold or withdraw artificial life-sustaining procedures
    • Signed by you and witnessed by two adults in front of notary
  • Powers of Attorney
    • Medical Power of Attorney
    • Durable Power of Attorney
    • Signed by you and two witnesses 
    • Should not take effect until you are dead/disabled
  • Dearborn National tools: we are eligible to their other tools for online will making

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