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September 2, 2016: Wills/Estate Planning

Working Moms Group - UT

September 2, 2016: Wills/Estate Planning

Oct 24, 2016

Topic

Wills and Estate Planning

Date

Sep 2, 2016

Attendees

Presenter: @Tommey, Kristin

Other Attendees: @Lauren El-Assad LCSW @Sanchez, Diana @Sanchez, Sara @Kayla Ford Tiffany Buckley @Courtney Ann Sy @Caroline Enriquez @Janice V Williams Rose mastrangelo  @Tabitha McDaniel @Sara Corson Wendy Elder  @Jessica Wagner @Merri S Wilson Erica Fennewald  @Letitia Marie Monsey@Gonzalez, 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 through our life insurance at UT (contact Andrea Gonzalez for more details!

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