Journal entry by Al Negstad — 25 minutes ago
Do you have a will? Will that help your heirs avoid probate when you die? Maybe, maybe not, depending the class of assets and how beneficiaries are designated. Am I a lawyer? Certainly not, but I did learn something with Joanne's death,which may be of some value to others.
Joanne and I had Living, Revocable Trusts for many years. Our assets were divided quite equally between out Trusts. Included in the trust documents are our wills and advance directives for medical care should we be impaired. Those advance directives were/are also on file with our medical providers.
Upon Joanne's death the assets in her Trust were transferred to me and it was not necessary to go through probate. This saved a significant amount of money and time. For us the Trust was, among other things, a vehicle for avoiding probate.
How are you doing with your estate planning? Have you done your advance medical directives, are they one file, and have to you discussed your wishes with those you want to speak for you? According to an article in the January 2, 2019, Christian Century, (p.9), 57% of the people in American do not have a will. Reading that, is what prompted me to write this blog. Is it time to see a qualified estate planner?
Joanne was a very effective financial development person for several non-profits. She encouraged people to consider charity in their wills. She'd say, "If you have two children, divide your assets three ways with charity the third child." Can you guess what she did? Here's hoping for some good conversation with your peeps.
Blessings,
Al
Joanne and I had Living, Revocable Trusts for many years. Our assets were divided quite equally between out Trusts. Included in the trust documents are our wills and advance directives for medical care should we be impaired. Those advance directives were/are also on file with our medical providers.
Upon Joanne's death the assets in her Trust were transferred to me and it was not necessary to go through probate. This saved a significant amount of money and time. For us the Trust was, among other things, a vehicle for avoiding probate.
How are you doing with your estate planning? Have you done your advance medical directives, are they one file, and have to you discussed your wishes with those you want to speak for you? According to an article in the January 2, 2019, Christian Century, (p.9), 57% of the people in American do not have a will. Reading that, is what prompted me to write this blog. Is it time to see a qualified estate planner?
Joanne was a very effective financial development person for several non-profits. She encouraged people to consider charity in their wills. She'd say, "If you have two children, divide your assets three ways with charity the third child." Can you guess what she did? Here's hoping for some good conversation with your peeps.
Blessings,
Al
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