Monday, August 29, 2011

The Estate Part 3

Welcome to The Estate Part 3

Tonight we will talk about

A trust is not something you absolutely Must have
Yet, it is something that is extremely helpful
When you do face the unexpected

Mark and I decided on a Trust and Living Wills
about 12 or 13 years ago
It changed the way we handled our finances
And gave us a sense of peace
When it came to the management of our estate (ha)
If something ever happened to both of us

We also needed a trust due to the fact
That we have a disabled child who needed
A Supplemental Needs Trust
In place to take care of his needs after we are gone
(If you have a child with special needs, on SSI or SSDI
or who receives services from the state or government, you definitely
need a supplemental needs trust)

Our trust encompassed everything we needed
Which included our wills, powers of attorney and 'living' wills

I do believe it is important to have an attorney
Execute your trust because there is a lot to it
It can be a bit pricey
However, from the experience I have recently
Lived through, it is well worth every penny

The Most Important thing to remember when putting a trust together is:
Funding The Trust!!!!
I cannot stress enough the importance of this step
There is NO sense making a trust
If you are not going to fund it

When Mark passed away on Christmas Eve
I didn't have to do anything with our existing assets
Everything automatically became mine
They were funded into the Trust
If they had not been I would have had to go to probate for them :(

Every state is different
In Arizona I did not have to file any paperwork when Mark passed
Although you do have to file a death certificate to Social Security
Check the regulations in your state!!!

I am more than willing to answer any questions you may have
Or get you in contact with someone who can help
Just email me directly

Next week we will finish this little series
With a few more important things to have at your finger tips
When the need arises.

Considering The Importance of Being Prepared,

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Hi Friend, I read and cherish every single comment you leave! You bring Joy to my heart! Blessings, Cindy