|
Dear Parishioners,
Several times, over the years, I have been the power of attorney for health and for property and have been the executor of an estate for family members and friends. In my experience, no matter how organized the deceased was in taking care of their affairs, it was always a challenge, especially when a house was part of the estate or when there was multiple people involved. It is even harder when you are very close to the deceased. However, preparedness can go a long way to make the experience at the time of death go as smoothly as possible.
For many family members, the decision to disperse their assets, such as the family home, can be filled with diverse emotions. Taking the time to first have a conversation with your family members about their expectations and desires and then creating a clear and legally binding plan will ensure everyone’s wishes are respected. Recently, I came upon this checklist that might help understand all that is involved. Each of these options has pros and cons and can vary by state. Always check with a qualified financial professional and attorney to ensure your rights, as well as those of your family members, are protected and that all laws are followed.
ESTATE PLANNING 101
Last Will and Testament – This is a legal document that states how your assets should be distributed. It can also name an executor of your state as well as a guardian for your children. This can be done on your own, but should be signed in the presence of two witnesses who will not benefit from your estate. It becomes effective upon your death and must go through probate court.
Living Trust – There are two primary types of living trusts – revocable and irrevocable. The main benefit a trust has over wills is that the trust does not need to go through probate court; therefore, assets can be distributed faster. Consult your financial planner or attorney to learn which type is best for you and your family.
| 
