A duet of PP Michael Newman and Pres. Chris singing a few choice verses of the Estate Planning Song brought some unambiguous and useful tips and warnings on Estate Planning. Obviously, your own family details and wishes would determine what your plan should look like, but it is clear, “you should not try to do this alone at home.” With nearly 100 years of experience between them, they fired many bullets of wisdom, among them: no one likes to think about death which is the main reason you don’t have an estate plan. Dying without one can be real horror story! Remember a sole trustee has great responsibility and all real estate laws differ by state, so don’t assume California law will apply in Louisiana. Be sure to have your plan routinely reviewed as laws change. An advance healthcare directive, power of attorney, a revocable living trust are simple and inexpensive tools to save money and make sure your estate winds up where you want it.
Have your savings account and life insurance and pension beneficiaries been recently reviewed and are up to date? Do you have a list of your passwords secured somewhere where a family member can find them including access into your cellphone? What about a location of all your assets? Probate costs can get expensive. Be sure to have contracts, beneficiaries, trusts, legal titles already set-up to reduce probate fees.
Be sure to discuss your estate with your family and heirs BEFORE you go, don’t take the cowards way out. You have nine months from the date of death to file the estate, don’t delay. And remember, you can take one thing with you – your funeral plot!!
John O’Keefe led the pledge, PP Mark Rogo pondered observance of Yom Kippur and the usefulness of reflecting back on those you may have harmed during the past year and, President Chris introduced special guest Charlie Cook, a friend, and Utes in town to witness the beating of Utah by UCLA in football.
Pres. Chris also expressed the Club’s condolences to PP Ron Lyster on the passing of his Mother.