Thought For the Day September 20, 2014 Estate Planning

HCI logoWhen you are as old as I am, you need to think about your loved ones so that when you kick the bucket, they will be cared for. To do that I have a Living Trust and a Last Will and Testament as part of that trust. So when I die, there will be no probate as when a person dies intestate because there is no will  or trust.

I’m fortunate in that I have three doctors, a nurse, a veterinarian and an attorney looking out for me, my children. My attorney son prepared my trust before my heart surgery last month. It will assure that my invalid wife and my children inhere what ever is left after I die.

farmerI just had a friend die who wanted his farm to go to his son but because he did not do things correctly and soon enough, the farm will have to be sold and will not be part of the family as he wished. Because he did not take things seriously soon enough, there is a big squabble that is dividing and destroying the family. I can understand why 8 of 10 children (and don’t forget the spouses) want to get their hands on the money from his accounts and from the sell of the farm.

His wishes are not going to be fulfilled.

A living trust should not cost you more than a couple of hundred dollars in attorney fees. If you are being clipped for $500, run! Ask the fees before you start. I suggest that you contact your financial adviser before you talk to an attorney. It may be best to have him handle the whole thing.

Or, you can do it yourself. There are website what provides such legal documentation at low cost. You might read a book first. Click on blue link for a list of living trust and wills software and books.

John

 

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