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Prepare. Advice From An Attorney. Legally Secure Your Financial Future: Organize, Communicate, Prepare. Name of Facilitator, Title, Organization Name of Attorney. Your university logo can be inserted here. Seminar Objectives. Participants will:

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prepare

Prepare

Advice From An Attorney

name of facilitator title organization name of attorney

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Name of Facilitator, Title, Organization

Name of Attorney

Your university logo can

be inserted here

seminar objectives
Seminar Objectives

Participants will:

Recognize legal problems associated with estate planning

Gain information to prevent or solve legal problems

Develop a corrective plan of action to get their legal affairs in order

Get generalized answers to legal questions

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

the estate planning process
The Estate Planning Process

Organize

Communicate

Prepare

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

agenda
Agenda
  • Wills
  • Probate
  • Trusts
  • How property is titled
  • Additional topics

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

case studies

State Specific

Case Studies
  • Insert relevant case studies

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

slide7

“Everyone needs an estate plan. If you do nothing, the state will decide through state law how to dispose of your possessions after death.”S. Badenhop- Estate Planning: Wills and Probate in Kentucky

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

if you were to die tomorrow
If You Were to Die Tomorrow…
  • Who would get my property?
  • Who would care for minor children/parents/spouse/partner?
  • Would the family business continue?
  • Would the estate be settled properly?
  • Would taxes, fees, and costs be held to a minimum?
  • Would a trust have been best for you?

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

transferring resources
Transferring Resources
  • Will – how you want your resources distributed
  • Gifts– prior to death can reduce the taxes on your estate
  • Trusts- a tool for transferring property

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

wills probate terms
Wills & Probate Terms
  • Will - legal document that gives instructions to be carried out after your death
  • Probate -to prove or validate the will
    • process to carry out your wishes according to the will
  • Personal Representative (executor or executrix)
    • person who will be responsible for carrying out your wishes

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

steps in probate overview of the process
Steps in ProbateOverview of the process

Personal Representative

Submits Will to Probate

Probate Court

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

choose your personal representative carefully
Choose Your Personal Representative Carefully
  • Able to do the job
  • Willing
  • Convenience/proximity
  • Can keep peace among family members
  • Legal requirements

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

duties of the personal representative
Duties of the Personal Representative
  • Proves the will in probate court
  • Collects & inventories property
  • Pays bills & collects debts
  • Files tax returns
  • Manages probate property
  • Defends or brings lawsuits, if needed
  • Distributes property

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

why have a will
Why Have a Will?
  • Allows you to decide how your assets are distributed after death
  • Leaves more resources to distribute to heirs
  • Appoints a guardian of your choice for minor children
    • Important to name a second alternative guardian as backup

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

dying without a will

State specific

Dying Without a Will
  • Intestate - dying without a valid will
  • __________ laws would

govern asset distribution

  • May pay more in taxes

for large estates

Insert your state

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

property distribution without a will in idaho

State specific

Property Distribution Without a Will in Idaho

With a Spouse

  • Separate property
    • ½ (if parents or issue*) (other ½ goes to issue* or, if no issue*, to parents)
    • 100% (if no parents or issue*)
  • Community property
      • 100%

*issue=children/grandchildren etc.

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

property distribution without a will in idaho1

State specific

Property Distribution Without a Will in Idaho

No Spouse

  • Children
  • Parents (if no children)
  • Brothers & sisters or descendant of brothers and sisters only (if no children and no parents)
  • Grandparents or descendants of grandparents (if no children, no parents, no brothers or sister or descendants of brothers or sisters)
  • No relative – goes to the state.

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

non titled property transfer in idaho

State specific

Non-titled Property Transfer in Idaho
  • Personal Effects Statement
    • Family heirlooms
    • Keepsakes

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

a valid will

State Specific

A Valid Will

Elements that must be present in a valid will

  • Age requirement – legal age
  • Individual has sound mind
  • Intended to transfer property
  • Written
  • Properly signed
  • Properly witnessed
  • Properly executed

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

writing your own will

State Specific

Writing Your Own Will
  • A handwritten will is called a Holographic will
  • It must be signed by the writer
    • Frequently ambiguous or defective
    • Can cause delay, expense, and litigation
  • Consult an attorney

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

self proving affidavits
Self-Proving Affidavits
  • Self-proving affidavits eliminate the necessity of having witnesses go to court to testify that they witnessed the signing of a will
  • As a part of the will, the affidavit is valuable as proof of the will
  • Also valuable because witnesses are often dead or unavailable

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

assets in a will
Assets In A Will
  • A will can be simple or detailed
    • Some assets with beneficiaries pass outside a will
  • Assets with beneficiaries
    • Life insurance policies
    • Pension funds
    • IRA’s
  • Review beneficiary designations annually or when things change

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

beneficiary designations
Beneficiary Designations

“ Will ” your property to a person or institution after death

  • Life Insurance
  • IRA’s (Individual Retirement

Account)

  • POD (Pay-on-death)
  • TOD (Transfer-on-death)
  • Other

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

changing a will
Changing A Will

Change a will upon:

  • Marriage, remarriage, or divorce
  • Birth of a child
  • Move to another state
  • Acquisition of additional assets
  • Changes in federal and state laws

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

effect of divorce on will

State Specific

Effect of Divorce on Will
  • Add state specific laws, for example:

A divorce in some states revokes the entire will while in another state it revokes only those provisions in the will in favor of the divorced spouse.

Replace this with your state laws. You may need to add another slide to continue with state laws.

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

what is a trust
What is a Trust?
  • Legal arrangement
  • Property held by one person for benefit of others
  • Property managed by a trustee

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

why have a trust
Why Have a Trust?
  • Supplement for a will
  • Avoids probate
  • To provide structure for beneficiaries who might not be able to handle their own affairs

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

types of trusts
Types of Trusts
  • Living trust
    • Revocable or irrevocable
  • Testamentary trust
    • Revocable until death or incapacity

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

should i have a living trust
PRO:

Avoids Probate

Can administer property in different states with one document

Can manage affairs during life

Beneficiary may receive assets faster

Privacy

Should I Have a Living Trust?

Individual Decision

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

should i have a living trust1
Should I Have a Living Trust?

CON:

  • Expensive to draft
    • Expense of updates
    • Costs can outweigh the

benefits

  • Not court supervised
  • On-going need to update

Individual Decision

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

estate planning scams
Estate Planning Scams!
  • Beware of aggressive sales pitches
    • Save thousands of dollars
    • Falsely inflate cost and burden of probate
    • Falsely imply product is sold by reputable group
  • Consult an attorney

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

generic will kits and forms
Generic Will Kits and Forms
  • Perceived advantages:
    • Widely available on the internet, in bookstores, in office supply stores, etc.
    • May be simple to use and lower in cost than a private attorney

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

generic will kits and forms1
Generic Will Kits and Forms

Warning: Have an attorney review any will you prepare yourself

  • Limited income consumers may utilize services such as legal aid

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

disadvantages of generic will kits and forms
Disadvantages of Generic Will Kits and Forms
  • Some situations are more complicated and may require an attorney’s expertise
  • Materials condensed and simplified, leaving out details for unusual situations
  • Materials written to cover laws for entire nation, but cannot cover every jurisdiction
  • Laws constantly revised, and may require a different form or information

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

slide35

Joint Ownership:How Property is Titled

State Specific

Community Property

Joint Tenancy with

Rights of Survivorship

Tenancy-in common

Tenancy-by-entireties

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

joint ownership issues to consider
Joint Ownership:Issues to Consider
  • If you want to sell
  • If one of the owners dies
  • If joint owner is sued
  • If a judgment is entered against the property
  • If joint owner is divorced

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

estate planning farmers and family business owners
Estate Planning: Farmers and Family Business Owners
  • Family businesses often experience unique circumstances and issues
  • Can provide for the gradual transfer of a farm enterprise – minimizing higher estate taxes

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

slide38

Estate Planning: Farmers and Family Business Owners

  • May require a team effort including family, financial, farm management, tax, and legal expertise
  • Consult knowledgeable estate planning professionals

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

steps to getting started
Steps to Getting Started
  • Know what you have and where it is located
  • Know what you want to do with your property
  • Know how to provide for distribution of your property
  • Put your plan on paper

My important

Papers

- will

- birth certificate

- passport

-

-

-

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

begin planning
Begin Planning
  • Plan for preparation of a will
  • Assess your estate planning needs
  • Review your present financial

situation

  • Prepare an inventory of your

assets and your liabilities

  • Organize information in folders or a three ring binder

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

slide41
Make a commitment now to locate and organize your important records and information, and to prepare a will.

Please complete seminar written evaluation before leaving. Thank You

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

legally secure your financial future
Legally Secure Your Financial Future

Questions?

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension

credits
Credits

This lesson was developed by the

Legally Secure Your Financial Future:

Organize, Communicate, Prepare team.

This is a program of the Cooperative Extension

Financial Security in Later Life national initiative.

Information is available at www.csrees.usda.gov/fsll

Legally Secure Your Financial Future: Organize, Communicate, Prepare

Cooperative Extension