Topic
Date
Attendees
Presenter: Tommey, Kristin
Other Attendees: Lauren El-Assad LCSW Sanchez, Diana Sanchez, Sara Kayla Ford tiffany beckley Courtney Ann Sy Caroline Enriquez Janice V Williams rose mastrangelo Tabitha McDaniel Sarah Corsen Wendy Elder Wagner, Jessica H Merri S Wilson Erica Fennewald Letitia Marie MonseyGonzalez, Andrea G
Discussion Notes
- Will-describes how property will be distriuted at death
- Real: house, land
- Personal: jewlery, car, etc
- Designate an executor (handles everything after your death)
- Cannot dispose on non-probate assets (life insurance, proceeds, IRAs, employee beneift plan proceeds)
- Joint wills are not recommended; indiivdual wills can mirror each other, but dont do joint will bc propoerty can differ
- Will can designate guardian for children (but there is also a separate document)
- Debt:
- Depends on the type of debt and when it was acquired if there assets to cover it, etc
- Why do you need one:
- Ensure the right people are beneficiaries
- Avoid costly and emotional court proceedings for loved ones
- Avoid tying up assets
- How do you get one?
- Handwritten
- Possible but often problematic
- Typewritten
- requires two witnesses that are not beneficiaries in front of a notary
- Preferably handled by a lawyer
- Handwritten
- How will a lawyer visit go?
- Provides form to list any property
- Charges for preparation of both wills, livins trusts for children and other documents
- Negotiate for a flat rate
- Cost estimate for straight forward husband and wife will and contingent trust is $1500
- Living trust: setting up a trust that is only delivered upon your death to your kids but cannot access it until they are 18
- Dearborn National tools: we are eligible to their other tools for online will making
Action items