The Estate Part 3

Welcome to The Estate Part 3

Tonight we will talk about

The TRUST

A trust is not something you absolutely Must have

Yet, it is something that is extremely helpful

When you do face the unexpected

Mark and I decided on a Trust and Living Wills

about 12 or 13 years ago

It changed the way we handled our finances

And gave us a sense of peace

When it came to the management of our estate (ha)

If something ever happened to both of us

We also needed a trust due to the fact

That we have a disabled child who needed

A Supplemental Needs Trust

In place to take care of his needs after we are gone

(If you have a child with special needs, on SSI or SSDI

or who receives services from the state or government, you definitely

need a supplemental needs trust)

Our trust encompassed everything we needed

Which included our wills, powers of attorney and 'living' wills

I do believe it is important to have an attorney

Execute your trust because there is a lot to it

It can be a bit pricey

However, from the experience I have recently

Lived through, it is well worth every penny

The Most Important thing to remember when putting a trust together is:

Funding The Trust!!!!

I cannot stress enough the importance of this step

There is NO sense making a trust

If you are not going to fund it

When Mark passed away on Christmas Eve

I didn't have to do anything with our existing assets

Everything automatically became mine

BECAUSE

They were funded into the Trust

If they had not been I would have had to go to probate for them :(

IMPORTANT::::

Every state is different

In Arizona I did not have to file any paperwork when Mark passed

Although you do have to file a death certificate to Social Security

Check the regulations in your state!!!

I am more than willing to answer any questions you may have

Or get you in contact with someone who can help

Just email me directly

Next week we will finish this little series

With a few more important things to have at your finger tips

When the need arises.

Considering The Importance of Being Prepared,

Cindy