Top 10 Questions Everyone Should Ask About Their Estate Plan.
Thank you again to Salmon Creek Law for sponsoring.
Trent Kunz, presented to members of the Salmon Creek Business Group about the Top 10 Questions Everyone Should Ask About Their Estate Plan. The presentation was engaging, interactive, and very informative. Many folks left feeling like they learned a lot and had a lot of good information to take away.
Below are the questions Trent presented and some responses:
1. Does the state take my assets when I die of I don’t have a Will/Trust?
2. I want to put my child on my account to be able to write checks and avoid probate-is having my child on my account a good idea? NO
3. What factors should I consider in determining whether I should have a Will or a Trust?
4. What exactly is probate? Probate is more expensive in Oregon and California than it is in Washington. If you have homes in more than one state, you will have do to probate in all the states.
5. Should I attempt to avoid probate? Depends if you want heirs to do probate later
6. Do I need a Power of Attorney? An alternative would be a guardianship, but costs between $2,500-$3,000 to set up and have to revisit it about every three years. The guardianship can help handle affiars, when you can’t no longer make those decisions.
7. What is the difference between Health-care Directive and Living Will? No different, sometimes can also be called Advanced Directive.
8.Will my children be responsible for my debts when I die? No, they won’t have to pay out of pocket expenses. If executor of estate, then the executor of estate funds will apply, but not out of pocket funds.
9. Will my children own taxes on their inheritance when I die?
10. Will my minor children be wards of the state if I don’t have a Will?
Another question that was asked was about credit card debt. Trent shared that during probate a notice of death is send to collectors and they have 30 days to collect the debt owed to them. Many big companies don’t file the documents correctly, so they don’t get paid. Trent has seen $4,000-$5,000 go away for folks. If get calls on your family member’s debt, could tell the company to call your attorney.