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Do You Have an Estate Plan?

Estate planning

Equal Employment Manager
Interior
Mon Aug 6, 2007 11:44 AM

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I was able to get reduced-cost estate planning services through my credit union. It took only a couple of hours of thought and consultation to develop and execute a living trust, a will, durable financial power of attorney, a living will, and financial power of attorney. I am single and chose to leave money to my siblings, nephews, and nieces and am happy to know they can focus on my wake and/or mourning my death rather than arguing over who needs to deal with a tangled financial web or fight over my estate.

Re: Estate planning

Analyst
USDA
Wed Sep 5, 2007 12:35 PM

Trust me, they will still argue over who gets what. I thought that my siblings were sane, rational people. My mother did all of that plus, but when she died my siblings lost their minds! I hope to never see anything like it again .

Estate Planning

Tom
U.S. Army Civilian
Wed Sep 5, 2007 10:13 AM

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I read the article and came to some conclusions:
If you die while your spouse is alive, everything goes to the spouse so Estate planning doesn't make sense. Once you are gone then the surviving spouse probably will benefit from Estate planning to make sure all is distributed properly when they pass. Am I out to lunch?

Re: Estate Planning

Analyst
USDA
Wed Sep 5, 2007 12:47 PM

You need to take care of things so that no one will come along and trick your spouse out of what they are due. At the time of the death of a loved one, it is overwhelming. There are decisions to be made that can affect your life and it is hard to think. When death comes, lots of scam artists come out too. When my mother died, my great aunt came to the funeral and stated that my mother had borrowed $250 from her 29 years ago and she wanted her money now. I had to tell my great aunt (and other relatives) that when mom died, all of the debt died with her. (After paying funeral expenses, there was nothing left). No, they were not happy and some did not speak to me again, but such is life (and death).