Today I met with the woman who wrote my trust. We were redoing some things since my dad passed away last year. I replaced a couple of people handling the financial side of things.
As we were reviewing the new trust, she told me, "Well, the way it reads now, if something happens to your friend, The Salvation Army will inherit your cottage and its contents." I freaked out. "YOU want me to leave money to charity!" I exclaimed. "I am not comfortable having The Salvation Army in here. "I will give money and time to charity while I'm alive," I told her. And I do...
There were some tense moments and an explanation of taxes, limitations, and IRS rules. It was decided that I will leave my house to another close friend if something happens to the first person. She is ten years older than I am.
I'm telling you this so that it doesn't happen to you. Can you imagine? What a disaster that would have been. I have spent a lot of money and time working to get all of my must have documents done correctly. Thank God she told me.
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Wow, I never thought about that! I still didn’t get my will done, though I have beneficiaries for all my bank and retirement accounts.
ReplyDeleteThanks for this timely post, Stephenie.
Have you thought about putting your house and accounts in a trust, Nil?
DeleteYes, it's important to really understand everything well. thanks
ReplyDeleteIt sure is, Judee. Communication is a must, too.
ReplyDeleteWow-that is a good story for all of us to review our paperwork periodically; especially after a life altering event. As we move my beloved father through the hospice stage of his life I know I will be facing the same type of situations
ReplyDeleteHi Anita, Yes, and when you are upset about losing a parent, it can be hard to concentrate and focus. It helps to have it all arranged in advance. Now I see why they say that widows are very vulnerable to losing money right after their husbands die. I think the same thing goes for adult children.
DeleteSuze Orman was on our PBS station last night. So informative! Does your state hand over estates to the Salvation Army if unclaimed? When our kids were young, we had trust funds. Now we just have a will but will change it when one of us dies to an living trust or something like that...can't remember but Suze Orman talked about it once. Andrea
ReplyDeleteOh, that's great that you saw the special. No, I had listed them as a charity. It was an oversight that I needed an alternate after my friend. (in case something happens to her.)
DeleteIt's good that you reviewed all your documents to make sure that everything is as it should be.
ReplyDeleteThanks Bless. I feel much better, having it done.
DeleteA very good reminder. We need to update ours. We did sit down and write out specifics but have not gone in for an appt. How fortunate that yours was 'caught' while you were there and could take care of it.
ReplyDeleteHi LL, Thanks. Yes, it was.
DeleteThank goodness you are vigilant with your paper work Stephenie. What a shock it would have been to hear such news about your trust. Thank you for the reminder to keep up to date with our paperwork.
ReplyDeletexTania
Hi Tania, Thanks, I have to be. I am relieved that it got straightened out.
DeleteIt's wise to get everything in order and to review it periodically. That way you can get on with enjoying life. I must get my will sorted this year. X
ReplyDeleteHi Jules, That's true. I hope you get yours done.
DeleteAbout 8 yrs ago my husband and I sat down with an Estate Attorney and took care of this. We had a review last year and we changed some things. I have an appointed Trustee after our deaths that will handle what we decided. Everything down to HIPPA forms and end of life decisions are taken care of. Good for you.
ReplyDelete