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At age 60 and better, it is normal to think about who
will get the valuable things accumulated throughout
our lifetime. We have all heard the following terms -
Last Will & Testament; Financial Power of Attorney;
Trusts and Probate, but do any of us have an accurate
understanding of what these terms mean? Probably not.
Below are some definitions of each, written in a
simplified manner.
“Probate”
is short for a “Probate Proceeding”. It is a
court action having to do with matters of estate and
wills after someone dies. It is a lengthy and costly
process that requires an attorney.
A “Last Will & Testament”
is a legal document that
you draw up to be used upon your death. It instructs
which individuals (or charities) are to receive your
property and possessions.
A “Living Trust”
- The AARP explains it like this…
“It is a written agreement designating someone to be
responsible for managing your property. It’s called a
living trust because it’s established while you’re alive”.
The advantage is that the assets, in a living trust, do
not have to go through probate proceeding.
Serving Our Seniors is hosting a forum on July 27,
10:00 am – 12:00 pm. A panel of attorneys: John Ball,
Michael Brumbaugh, John Frankel and Dick Grubbe
will be the speakers. They will explain what these terms
mean in greater detail. When you leave the forum you
will have a better understanding of - What is estate
planning? What’s involved in an estate plan? Who
needs it and who doesn’t need it?
Note: This forum
will provide general information. It is not free legal
advice for your estate planning circumstances.
Forum to Explain Probate, Last Will & Testaments, POA’s & Trusts
Michael
Brumbaugh
Dick Grubbe
John Ball
John Frankel
