By Dr. Ferrell Miller
JC Breakfast Optimist Club
Renae Riedy, K-State Research and Extension Agent for Family and Consumer Sciences, was the guest speaker at the August 12 JC Breakfast Optimist Club meeting at the Hampton Inn. Renae has been in her position for 12 years and has a special interest in estate planning.
“I recommend beginning the estate planning process at age 18; when a relationship/marriage; when a new child enters your life, or another life event occurs. No matter when you reach that time, coming together and having a conversation will be vital” Renae stated. The choice of having a will or trust or both depends on the situation.
Advance Directives ensures that your wishes are followed, even if you cannot make the decision yourself. These documents could include a living will, do-not resuscitate order (DNR), a durable power of attorney (DPAOA) for healthcare, DPOA for financial affairs or signing a simple health insurance portability and accountability act (HIPAA) form.
Determine your estate value. Estates worth changes frequently. Consider not only the monetary value, but also the sentimental value and create a comprehensive list of all assets including bank accounts, investments, retirement accounts, health savings accounts, titled/untitled property, insurance policies, and online/digital accounts including social media.
Set goals to ease the burden of dealing with financial matters in your absence. Consider how you want to leave your legacy.
Be sure to create a legal plan. This is the step to make your planning legally binding. An estate attorney would be helpful to guide you through the laws/legal documentation that would hold up in a court of law.
Share the plan with others who are important to you. It will be up to you as the creator of the estate plan as to how many details you wish to share with your executor, trustee, or heirs. Simply stating where the needed information is located when the time comes may be enough.
Be sure to review and modify every few years. Life happens and changes happen. Making a play is your way for your wishes to be carried out and to leave a legacy.”
The JC Breakfast Optimist Club will have a fundraiser at JC’s BBQ & Grill on Monday, August 17 from open to close. All donations and 10% of purchases go to the club for their work