Your Mom and I have been attending classes at UW-Fox Valley on the subject of Wills and Trusts. The subject of dying is easily put off. Actually, when Harry Stroebel died as owner of the City Club, there apparently was no will or trust and the result as near as I can tell is total chaos. The lack of planning inspired me to get more information.
One classroom session remains. This week two lawyers are being brought in answer questions about death and taxes. Great subject, huh! The course is taught and coordinated by Christina, a crusty old broad who is almost likeable. I think she is rich!
There are some things that are crystal clear.
Draw up a will. There are simple "do it yourself" Wills available and talk show host, Clark Howard, has websites to visit to get effective documents. A Will defines how your assets get distributed. Otherwise the State of Wisconsin decides.
Prepare a Durable Power of Attorney. This allows somebody you trust to make financial decisions on your behalf should you become incapacitated or mentally incompetent. As people get older and older, the chances of gumming your food and losing your mental capacity get greater. Car accidents happen. Affliction with a serious illness can occur. A simple document can be attained to name financial appointees.
Prepare a Durable Power of Attorney for Healthcare. This appoints someone to make a decision regarding your fate in serious health situations. My instructions are pretty simple. If I'm going to be a "vegetable" for the rest of my life, pull the plug. You need to name the person or persons who will make that decision. Again, effective do-it-yourself documents are available.
Our course can get very complicated. The use terms like "pour over wills", "testamentary Trusts", and "tenants in common". The net is that after the course, they want you to visit lawyers and financial planners and they will help you. Ka-ching! The dollars start to flow for all the help. It almost leads you to believe that the course is promotion for planning services. No, they wouldn't be that self-serving.
The lesson Grasshoppers is that you don't have to take a college course to discover you need a "Will" along with Powers of Attorney for financial and medical situations that occur in your life. Do it.
Love,
Dad