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Travel Prepared by Phil Runyon

9/27/2013

 

Travel Prepared

With colder weather on the horizon now, many of you are probably firming up plans to seek some sun for at least a portion of our upcoming season of darkness. 

So let's say you have a condo in the Keys or you're motoring the Winnebago to Phoenix for a month or so.  One of the first things that should occur to you is that you're going to be in a different state.  That should set off an alarm that you're going to places with different local laws about things like health care directives.  In fact, nearly all 50 states have their unique takes on what goes into those documents, what can be done with them, and how they must be executed.  Still, if presented with New Hampshire's version, doctors and hospitals in most other jurisdictions will honor it as much as possible - "full faith and credit" is what the Founders called it.
 
What that means is if you're going to be somewhere out of New Hampshire for more than a hopeful weekend at Foxwoods, it's a good idea to take a copy of your Granite State directive with you.  If you have a car accident on the Tamiami Trail or your heart starts palpitating on the rim of the Grand Canyon, your agent - probably your traveling companion - will have the necessary authority in hand to make sure you get the emergency help you may need.  And lest there be any doubt, a spouse doesn't have the right to make health care decisions for you just by virtue of that relationship; you need the official designating document. 

This also suggests that if you're spending a lot of time somewhere else, it may be worth tracking down one of the local directives or proxies or whatever they call them there.  You may not even need a lawyer, because many states' forms are available online these days.  Even many hospitals have them printed up with blanks to fill in - MCH does.  Then once you've got them executed, you'll be stress-free, as well as warmer than the rest of us.  Travel safely.

Posted 09/27/2013

Probate Avoidance Revisited by Phil Runyon

9/17/2013

 


Probate Avoidance Revisited

I've mentioned before - harped may be more like it - about doing your best to keep your family from having to endure the delay (more than 6 months), expense ($$$) and extra work (forms, forms, forms) of putting your estate through the probate administration process.  Just to recap quickly, with a few exceptions any asset just in your own name when you die has to take that route to get to your beneficiaries,  So do your best not to let that happen.

How, you ask?  First, make a list of all your stuff: real estate, bank accounts, investments, retirement accounts, life insurance, vehicles, fridge magnets.  Then, check to see how everything's currently owned or payable upon your eventual departure.  If it's jointly-owned, say, with your spouse or a child, it's going to pass, without probate, to that co-owner as long as they last longer than you do.  Same, too, if it's got a named beneficiary.  And finally, if it's either payable to or titled in the name of a revocable trust, it will be skirting probate, and your family will be eternally grateful.

I'm going to assume you already know most of this.  The problem is that you actually need to do the follow through.  I can't tell you how often someone we've reminded about this subject over and over again still hasn't finished the project until after it's too late.  That is, there's just a little checking account used to buy groceries or pay the light bills that's still in one lone name, or the life insurance is still payable to a spouse who's already passed on, or the house was jointly-owned with that spouse and now it's just in the survivor's name.  Probate, probate, and more probate is all I can say.

Most planners these days recommend revocable trusts to their clients as the best anti-probate alternative,  I've given that lecture myself before, so I won't repeat myself.  What I will do, though, is make available my how-to memo about getting it all done.  If you'd like a copy, please contact us for one free of charge.

Posted 09/17/2013

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