Washburn University

How to Prepare to Meet With Your Attorney

Issue link: http://interactive.legacybrochure.com/i/929291

Contents of this Issue

Navigation

Page 2 of 2

© The Stelter Company The information in this publication is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. Washburn University Alumni Association and Foundation 1729 SW MacVicar Ave. Topeka, KS 66604 (785) 670-4483 contactus@wualumni.org Name an Executor This person (or entity) will: • Be the manager of your estate. • File your will for probate (the legal process of verifying your will). • Collect and manage your assets. • Pay your bills, funeral expenses, and any estate or inheritance taxes due. • Distribute your assets to the heirs you have designated. Your executor should be someone you trust—someone who can handle business matters and someone who will also be sensitive to the needs and desires of you and your family. Ask About These 5 Important Documents • Your will is a written document that directs your assets to the people and causes you care about, executed in accordance with the formalities required by state law. • A revocable living trust can hold a majority of your assets during your lifetime, and it directs where the trust assets go later. This document can become the instrument by which your assets are distributed at your death, in essence acting like a will. Plus, assets in a living trust bypass the probate process. • A durable power of attorney authorizes another person to make decisions for you—usually in financial matters—when you are unable to make those decisions for yourself. A durable power of attorney remains effective if you should become ill or incapacitated, but it ends at death. • A living will is a legal document that expresses your wishes about prolonging your life by artificial or extraordinary measures in the event of a serious illness. Although your attorney will draft your living will, you should discuss its provisions with your doctor to make sure he or she feels comfortable about carrying out its directions. • A health care proxy is a written document that names the person you want to make medical decisions for you in the event you are unable to make them for yourself. In essence, a health care proxy is a power of attorney for making health care decisions. Did You Know? Your estate plan provides a flexible way to extend your support for Washburn University into the future without giving up assets today. Contact us to learn more.

Articles in this issue

Links on this page

Archives of this issue

view archives of Washburn University - How to Prepare to Meet With Your Attorney