A Very Estate Planned Thanksgiving

Because nothing says gratitude like avoiding probate.

Thanksgiving is the one day a year when families gather around the table, pass the mashed potatoes, and quietly judge each other. It also happens to be a great reminder to look at your estate plan.

1. The turkey is not the only thing that needs carving: If it has been a few years since you reviewed your Will or Trust, it may be filled with outdated information. This is your chance to remove anyone who borrowed something and never returned it.

2. Avoid the Probate Pie: No one wants to deal with court delays or paperwork surprises. Without a Will or Trust, your family may/will get a slice of Probate Pie and it is never the dessert anyone asked for.

3. Pass the gravy and check your beneficiary designations: Retirement accounts and life insurance pay out to whoever is listed on the forms. Check that the right people or charities are still there. Thanksgiving is a great time to fix any old designations that no longer make sense.

4. Observe your family to pick a good helper: Notice who calmly carves the turkey and who starts an argument about the last dinner roll. The calm person may be a good choice for a Power of Attorney, Agent, Trustee, or Personal Representative. The roll fighter may not be the best choice.

5. A Trust must be funded: A Trust with nothing in it is like a shopping list with no groceries. You need to take the time to shop and bring the food home to cook, just like filing up a Trust with assets. Make sure your assets are properly titled so your Trust actually works.

At the end of the day estate planning is about giving your family clarity and peace of mind. That is something worth being thankful for. If you want to review your estate plan to make sure it matches your current goals and desires, please call Rehberg Law Group at 206.246.8772 or email at contact@rehberglaw.com to schedule an appointment.