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Property tax information Location of all personal items, such as jewelry and family treasures. Additional strategies and documents you should consider include the following: Pay-on-Death and Transfer-on-Death Clauses. Most financial institutions honor “pay-on-death” and “transfer-on-death” clauses and pay or transfer your assets to anyone you designate. Simply fill out the form at your bank or financial institution. Typi cally, there is no fee associated with this designa tion. After your death, your beneficiary provides identification and a copy of your death certificate to collect the funds in the account. Wills. A will is a written directive controlling the disposition of property at death. By filing a will, you create a formal statement about who inherits your property. Note that the laws in each state set the formal requirements for a legal will. If you move to a different state, you need to write a new will. Also note that not having a will means you leave the decision of disposition of your property to the state. If you die without a will (this is called dying "intestate"), the Court appoints a personal representative, known or unknown to you, to manage your estate. The cost of probating may be greater than if you had planned your estate dis position with a will. In addition, your property will be distributed to your heirs according to a formula fixed by law. Trusts. A revocable, or "living" trust, has certain advantages over a traditional will and is often used to avoid probate, lower the cost of administering your estate, avoid time delays associated with the probate process, can save on taxes at death, and, most important, gives one customized control. An estate planner or an attorney can help you determine whether establishing a trust is appropriate for you. Additional helpful information on living trusts can be found in Denis Clifford’s Make Your Own Living Trust or Alexander A. Bove’s The Complete Book of Wills, Estates & Trusts. Two useful Web sites to consult are www.legalzoom.com and www.nolo.com. You can also Google “Revocable Trusts Books” for your state. Other good sources of information about estate planning, wills, insurance, trusts, and related issues include the following: Medicare: 1-800-MEDICARE (1-800-633-4227) Social Security Administration: 1-800-772-1213 SHINE: Serving Health Insurance Needs of Elders. SHINE is a federally funded program providing free insurance counseling and information about Medi care and health insurance coverage. Seniors can contact a SHINE counselor by calling SHINE, toll free, at 1-800-963-5337. A Consumer's Guide to Living Trusts and Wills. Contact AARP at member@aarp.org and request stock #D14535. AARP Legal Services Network. The Network provides a list of attorneys screened by AARP as well as discounts on legal services and free half- hour consultations and can be reached at http://www.aarp.org/lsn/. American Bar Association (ABA). A very readable and thorough Guide to Wills and Estates (ISBN 08129-2536-X) is available in bookstores for $10, or on line at www.abanet.org/store/order.html. National Academy of Elder Law Attorneys (NAELA). Attorneys who concentrate their practices on the legal issues of concern to older persons and their families. Their Web site (http://www.naela.org/naela/hotlinks.htm) has an extensive list of elder law resources. This article provides generic information about estate planning, but each state has specific laws and regulations. Consult your tax advisor or estate attorney for specific state requirements. Orysia Nazar Zinycz is former Social Services Chair of UNWLA Branch 56 in Florida and now serves as branch treasurer. While working as a Certified Employee Be nefits Specialist, she specialized in individual and group insurance and retirement plans. Now retired, Mrs. Zinycz remains interested in how these and related issues impact the lives of others, both in her community and in the UNWLA. Видання C оюзу Українок A мерики - перевидано в електронному форматі в 2012 році . A рхів C У A - Ню Йорк , Н . Й . C Ш A.
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