Category: Financial Security for All

Assets in a will, such as property, can be listed simply or detailed. They may include such non-titled property as family heirlooms and keepsakes, which have much more sentimental than financial value. Oftentimes, distributing family heirlooms and keepsakes presents greater challenges for family members than transferring titled property.

It is important to learn your state’s laws regarding non-titled property transfer. The law varies widely from state to state on what is required to make wishes regarding personal property binding on …

Once you have the names of several lawyers, you can find additional information about them in the Martindale-Hubbell Law Directory, available in many libraries and on the Internet (see http://www.martindale.com/). The directory contains biographical information, experience, specialties, education, and other professional information. Some attorneys are not listed because they are new to the profession or practice in a rural location where there are too few other attorneys or judges to rate them.

Almost every attorney listed in the directory …

The decision to create a trust is a complex one. You will want to discuss your personal needs with financial and legal experts. It is not uncommon for an individual who owns a small parcel of land, a home, and a few investments to have an estate that exceeds the federal estate-tax limits, resulting in large tax implications. In addition, if you own assets that require ongoing management, such as rental property, a trust may help facilitate their management in …

Estate planning is arranging for the orderly transfer of your property and resources to other people during life and after death. Your estate is essentially everything that you own. Your property and resources can be transferred through beneficiaries identified in documents (i.e., pensions and life insurance policies), wills, trusts, gifts, and joint ownership of property—all of which can be part of an estate plan.

Since you may accumulate many resources during your lifetime, you will probably want to decide to …

It is sometimes necessary to change a will. A codicil is a legal document that amends a will. You might find it necessary to make changes when the following events occur:

• Marriage, remarriage, or divorce
• Birth of a child
• Move to another state
• Acquisition of additional assets
• Changes in federal and state laws

Divorce and separation can affect a will. In some states, divorce can revoke the entire will. In other states, it revokes only those provisions in the will …

Power of Attorney: This document is commonly known as a financial power of attorney and gives one person (the agent) authority to act on behalf of another person (the principal). Full power or limited power can be granted in the document.

Attorney-in-fact: A person who is given authority by a power of attorney; sometimes called an agent. This person does not have to be a lawyer. It could be your spouse, an adult child, or close friend.

Durable Power of …

How will your assets be distributed upon your death? Have you prepared for the distribution of your estate for the loved ones you will leave behind? Perhaps you have made plans to distribute your estate, and they need to be reviewed and updated. In any case, you can proceed through this lesson and learn more.

This lesson has unique sections that lead you through the learning process and can be viewed sequentially or in a random order. Select a unit …

Legally Secure Your Financial Future is a self-study curriculum to help you organize your important papers, communicate your wishes about legal and other issues, and prepare your financial affairs.

Content development by:

Marilyn C. Bischoff, M.S., Team Leader, Extension Professor and Family Economics Specialist, University of Idaho Extension; University of Idaho–Boise, 322 E. Front St., Ste. 180, Boise, ID 83702-7364; 208-364-9910; mbischof@uidaho.edu

Joanne Bankston, Ph.D., Family Economics and Management Specialist, Kentucky State University Cooperative Extension Program, Frankfort

Elizabeth E. Gorham, …

Initiating Discussions about Property Distributions

Do you have concerns about property-distribution issues? Discuss these particular situations with your adult children, trusted friends, or parent/guardian. The correct responses are provided for residents of Idaho, Iowa, Kentucky, North Dakota, and South Dakota.

• Prepare Your Estate Plan Case Study 3: The disadvantages of writing your own will
• Prepare Your Estate Plan Case Study 4: The surviving spouse’s share
• Prepare Your Estate Plan Case Study 5: How much will each heir inherit?
• Prepare Your

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Several types of joint ownership are described below:

Community Property: The laws of some states specify that most property acquired by either spouse during a marriage is held equally by husband and wife as community property. Laws in a community property state provide that any property purchased or salary earned by a married couple during the course of their marriage is owned equally by each.

Joint Tenancy with Rights of Survivorship: This type of joint ownership states that, upon death, …