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 Estate Plan Case Study 6: The dangers of making someone a co-owner of a bank account as joint tenants with right of survivorship
- “Critical Conversations about Financing Long Term Care” (about long-term care concerns that could affect property inheritance): http://www.financinglongtermcare.umn.edu/pdfs/
- “Talking with Aging Parents about Finances” (see “Family Finance Discussion Points”: http://msuextension.org/publications/FamilyFinancialManagement/MT199324HR.pdf
- About Health Care Advance Directives [Link to Communicate]
- “Who Gets Grandma’s Yellow Pie Plate?” (provides methods and discussion for distributing untitled property): http://www.yellowpieplate.umn.edu/indexB.html
- “Estate Planning: Wills and Probate in Kentucky,” Suzanne Badenhop, Ph.D., Extension Specialist, Family and Consumer Sciences (provides a Kentucky example of how property is distributed with or without a will). Download a copy at http://www.ca.uky.edu/agc/pubs/fcs5/fcs5425/fcs5425.pdf
Case Studies and Resources
Prepare Your Estate Plan belongs to a series called Legally Secure Your Financial Future. The series also includes information to help you organize important household papers and to communicate your health-care wishes.