>>>
>>> SITTING DOWN AND PLANNING YOUR WILL AND ESTATE ARE NOT
FUN THINGS TO DO BUT THEY
SHOULD NOT BE IGNORED.
SO HERE TO HELP US BUST IF YOU
MYTH IS TERESA BYERS.
THANK YOU FOR BEING HERE.
HOW MANY PEOPLE DON'T HAVE A
WILL?
WILL?
WILL? >>
WILL? >> RIGHT AROUND 85% WHICH IS
SHOCKING.
SHOCKING.
SHOCKING. A LOT OF PEOPLE THINK I DON'T
HAVE ENOUGH ASSETS.
>> YOUR WILL IS ACTUALLY ABOUT
WHO TAKES CHARGE WHEN YOU PASS
AWAY.
AWAY.
AWAY. THE
AWAY. THE PERSON WHO STEPS INTO YOUR
SHOES.
SHOES.
SHOES. IF
SHOES. IF YOU DON'T NOMINATE THAT
PERSON, THERE IS A WHOLE LIST
OF OTHER PEOPLE TO COME FORWARD
INCLUDING YOUR CREDITORS.
YOU COULD HAVE A REPRESENTATIVE
OF YOUR CREDIT CARD COMPANY
GOING TO YOUR PERSONAL FILES TO
TRY TO COLLECT ON A DATE, DEBT.
>> CONVERSELY, YOU DON'T THINK
YOUR ESTATE IS BIG ENOUGH TO
HAVE ESTATE PLANNING.
>> IT MIGHT BE TRUE AT THE
FEDERAL LEVEL, $11.4 MILLION
EXEMPTION TWO 2025.
BUT WASHINGTON STATE IS A
PROBLEM AND SO WAS OREGON AND A
FEW OTHERS.
FEW OTHERS. WASHINGTON IS A LITTLE OVER $2
MILLION.
MILLION.
MILLION. IF YOU LIVE IN SEATTLE AND YOU
HAVE A HOUSE AND A LIFE
INSURANCE POLICY AND A
RETIREMENT ACCOUNT YOU MAY HAVE
A WASHINGTON STATE TAXABLE
ESTATE.
ESTATE.
ESTATE. >> YOUR LIFE INSURANCE AND YOU
DO NOT HAVE TO OWN A PALATIAL
ESTATE FOR THIS TWO OUT OF.
>> PEOPLE ALSO THINK MY FAMILY
WILL FIGURE IT OUT.
>> THAT DOES NOT WORK EITHER.
I WISH IT DID.
WASHINGTON DOES NOT RECOGNIZE
HOLOGRAPHIC WILLS.
HOLOGRAPHIC WILLS. IT HAS TO HAVE WITNESSES.
YOU NEED TO GO THROUGH AND MAKE
SURE YOU FORMALIZED THE WILL
PROCESS AND HAVE A PROPERLY SET
FORTH AND YOU PROPERLY HAVE TO
TWO DISINTERESTED WITNESSES.
>> DO YOU NEED AN ATTORNEY?
>> I STRONGLY RECOMMEND AN
ATTORNEY.
ATTORNEY.
ATTORNEY. IT'S ABOUT UNDERSTANDING WHAT
YOUR WILL COVERS.
IT ONLY COVERS CERTAIN ASSETS.
IT DOESN'T COVER YOUR LIFE
INSURANCE, RETIREMENT ACCOUNTS,
JOINT IN ACCOUNTS, ANNUITIES.
YOU NEED TO SIT DOWN AND FIGURE
OUT WHAT DO I HAVE AND HOW IS
IT GOING TO PASS?
>> YOU MENTION DEBTS AND
CREDITORS.
CREDITORS. WHERE DOES YOUR DECK GO WHEN
YOU PASS AWAY?
>> THE GOOD NEWS IS IT DOES NOT
FOLLOW ON TO YOUR HEIRS.
THEY DO NEED TO BE PAID FROM
YOUR ASSETS.
YOUR ASSETS. THERE IS A PROCESS.
THEY ACTUALLY HAVE TO PROPERLY
FILE A CLAIM WITHIN FOUR MONTHS
OF THAT.
OF THAT.
OF THAT. >> WHAT IF YOUR ESTATE DOES NOT
COVER YOUR DEBTS.
>> IT IS CALLED INSOLVENCY.
THE COURT GETS INVOLVED AND
THEY GO THROUGH A PROCESS FOR
THE STATUTE DICTATES HOW MUCH
GETS PAID AND WHO GETS PAID
FIRST.
FIRST.
FIRST. >>
FIRST. >> AND SO IF YOU HAVE WRITTEN
CHANGES ON TO YOUR WELL, THAT
IS THE SAME THING AS WHAT YOU
TALKED ABOUT EARLIER, WRITING
YOUR OWN WELL.
>> THAT IS A NO.
>> MY EXECUTOR WILL TAKE CARE
OF DECISIONS WHEN I CAN'T.
>> YOUR EXECUTOR STEPS AND
AFTER YOU DIE AND THEY HAVE NO
AUTHORITY DURING YOUR LIFETIME.
YOU REALLY NEED TO HAVE A
DURABLE POWER OF ATTORNEY.
THIS IS TRUE OF EVERYONE.
WE CARE MORE ABOUT WHAT HAPPENS
TO YOU DURING YOUR ALIVE.
>> GIVE ME AN EXAMPLE.
>> I HAVE PROGRESSIVE DEMENTIA.
I CAN NO LONGER MAKE MY MEDICAL
DECISIONS.
DECISIONS. I CAN NO LONGER PAY MY MONTHLY
BILLS FOR MY MORTGAGE OR MY
ASSISTED-LIVING FACILITY OR MY
INCOME TAXES.
INCOME TAXES. I WILL APPOINT SOMEONE TO
MANAGE MY FINANCES AND STEP
INTO MY SHOES AND ACT FOR ME
BUT ONLY FOR MY BENEFIT.
AND THEN I MIGHT APPOINT THE
SAME PERSON OR A DIFFERENT
PERSON TO ACT AS MY HEALTH CARE
AGENT.
AGENT.
AGENT. THAT IS A PERSON THAT WILL TALK
TO MY DAD, DOCTORS DECIDE ON MY
COURSE OF TREATMENT AND WHERE
I'M GOING TO GET THAT TREATMENT
AND MAYBE EVEN MAKE END-OF-LIFE
DECISIONS FOR ME.
>> IN YOUR EXAMPLE YOU KNOW
YOU'RE GOING TO HAVE A
DISABILITY THAT IMPACTS HER
LIFE.
LIFE.
LIFE. ANY
LIFE. ANY OF US COULD HAVE THINGS
HAPPEN AT ANY TIME.
>> I MADE MY 19-YEAR-OLD SON DO
ONE WHEN HE WAS 18 BECAUSE HE
WAS GOING OFF TO COLLEGE.
>> NOBODY WANTS TO THINK ABOUT
THIS BUT IF YOU DON'T, THE
CONSEQUENCES CAN BE HUGE.
>> THEY ARE HUGE.
>> MY WILL COVERS ALL OF MY
ASSETS?
ASSETS?
ASSETS? >> YOUR WILL ONLY COVERS YOUR
PROBATE ASSETS.
PROBATE ASSETS. YOUR LIFE INSURANCE, ANNUITIES,
ANY ASSETS THAT WITH THE BANK
OR OTHER FINANCIAL INSTITUTION
AT THE, THOSE ASSETS GENERALLY
ARE OUTSIDE OF YOUR WELL.
THERE ARE WAYS A PERSON THROUGH
BUT THEY PASS OUTSIDE OF YOUR
WELL.
WELL.
WELL. >>
WELL. >> I KNOW THAT NOT EVERYBODY
CAN AFFORD A FEW HOURS OF AN
ATTORNEY'S TIME.
ATTORNEY'S TIME. WHAT IS THE MOST ECONOMICAL WAY
TO APPROACH THIS?
>> BEING AN ATTORNEY UNBIASED
IN THIS.
IN THIS.
IN THIS. I CAN TELL YOU IT'S A WHOLE LOT
CHEAPER TO PAY AN ESTATE
PLANNER TO DO AN ESTATE PLAN
THAN TO PAY MY HOURLY RATE ON
THE OTHER END TO LITIGATE FOR
ONE YEAR, FIVE YEARS, HOWEVER
LONG IT'S GOING TO TAKE.
IT IS REALLY IMPORTANT TO PLAN
AHEAD.
AHEAD.
AHEAD. IF
AHEAD. IF YOU CANNOT DO IT WITH AN
ATTORNEY IN YOUR AREA, LOOK AT
WHETHER YOU QUALIFY FOR
FINANCIAL ASSISTANCE OR A PRO
BONO ATTORNEY.
BONO ATTORNEY. LOTS OF LEGAL CLINICS WORK WITH
PEOPLE WITH DISABILITIES AND SO
THERE ARE OPTIONS OUT THERE FOR
PEOPLE TO GET HELP AND IT'S
REALLY IMPORTANT THAT THEY DO.
>> IT SAVES A TON OF HEARTACHE
FOR YOUR KIDS AND YOUR FAMILY.
THANK YOU SO MUCH FOR BEING
WITH US.
WITH US.
WITH US. WE HAVE RESOURCES ON OUR
WEBSITE AS WELL AS MORE INFO ON