1.
Estate Planning Basics & Advanced
Directives
https://learn.extension.org/events/2149
This material is based upon work supported by the National Institute of Food and Agriculture, U.S. Department of Agriculture, and the Office of Family
Readiness Policy, U.S. Department of Defense under Award Numbers 2010-48869-20685, 2012-48755-20306, and 2014-48770-22587.

2.
Research and evidenced-based
professional development
through engaged online communities
www.extension.org/militaryfamilies
Sign up for webinar email notifications at www.extension.org/62831

3.
Find us on Twitter by following @MFLNPF
Join our community on Facebook:
MFLN Personal Finance

4.
Available resources
https://learn.extension.org/events/2149
Find slides and additional resources under ‘event materials’

5.
Presenters
Dr. Barbara O’Neill
• Financial resource management specialist for Rutgers
Cooperative Extension,
•Has been a professor, financial educator, and author for 35
years.
•Is a certified financial planner (CFP®), chartered retirement
planning counselor (CRPC®), accredited financial counselor
(AFC), certified housing counselor (CHC), and certified
financial educator (CFEd).
Mary Benzinger
•Has served as the Senior Attorney for the U.S. Army at the
Pentagon Army and Air Force Legal Assistance Office since
2009.
•She has been a Member of the Virginia State Bar since 1987.
•Before coming to the Army, she was in private practice in
Northern Virginia for 19 years with her primary practice being
Family Law.

6.
Estate Planning Basics
and Advance Directives
https://learn.extension.org/events/2149
Barbara O’Neill, Ph.D., CFP®
Rutgers Cooperative Extension
This material is based upon work supported by the National Institute of Food and Agriculture, U.S. Department of Agriculture, and the Office of Family
Readiness Policy, U.S. Department of Defense under Award Numbers 2010-48869-20685, 2012-48755-20306, and 2014-48770-22587.

7.
Key Points
• Estate planning is a process of specifying the
distribution of assets upon death
• Many people avoid estate planning but it's an
important thing to do for many reasons
• Estate planning has a number of steps and none of
them are overly complicated or difficult
• Specific issues exist for military families with regard
to estate planning
• There are lots of ways to learn more, and get
support and assistance with estate planning
• Military families have special estate planning
considerations

8.
Estate Planning Is Related to
Many Other Financial
Planning Decisions
Source: Madura, J.
Personal Finance (2004),
Pearson Education

9.
So What Exactly is
Estate Planning?
• Estate planning is the process of determining
the distribution of your assets upon your
death
• Estate planning also covers the management
of your personal affairs in the event of
incapacity

10.
In Other Words…
• You give what you have
• To whom you want
• When you want
• The way that you want
• At the lowest possible cost (e.g., taxes and
administrative costs) to yourself and loved ones
• And have instructions left to make medical and
financial decisions if you are unable to do so

11.
Question
What are common estate planning
“issues” you have observed?

12.
Estate Planning Phases
1. Accumulation: Build estate through earnings,
savings, investments, insurance, gifts, etc.
2. Distribution: Ensure that your estate is
distributed as you wish after your death
– Make sure important documents are accessible,
understandable, and legally proper
Nobody knows how long their accumulation phase will
last and when their distribution phase will begin!

13.
When Should You Plan
Your Estate?
Today
Mental
Incapacity
Catastrophic
Illness Death
Your Planning
Opportunity
Revocable Living Trust
WillLiving Will
Powers of Attorney
Irrevocable Trust
Source: Goldberg Law Center, PC

14.
Benefits of Estate Planning
• Provides control over asset distribution
process
• Provides peace of mind
• Reduces income taxes
• Reduces estate administration cost and delays
• Reduces/avoids estate taxes
• Reduces/avoids gift taxes

15.
The Perfect Estate Plan
• Documents that are properly drafted
• Documents that are regularly updated
• Assets that are properly titled
• No conflicts between titles to assets and a will
• Communication of wishes among family
• Regularly reviewed beneficiary designations:
http://njaes.rutgers.edu/money/pdfs/beneficiary-designations.pdf

16.
What Is Included in an Estate?
Assets Included in definition of “Estate”
•Real property
•Life insurance policies (face value)
•Checking, savings, CDs, other liquid accounts
•Business Interests – Sole Proprietor/Corporation/
LLC/ Partnership
•Stocks, bonds, mutual funds, annuities
•Retirement and pension plans
•Personal property

17.
Why People Avoid
Getting an Estate Plan?
• Cost (real or perceived)
• Thinking that your estate is too small to
support the expense of planning
• Fear of dying (“jinx factor”)
• Uncertainty about people to name in legal
documents
• Uncertainty about finding legal advisors
• Other?

18.
Estate Planning Process
Gross Estate
Your Will
Non-probate transfers
Jointly owned property
Life Insurance
IRAs
401(k)s, 403(b)s, TSP
Annuities
Assets with named
beneficiaries Planned distributions
Property titled in your name
Probate
Process
Adapted From:
Goldberg Law
Center, PC

19.
Probate Process
• Legal process by which a will is proved valid or invalid and the
estate of a decedent is administered
• Involves paying a deceased person’s debts and retitling that
person’s individually owned assets to the names of heirs
listed in a will
• Executor files forms in probate court, provides a copy of the
will, prepares a list of assets and liabilities of deceased, pays
debts and sells necessary assets
• Typically opens a bank account for this purpose
Resource: http://definitions.uslegal.com/p/probate/

20.
Ways to Avoid Probate
• Own property jointly with survivorship rights
• Beneficiary designations (insurance policies,
IRA, 401(k), etc.)
• Use a revocable or irrevocable trust
• Make lifetime gifts
Note: It is often difficult to totally avoid probate: automobile and
pro-rated refund payments often need to be probated

21.
How to Distribute
Assets to Heirs
• Outright
– No protection
• In Trust
– Creditor protection
– Estate tax protection
– Self protection (e.g., spendthrift heirs)
– Predator protection

22.
Common Estate Planning
Tools During Your Lifetime
• Power of Attorney
• Gifting
• Revocable Living Trust
• Guardianship (encompasses all personal affairs of
protected person including support and health care)
• Conservatorship (limited to the management of
property and financial affairs of protected person)

23.
Common Estate Planning
Tools After Your Death
• Will
• State Intestacy Laws
• Joint Tenancy
• Beneficiary Designations
• Revocable Living Trust

24.
Preparing a Will
• Specifies how your estate should be distributed upon
your death
• If can also identify a preferred guardian for surviving
minor children
• Have an attorney draft your will to avoid difficulties
• A standard simple will generally cost between $300
to $500

25.
Will Formats
• Holographic Will
– Will that you write, date and sign, entirely in your handwriting
– May not be recognized in some states
• Formal Will
– Usually prepared with an attorney’s assistance
– Must date, sign, and have proper witnesses
• Statutory Will
– A type of formal will on a preprinted form
– Available online or from a stationery store
– May include “boilerplate” provisions not in the best interest of heirs

26.
Question
Why don’t many people have wills?

27.
Key Designees in a Will
Executor: Person willing and able to execute provisions of
someone’s will (can be family member, friend, lawyer, etc.)
Tasks may include:
• Preparing an inventory of assets
• Collecting any money due and paying off debts
• File all income and estate tax returns
• Decisions about investing or selling assets to pay debts or provide
income
• Distribute the estate and make financial accounting to beneficiaries
Guardian: Person who assumes responsibility for providing
personal care to the minor children of a deceased person
and/or managing the estate for them

28.
• Reasons to Review a Will:
– You move to a new state with different laws
– You have sold property mentioned in the will
– Size and composition of your estate has changed
– You have married, divorced or remarried
– Potential heirs are born or have died
• Adding a Codicil
– Document that explains, adds, or deletes
provisions in an existing will
– Appropriate for minor revisions
Altering or Rewriting a Will

29.
Requirements for
Preparing a Will
• Attain legal age of majority: Age 18 in most states
• Mentally competent
• Not under undue influence of others
• Must be signed and dated; video will supplement?
• 2 or 3 witnesses who are not beneficiaries (in most states)
• Preparation by an attorney highly recommended
Resources: http://www.lectlaw.com/filesh/qfl06.htm
http://nationalparalegal.edu/willsTrustsEstates_Public/ExecutionValidityCompone

30.
Sample Will Language
Exhibit 20.1: A Sample Will
Source: Madura, J. Personal Finance (2004),
Pearson Education

31.
Sample Will Language
Exhibit 20.1: A Sample Will
Source: Madura, J. Personal Finance (2004),
Pearson Education

32.
Wills Can Fall Short of
Estate Planning Goals
• Won’t provide for disability or incapacity
• Won’t necessarily transfer what you have:
– to whom you want
– the way you want
– when you want
• Won’t avoid the probate process
Adapted From: Goldberg Law Center, PC

33.
Advanced Estate
Planning Tools
• Gifting programs
• Charitable trusts (lead trust, remainder trust)
• Other irrevocable trusts
• Special needs trusts
• Life insurance trusts
• Trusts for minor children
Adapted From: Goldberg
Law Center, PC

34.
Will vs. Revocable Living Trust
ProbateProbate
My PropertyMy Property
HeirsHeirs
Property inProperty in
My LivingMy Living
TrustTrust
(No Probate)(No Probate)
HeirsHeirs
Adapted From: Daniela Lungu, Attorney at Law

35.
Trusts
Legal document that transfers assets to manage for
designated beneficiaries; fee usually based on AUM
•Grantor (Trustor): Person who creates a trust
•Trustee: Person (e.g., family member, friend, lawyer) or
financial institution (e.g., commercial bank) named in a trust to
manage trust assets for beneficiaries
•Beneficiary: Person(s) who receive the benefits of a trust (e.g.,
income and assets)

36.
Types of Trusts
Living Trust (a.k.a., “Inter vivos trust”)
A trust to which someone assigns the management
of their assets to a trustee while they are living
• Revocable Living Trust: A living trust that can be dissolved
• Irrevocable Living Trust: A living trust that cannot be
changed, although it can provide income to the grantor
Testamentary Trust
• Established by your will; takes effect after death
http://www.americanbar.org/content/dam/aba/migrated/publiced/practical/boo

37.
Pros and Cons of Trusts
• Benefits of Trusts:
– Avoids probate: transfers assets quickly and provides privacy
– Frees grantor from managing assets
– Provides income for survivors
• Revocable Trust
– Grantor retains the right to end the trust or change its terms during
lifetime
– Does not provide shelter assets from federal or state estate taxes
• Irrevocable Trust
– Grantor cannot change the terms once instituted
– Used to reduce estate taxes

38.
What If You Do Nothing?
• At Incapacity (e.g., brain dead on life support)
– Guardianship/Conservatorship
– Court controls assets
• At Death
– Court proceeding to determine who will be guardian for minor children
– Assets distributed according to state law – intestacy
Failure to do advanced planning for larger estates:
– Family money goes to taxes and legal expenses instead of to heirs
– Kids blow inheritance
– Control issues and fighting among family members left behind
Adapted From: Daniela Lungu, Attorney at Law

39.
Intestacy: What Happens?
• You die without a will
• The state distributes your assets according to a pre-
determined formula (“My State Will”)
– Typically splits property between surviving spouse, children
– http://www.mystatewill.com/statutes/statute_links.htm
• May mean the state will decide on a guardian for your
children
– Very complicated if a “blended” family
• Generally takes longer to settle an estate and costs
more (e.g., bonding an appointed administrator)
http://www.nolo.com/legal-encyclopedia/how-estate-se

40.
Celebrity Estate
Planning Horror Stories
• Jerry Garcia of the Grateful Dead band
• Elvis
• Anna Nicole Smith
• Chief Justice Warren Burger
• Casey Kasem
• Tom Clancy
http://wfplaw.com/law-news/estate-planning/celebrity-estate-planning-horror-stories.html
http://www.clearcounsel.com/estate-planning-horror-stories/
http://trialandheirs.com/blog/celebrities/top-10-celebrity-stories-spark-holiday-estate-plann

41.
Taxes and Estate Planning
• Estate Taxes (Federal and Some States)
– Tax on value of property at death
– Based on fair market value of estate assets (minus estate liabilities)
– $5,430,000 federal estate tax exclusion in 2015
– Maximum federal estate tax rate: 40% (taxable estates > $1 million)
• Estate and Trust Income Taxes
– Estates and certain trusts must file tax returns
• Inheritance Taxes
– Tax on property left by a person in their will
– Imposed by states: http://www.forbes.com/sites/ashleaebeling/2014/09/11/where-not-to-die-in-2015/
– Tax rate generally based on heirs’ relationship to the deceased
• Gift Taxes
– Tax on gifts given by one person to another in a single year
– Imposed by Federal government and two states (MN and CT)
– $14,000 annual federal gift tax exclusion in 2015; inflation indexed

42.
More About Estate Taxes
• It is important for affluent households to calculate the
value of their estate periodically to plan appropriately
if net worth exceeds the estate tax exclusion
– Federal estate tax affects only about 0.12% of estates
• May want to consider state estate taxes in retirement
housing decisions
• Portability of federal estate tax exemption between
married couples is permanent (for now)
http://wills.about.com/od/2015-Estate-Tax-Rules/fl/Overview-of-2015-Estate-Tax
http://blogs.wsj.com/totalreturn/2014/10/30/estate-tax-exemption-for-2015-annou

43.
Question
What 2 states are the worst for
estate taxes?

44.
Timing Is Everything!
Scenario #1
$20,000 Original Basis
$180,000 Current Value
$160,000 Appreciation
If you gift house DURING your
lifetime, the recipient is obligated to
pay capital gains tax on the full
appreciated value
Scenario #2
Source: David Ennis,
Esq.
$20,000 Original Basis
$180,000 Current Value
$160,000 Appreciation
If you gift house through a will or
trust, the recipient is ONLY obligated
to pay capital gains tax on any
appreciated value that occurs AFTER
your death (theoretically $0)

45.
Advance Directives
Broad Definition
Instructions about a person’s wishes, goals, and
values regarding what will be done in case he or she
become incapable of making decisions
Three Common Documents:
•Living Will: Specifies desired medical treatment
•Health Care Proxy (Durable Power of Attorney for Health
Care): Designates person to make health care decisions
•Durable Power of Attorney: Designates person to make
financial transactions (e.g., pay bills, make deposits, sign checks)

46.
More About Advance
Directives
• Power of Attorney authorizes someone to legally act on
someone’s until the creator revokes it or dies
• Estate planning and advance directive documents need to be
kept in safe, convenient places (copy with your attorney)
– Original: Safe deposit box (with photocopies at home), desk drawer or file
cabinet at home (fire resistant), wrapped in plastic in freezer?
– Back-Up Copies: Cloud storage, scanned files on flash drive, family
• Key individuals need to know where documents are kept!
http://www.silvesterlaw.com/index.php?option=com_content&view=article&id=59:where-sh
http://wills.about.com/od/preparingtodraftaplan/a/storedocuments.htm

47.
Living Wills
• Allows you to specify whether or not to be kept on
artificial life support
• “Do Not Resuscitate” (DNR) orders; feeding tubes
• Guide choices for doctors and caregivers when
someone is seriously injured or near end of life
• Avoids unnecessary suffering by patient
• Relieves caregivers of decision-making burdens
• Reduces disagreement among family members
• Not just for older adults!
http://www.mayoclinic.org/healthy-lifestyle/consumer-health/in-depth/living-wills/a

48.
Letter of Last Instruction
• Not legally binding
• Provides heirs with valuable information
• Could include:
– Funeral/memorial service preferences
– Names of people to be notified of your death
– Location of bank accounts, safe deposit box, etc.
– Disposition of personal effects (untitled property)
Resource: Who Gets Grandma’s Yellow Pie Plate?
http://www.extension.umn.edu/family/personal-finance/who-gets-
grandmas-yellow-pie-plate/

49.
Digital Assets
• Personal information that is stored electronically on
either a computer or online “cloud” server account
• Often provide access to financial assets
• Generally require a username and/or password or
PIN to access and can be difficult or impossible to
retrieve if someone is incapacitated or passes away
Resources:
http://www.extension.org/pages/72624/dou-you-know-your-digital-
assets#.VZ_4Wk3bKM8 (eXtension article)
http://njaes.rutgers.edu/money/pdfs/Digital-Assets-Worksheet.pdf (Digital
Assets Inventory worksheet)

50.
Estate Planning Resources
• Prepare Your Estate Plan (eXtension):
http://www.extension.org/pages/15749/prepare-your-estate-
plan#.VZ_7k03bKM9
http://www.extension.org/pages/15800/prepare-your-estate-
plan:-print-this-lesson#.VZ_8iE3bKM8
• Money Talk: A Financial Guide for Women, Session
V, Planning for Future Life Events (Rutgers
Cooperative Extension):
http://njaes.rutgers.edu/money/pdfs/session-v.pdf

51.
Estate Planning Resources
• Getting Ready for Estate Planning (Purdue
University):
https://ag.purdue.edu/programs/areyouprepared/readyestate/P
ages/default.aspx
• Estate Planning (North Carolina State University
Extension): http://forestry.ces.ncsu.edu/estate-
planning/
• Annual Limits Relating to Financial Planning (College
for Financial Planning):
http://www.cffpinfo.com/annual-limits/

52.
Question
What are some other good estate
planning resources?

53.
Estate Planning
Basics and Military
Issues

54.
Disclaimer
• The opinions expressed are those of the
presenter and are not those of the Department
of the Army or the Department of Defense.
• This presentation is not intended to be a
substitute for legal or tax advice. Rather, it is
designed to create an awareness of the need
for estate planning and to help individuals
become better acquainted with estate planning
terminology and documents.
– State laws vary - be sure to check your state
laws

55.
• Servicemember and spouse residence
and domicile
• Review probate v. non-probate asset
identification
• Estate Planning for children and blended
families
• Other Military Issues
• Extra Stuff
Briefing Topics

56.
Servicemember and
Spouse Residency

57.
• Interchangeable under SCRA
• Denotes a permanent home, a place where
intend to return
• SCRA protects SM from taxation by state in
which serving under orders unless that state is
also the SM’s domicile
• Domicile and residence must be established
• NOT necessarily “home of record” – that’s where
SM lived when came on active duty.
“Domicile” and “Residence”

58.
• Amended Servicemembers Civil Relief Act
effective 2009:
– Spouse can keep established residence or domicile
for purposes of personal, income, or property taxes.
(retroactivity for income tax only)
– Has to be same residence as SM spouse
– Spouse cannot just “pick” a state of residence
– Spouse still has to comply with tax laws in residence
state
– States may probably challenge claims of residence
Military Spouse Residency Relief Act
(MSRRA)

59.
Probate v. Non-probate
Asset Review

60.
Probate v. Non-probate Assets
– the “Orphan” Property Test -
Probate: “orphan” property
Solely titled
Just “joint”
“Tenants in Common”
Non-probate:
“Joint with Right of
Survivorship”
“Tenants by the Entirety”
Pay on Death/ Transfer on
Death
(P.O.D./T.O.D.) (usually)
Beneficiary Designations
Intervivos Trust Property
60

61.
Probate Avoidance: States with
“Transfer on Death” Statutes
• Cars & Real Property: AZ, AR, IL, IN,
KS, MO, NE, NV, OH, VA
• Real property only – AK, CO, DC, HI,
MN, MT, NM, ND, OK, OR, SD, TX (1
Sep 15), WA, WV, WI, WY
• Cars only : CA, CT, DE, VT
61

62.
How Living Trusts Avoid Probate
Example
• I own a house in my own name alone. If I die, my house
is an “orphan” and must go through the probate process
to be given to my brother who is the sole heir under my
Will. I don’t want probate.
• So, I establish “The Mary Benzinger Living Trust.” In that
document, it states my house is to be transferred to my
brother upon my death.
• I will record a deed in land records selling my house from
me, Mary Benzinger, to the “The Mary Benzinger Living
Trust”
• Then, at my death, my house is no longer an “orphan”
because the trust own it. At my death the trust is
followed and the trustee transfers the house to my
brother outside of probate.
62

63.
Planning for Children

64.
Poor Planning
and Minor Children
• Assets left to minor by name:
– Court appoints guardian of property and person
– Strictly controls finances
– Child inherits all at legal age!!
• Special needs??
• Bad idea to designate caregiver adult as
beneficiary
– Money belongs to caregiver… NOT to your child
• Solution:
– Trust for minors in Will
– Designate the Trustee as beneficiary

65.
Testamentary Trusts
- Established at Grantor’s death in the
Will
- For minor children, special needs...
- You control when and how $$ get
distributed
Separate trusts for each beneficiary
Single trust for all beneficiaries
Distribution of income at what age
Distribution of the trust principal at
what age.

66.
• You have three children ages 15, 13 and 11. If you
die, you want there to be a single pot for all the kids
and the trust to last until the youngest turns 21.
• You have two children ages 25 and 13. You don’t want
the oldest to wait until the youngest turns 21 for his
distribution so you’ll create a testamentary trust for
only the youngest child.
• You have a 25 year old daughter with a substance
problem. You can create a testamentary trust for the
life of the child (or an age of your choosing) with
Trustee’s discretion on distribution if substance abuse
is an issue.
Examples

67.
• The “Residuary Trust”
– For married couples with children from their
relationship: Everything to my spouse and if my
spouse does not survive me then in trust for the
children.
– For single parent: Everything in trust for the children.
• Typical will structure:
– Devise of real property
– Devise of personal property
– Specific bequests
– Residuary estate (everything else not covered above)
Single Family Unit Plan

68.
• Most states have statutory Uniform Gift to
Minors Act or Uniform Transfer to Minors
Act not both.
• Good for small amounts
• Can be accomplished by beneficiary
designation:
“to John Jones as custodian for Mary
Smith under the Virginia Uniform Trust for
Minors Act (21)”
• Becomes child’s money at 18 or 21
UGMA/UTMA

69.
“Blended” Family
Issues

70.
The “Blended” Family
For “blended” families, the first-to-die’s
children may be left out in the cold
– Surviving step-parent has no obligation to
support spouse’s biological children
– Survivor may change will, remarry, squander
estate
– “Elective” share forecloses disinheriting
spouse completely
70

71.
For blended families, the first-to-die’s
children may be left out in the cold
Example: John has two children from his first marriage.
He marries Betty. His will says everything to Betty and, if
Betty doesn’t survive, then to his children. When he dies
Betty gets everything.
Betty can:
-change her will and exclude John’s children
-remarry and leave everything to new husband
-squander estate
“Elective” share forecloses disinheriting spouse
completely
Blended Family Issues

72.
Blended Family Plan
• The “Preresiduary Trust” - for children
from prior relationship
–Takes effect on your death (does not
require death of the spouse)
• The “Residuary Trust” – for children of
current relationship
–Requires both parents to be deceased
72

73.
Other Military Issues

74.
DD-93 - Record Of Emergency
Data
• Lists emergency contact information
• Names the $100,000 death gratuity
beneficiary
– Can name more than one
– If none named, statutory distribution applies
– Can now name testamentary trust for minors
• Names beneficiary for unpaid pay
• Names person authorized to direct
disposition of remains

75.
Agent for Disposition of Remains
• For SMs: DD-93
– (1) Surviving spouse of the decedent.
(2) Blood relatives of the decedent.
(3) Adoptive relatives of the decedent.
(4) If none, a person standing in loco
parentis to the decedent.
• For Civilians: Many states have statutes
permitting you to make a binding written
designation of agent.
• Conflict b/w DD93 and state laws??
75

76.
Servicemembers Group Life
Insurance
• Up to $400,000 life insurance policy
• Up to $100,000 life insurance for spouse
(FGLI)
• On SGLV 8286 - Can name beneficiaries
including testamentary trust (N.B.
testamentary trust not created by
designation alone, must be created in the
Will)

77.
Death Benefits for Military
• DD-93 $100,000 death gratuity
• If in govt housing and Line of Duty death, may remain in
housing for 365 days
• Dependency and Indemnity Compensation (DIC) (line of duty or
service connected) for spouses and children paid by the VA
• Survivor benefit - The initial annuity paid to a surviving spouse
is equal to 55 percent of the retired pay to which the member
would have been entitled based upon years of active service if
retired on the date of death (if the member was retirement-
eligible).
• The annuity is reduced by the amount of the monthly DIC
payment awarded and paid to the surviving spouse by the
Department of VA. When the surviving spouse reaches age 62,
the annuity is reduced to 35 percent.

78.
Extra Stuff

79.
Estate Plan “Grab and Go”
Book
Make a small notebook with estate planning
information in it:
-Copy of the Will and where original can be located
-Copy of Advanced Medical Directive/Healthcare POA
-Power of Attorney
-Copies of beneficiary designations (banks, investments, insurance)
-List of Financial institutions you deal with
-Internet access info (for example “See thumb drive in fire safe” , etc.)
-Copy of funeral contracts
-Letter of instruction
-List of people/institutions you’d like contacted
79

80.
Health Care “Grab and Go”
Book
Make a small notebook with emergency
information in it:
-Advanced Medical Directive
-Power of Attorney/(in loco parentis for kids)
-Medications and doses
-Copies front and back of insurance cards and photo ID Cards
-List of allergies
-List of doctors, pharmacies (with fax numbers)
-List of emergency contacts
-Dates of important medical events/procedures
-Extra blank pages for notes, etc.
80

81.
Resources
• Video of my 2 hour Estate Planning
Briefing:
https://www.dvidshub.net/video/407856/judge-advocate-generals-
office-estate-planning-brief

82.
Key Take-Aways
• Estate planning is not just for the wealthy: Even simple estates
need plans; no magic number
• Incapacity can strike at any time: Failing to plan means court
will appoint a guardian
• Health Care PoA and Durable PoA designate an agent to act
on your behalf
• Wills must be property signed and witnessed
• Intestacy cases distribute assets according to state law
• Executor is personally responsible to pay debts and distribute
property
• Understand military rules for domicile and residence

83.
Key Take-Away Applications
• Prepare or review your estate plan; look for gaps
• Have documents in place to address potential incapacity
• Review your PoA designees and discuss your wishes with
them (never “surprise” people with key roles after you die!)
• Review your will periodically and revise when needed
• Don’t die intestate!
• Prepare a letter of last instructions and digital assets inventory
• Think carefully about choosing to be an executor or
performing executor duties
• Know how to identify probate v. non-probate assets
• Take necessary steps to “non-probate” if possible
• Explore family dynamics and plan around them ( blended
families, special needs, etc.)
• Have a storage plan for your estate and health care
documents

84.
Contact Information:
Barbara O’Neill
oneill@aesop.rutgers.edu
Twitter: @moneytalk1
Mary M. Benzinger
mary.m.benzinger.civ@mail.mil
This material is based upon work supported by the National Institute of Food and Agriculture, U.S. Department of Agriculture, and the Office of Family
Readiness Policy, U.S. Department of Defense under Award Numbers 2010-48869-20685, 2012-48755-20306, and 2014-48770-22587.

85.
Evaluation and Continuing
Education Credits
The Personal Finance Concentration Area offers
1.5 credit hour(s) from AFCPE for AFC-
credentialed participants and 1.5 general CEUs
from FinCert. for today’s webinar.
To receive CEUs, please complete the evaluation
and post-test found at:
https://vte.co1.qualtrics.com/jfe/form/SV_agaoCS
6ZJDQJTnL
Must pass post-test with an 80% or higher to
receive certificate.

86.
Personal Finance & Family Transitions
Upcoming Event
Military Family Financial Transitions:
Changes in Income, Benefits & Money
Management
• Tuesday, October 13, 2015
• 11 a.m. ET
• https://learn.extension.org/events/2163
• For more information on MFLN- Personal Finance go to:
http://blogs.extension.org/militaryfamilies/personal-
finance/

87.
Find all upcoming and recorded webinars
covering:
http://www.extension.org/62581
Community Capacity Building
This material is based upon work supported by the National Institute of Food and Agriculture, U.S. Department of Agriculture, and the Office of Family
Readiness Policy, U.S. Department of Defense under Award Numbers 2010-48869-20685, 2012-48755-20306, and 2014-48770-22587.