Powerpoint presentation from Wills & Trusts class hosted by Rockford Public Schools Community Education at the Freshman Center April 21, 2010.

1. Wills & Trusts for a New Generation A Busy Family’s Guide to Wills & Trusts This presentation is intended for educational purposes only. The information contained herein does not constitute legal advice nor does it create an attorney-client relationship between the viewer or seminar participant and Attorney Jo Anne Hinds. Jo Anne Hinds Attorney at Law Rockford Public Schools Community Education April 21, 2010

3. reduce administrative costs

5. who will administer your estate

6. who will receive your estate

8. With a Living Trust… You can simplify the administration of your estate You can reduce administrative costs. You can have an estate plan that accomplishes your objectives. Let’s find out how…

9. The Timeline IllustrationUnderstanding the Role of Potential Documents in Your Estate Plan Today Death Incapacity Let’s pretend that today we are meeting to sign some typical estate planning documents. You may recognize the names of some of these documents, as they may be part of your estate plan.

10. The Timeline IllustrationUnderstanding the Role of Potential Documents in Your Estate Plan Today Death Incapacity DPOA – Eff. Immediately DPOA – Eff. on Incapacity One of the most simple, yet powerful documents is the General Durable Power of Attorney. There are two types of General Durable Powers of Attorney. The first is Effective Immediately. The second is Springing, or Effective Upon Your Incapacity. The person you nominate for this role is called your “agent” or “attorney-in-fact.”

11. The Timeline IllustrationUnderstanding the Role of Potential Documents in Your Estate Plan Today Death Incapacity DPOA – Eff. Immediately DPOA – Eff. on Incapacity Health Care Power of Attorney A Health Care Power of Attorney is effective only upon your incapacity. The person serving under a health care power of attorney is your patient advocate. Michigan law provides that 2 physicians or a physician and a licensed psychologist must determine in writing that an individual lacks the mental capacity to make their own medical treatment decisions before the document can be used.

12. The Timeline IllustrationUnderstanding the Role of Potential Documents in Your Estate Plan LIFETIME DOCUMENTS Today Death Incapacity DPOA – Eff. Immediately DPOA – Eff. on Incapacity Health Care Power of Attorney Last Will & Testament These documents appear on the LIFETIME side of the timeline. Next, let’s take a look at another commonly used estate planning document, this time on the POST-DEATH side, the Last Will & Testament. The person who administers your will is called a personal representative.

14. A minimum of 6-8 months, longer in many circumstances

16. The Timeline IllustrationUnderstanding the Role of Potential Documents in Your Estate Plan LIFETIME POST-DEATH Today Death Incapacity DPOA – Eff. Immediately DPOA – Eff. on Incapacity Health Care Power of Attorney Last Will & Testament Revocable Living Trust You serve as your own trustee for your lifetime, as long as you are competent to do so. A successor trustee may take over here due to your incapacity… …or here, due to your death.

17. A living trust is like a basket.

18. You can simplify your estate. Be organized! Get it done right. Choose the right people for the right roles.

19. You can reduce administrative costs. Choose your legal counsel wisely. Avoid unnecessary court proceedings during your lifetime. Avoid probate at death.

20. You can have an estate plan that accomplishes your goals. Identify your expectations and priorities. Clearly communicate your goals to your attorney and carefully review your documents before signing. Review your estate plan every 3-5 years to make sure your plan remains on target.

21. What if the future brings unforeseen changes? Keep trust agreements funded correctly Amend or restate trust terms that are no longer appropriate/accurate Update fiduciary roles whenever necessary

22. The New Michigan Trust Code Effective April 1, 2010 New Code (MTC) based upon Uniform Trust Code (UTC) UTC has been adopted in some form by 22 states and District of Columbia In Michigan: MTC serves as default in most circumstances. MTC assumes all trusts are revocable. MTC remains a part of EPIC. MTC creates uniform standard of competency. MTC stated purposes: to establish a comprehensive trust code permit expansion of trust practices and provide certainty.

23. What Can You Do Yourself to Prepare? Make a list of your beneficiaries Note if there are strings attached to the gifts Make a list of people you trust to carry out your wishes (with at least one alternate) Make a list of special items you’d like to give Make a list of your assets – real estate, financial accounts, stocks, investments, businesses

24. Jo Anne Hinds Advising Families Just Like Yours Since 1994 Wills, trusts, powers of attorney Estate planning for clients of all ages Estate administration and mediation services House calls exclusively, at no additional charge Weekday evening and Saturday consultations Free 30 minute initial telephone consultations Please complete the survey and be sure to include your email address for a copy of my helpful and informative e-newsletter. Thank you!