Transcript The Beneficiary Book

A Gift of Answers
Ed Howat, Jr., CLU, ChFC, LUTCF, RCC
Addie Woods Consulting Co
651.405.6644 [email protected]
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BIRTH
DEATH
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It’s About Your Movie
Where did it start?
Where is it now?
Where is it going next?
How is it going to end?
You may still have time to write the last ACT!
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It’s About Your Movie
Heritage
Values
Experiences
Dreams
“Life is what happens to you while you're busy making other plans." -- John Lennon
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It’s About Your Movie
Is it time to write the last ACT?
What do you want people to remember about your movie?
“Life is what happens to you while you're busy making other plans." -- John Lennon
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It’s About Your Movie
“The farther back you look, the further ahead you can see.”
Winston Churchill
“Life is what happens to you while you're busy making other plans." -- John Lennon
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Will your estate pass on with a deep sense
of heritage*, or will the past die with you?
“Have you claimed your place at the fire?” –
Richard Leider - Author
“Whenever an older person dies, another
museum closes.” -- Scott West - Author
*Heritage: something possessed as a result of one's natural
situation or birth? What is your family’s heritage?
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It’s About Your Movie
What do you remember about your parents and grandparents?
What did you learn from them?
How did you learn it?
What should your family know about them?
What do you want to send to the future?
To change a culture, the first thing that must go is the traditions
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The Best Gift
 What would you like to know about your family’s past? Can
you still find the information?
 How much do you know about all the people in your
family’s photo albums, home movies and recordings?
 Are there any questions that you would ask your parents, or
grandparents if you had another chance?
 What do you want your family to remember about the past?
 What traditions, values and beliefs need to be
permanentized?
What could be better than a gift of answers?
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The Best Gift
 What made it difficult to deal with your parents’ death?
 What could they have done before they died to make things
easier for you to wrap up their lives and their estate?
 Upon reflection, what could you do to make it easier for
your family to deal with your death?
What could be better than a gift of answers?
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Ethical Wills
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A way to be remembered and to leave something behind
Who will tell your story if you don’t?
A way to put into writing what you value most and what you
stand for.
By articulating what you values now, you can take steps to insure
the continuation of those values for future generations
You will learn a lot about yourself in the process
You will come to terms with your mortality by creating something
of meaning that will live on after you are gone
It provides a sense of completion in your life
This is the wrapper and the bow around all that you own
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Finishing the Movie
 How do you want your movie to end?
 What do you want your family to remember about you?
 What do you want your family to remember about your
parents and grandparents?
 If you could share five things about life with your children
and grandchildren, what you tell them?
 Would you like to offer specific advice to anyone in
particular?
 Are there any relationships that need repair?
 Who is prepared to take over your role as head of the
family?
http://video.google.com/videoplay?docid=440900812139281725
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But…
Is it possible that your movie script
will be completed by someone else?
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Could This Tragedy Be Avoided?
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Stuff Happens…
Are you prepared for an Emergency?
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Death is inevitable;
the mess is avoidable
“The lack of knowledge deprives
people the opportunity to mourn.”
-- Martin Kuritz - Author
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What are you
leaving to chance?
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Have you ever called the
babysitter because you
forgot to tell her something?
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Does your family’s legacy come with an owner’s manual?
Owner’s Manual
Peace of Mind
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The Most Qualified Executor
Who is the most qualified person to
handle the final affairs of your estate?
If you won’t be around to do it yourself,
who has the information to do it right?
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Questions
Will your spouse have to search for a:
 Financial Advisor?
 An Accountant
 A Lawyer
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Making Things Easier for Your Heirs
Now what happens when you’re no longer “available”?
Will your heirs have ready access to all the
information they need to handle your estate?
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Making Things Easier for Your Heirs
Do you have:
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A will?
A trust?
A living will?
Real estate?
IRAs and/or a 401(k)?
Investments?
Debts and Mortgages?
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Making Things Easier for Your Heirs
Do you:
Take medications?
Have life insurance?
Have a lawyer?
Have an investment advisor?
Have IDs and Passwords?
Have “final “arrangements”?
Have a Disaster Recovery Plan?
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Making Things Easier for Your Heirs
Your heirs, executor, administrator will need to know:
 The location of al important documents,
 how to contact certain people and a lot more!
Have you recorded all that information?
 Where?
 How?
 Who knows where it is?
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The Owner’s Manual
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"The attorney who utilizes a caring
approach to death issues can be assured
of a continuing stream of referrals from
clients. `The Beneficiary Book' may be
the way to facilitate that process."
--Law Practice Management Magazine
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"The advice you’ll find in this book is what
you write yourself.
And that’s the beauty of it… It’s designed
to tell everyone where everything is – and
advise them what to do once they find it."
- Susan Tompor, Detroit Free Press
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Advantages
An organized way to give your family the answers
they will need.
It reduces stress for your loved ones
It is a way to test drive your plan to make sure
everything is in order
It is an easy fill-in the blanks approach
It is easy to change and update
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Table of Contents
1.
Personal and Medical Information
2.
First Things To Do In An Emergency
3.
Estate Plans and Final Wishes
4.
Finances, Investments and Insurance
5.
Inventories
6.
Business Interests
7.
Strictly Confidential
8.
Everything Else
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Making Things Easier for Your Heirs
Some items you might not think of on your own
 Location of circuit breaker box
 Where to turn off water supply
 Utility companies – how to contact
 Credit card information
 Alarm system code & password
 Home maintenance companies (lawns, pool, etc,)
 Doctors, medication, etc.
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When The time comes, will the scripts be ready?
Owner’s Manual
Peace of Mind
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Summary
If you don’t get The Beneficiary Book ……….
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