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Don't put off estate planning
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People naturally procrastinate when faced with difficult decisions. Take planning for your own demise: Only 40 percent of people recently polled by Visa Inc. have an up-to-date will.
Although wills aren’t mandatory, if you don’t have one when you die, the state will wind up making decisions regarding your affairs. Similarly, if you haven’t filed other key documents, someone else — not necessarily the person you wish — will make your financial and healthcare decisions should an accident or illness render you unable.
Not to dwell on the negative, but here are a few things that could go wrong if you don’t make your wishes known:
• Court-supervised probate could hold up your estate and result in costly fees.
• Because the state usually awards assets to surviving spouses, children and other relatives, your friends and favored charitable institutions could be left out.
• With no will, the state decides guardianship for minor children whose parents have died.
• Your preferences for things like life-support procedures and burial instructions may not be followed.

What you need

Here are a few key documents you should consider to prevent these kinds of scenarios:
• A will declares who should receive your assets, chooses an executor to handle your estate and names a guardian for your minor children, among other decisions.
• With a revocable living trust you create a trust to which ownership of your assets is transferred. As trustee, you control the trust; as beneficiary, you own its assets. After you die, assets are transferred to your “successor beneficiaries” (heirs) without having to go through probate. Many folks also create a “back-up” or “pour-over” will, which essentially “pours” any newly acquired or additional property you owned at death into their trust, to avoid probate.
•  Financial durable power of attorney specifies who has the legal authority to pay your bills, manage assets and conduct other financial matters if you become incapacitated.
• Health-care durable power of attorney assigns someone to make your medical decisions if you’re unable. (Assign someone who would closely follow your wishes and can make tough decisions.)
• A living will tells doctors and hospitals your wishes regarding which medical treatments and life-support procedures you do or don’t want. Have your doctor put a copy in your medical file.

Things to do

There are a few additional considerations for any of these documents:
• Sign, date and notarize them and file for safekeeping.
• Review documents periodically, especially if your situation changes (marriage, divorce, new child, death of a beneficiary, etc.)
• Compare will or trust beneficiaries to those named in your insurance or retirement plans to eliminate conflicts.
• Before naming an executor or power of attorney, make sure they are up to the task.
• Name alternate beneficiaries and executors in case anyone dies before you.
Do-it-yourself kits like Quicken WillMaker Plus are available to create these documents, although if trusts, complex estates or large assets are involved, consider hiring an attorney specializing in estate law to draft or at least review your documents.
Spare your family from having to deal with these issues when you’re gone. Address them now.

Alderman directs Visa’s financial education programs. Sign up for his free monthly e-Newsletter at www.practicalmoneyskills.com/newsletter.
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Visit with children a real eye-opener
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One of my favorite activities as a state senator is when I get to speak to students at our local schools. This year, I spoke to third-grade students at May Howard Elementary and Marshpoint Elementary in Chatham County and Button Gwinnett Elementary in Liberty County.
The students from each of the schools had been studying civics and were familiar with the three branches of government — executive, judicial and legislative. I explained my role as a senator in the legislative process and told the children how the citizen legislature in the state of Georgia works.
Presenting each of the schools with a Georgia state flag, I explained the three principles for which the state flag stands — wisdom, justice and moderation — and had them recite the pledge to the flag with me. 
The students at all three schools were bright, respectful and well-disciplined — a tribute to their families and especially to their teachers, who had prepared the students for my visit with ideas for great questions.
The students in Ms. Hutchinson’s class at Marshpoint Elementary were impressive in singing the preamble to the Constitution during my visit. What a great way to learn such an important part of our nation’s history — another wonderful example of the great job our teachers are doing.
I was delighted last week to receive thank-you letters from some of the students. Here are excerpts from a few of their letters:
 
Dear Mr. Carter,
Thank you for taking the time out of your busy schedule to come speak to us. I learned so much! I learned that there are two kinds of Pledge of Allegiances. That is pretty cool.
Do you travel all over the world do you? I really like that you taught me more about the three branches of government.
— Megan
 
Dear Sen. Carter,
Thank you for telling us about your job and your favorite thing about your job. I liked the Georgia state flag. I still have more questions. Do you have to work on Saturday and Sunday? Are you the only one who makes the laws?
Yours truly,
Ryleigh 


Dear Sen. Buddy Carter,
Thank you for coming and letting us have a little bit of your time. I want you to know that I learned something new. The Georgia pledge! Justice, wisdom and modesty! Thanks again!
— Liam
 
Dear Sen. Buddy Carter,
Thank you for coming and helping us learn more about the government and some of your job. Thank you for giving us a Georgia flag. It was fun when you came. Thank you for giving us some questions so we could answer them.
P.S. Did you ride in a limousine? I was going to ask you a question but then I forgot. But now I remember. How many rooms are there where you work? You can send me a note if you can.
Your friend,
Erin
 
I’m uncertain whether the students learned as much from me during my visit as I learned from them. One thing that I was reminded of was the honesty that comes from the innocence of childhood. I wasn’t quite sure how to interpret some of the questions, such as the one asked in this letter:
 
Dear Sen. Carter,
I loved your speech. Thanks for coming to our school. I think my favorite part was when we held the flag. It was so fun! I have a question: How many people voted for you?
Sincerely,
Shelly
 
I also was more than a little concerned about a recurring question in the thank-you notes that was posed to me during one of my visits by a beautiful, brown-eyed girl who, with a very serious look on her face, asked “Did you ever get re-elected be-fore?”


What a great group of young people! My faith and hope in our future has been reassured. What an amazing job our families and teachers are doing on a daily basis to support and encourage our next generation. Thank you for your dedication to teaching our leaders of tomor-row.

Sen. Buddy Carter can be reached at Coverdell Legislative Office Building (C.L.O.B.) Room 301-A, Atlanta, GA, 30334. His Capitol office number is 404-656-5109

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