MOUNT VERNON — As part of National Estate Planning Awareness Week, First-Knox National Bank held an informational session Tuesday evening at the Alcove Restaurant entitled “Estate Planning: Not for the Rich and Famous!!” The session was presented by Cheri Butcher, senior vice president and trust officer and Wendi Fowler, trust officer.
Butcher kicked off the session with a bit of true and false, alerting the audience that even if a person isn’t rich, they still can have an estate plan.
“It’s estimated that over 120 million Americans do not have an up to date estate plan to protect themselves or their family members in the case of sickness, disability or an untimely death. Our goal today is just to give you a broad overview of topics for you to consider in your own personal situation,” said Butcher.
Butcher went over the areas in which advanced planning can cover, which can range from guardianship of children to the management of paying bills and assets in the event of either an illness, taking care of special needs children or those with long term care needs.
Fowler went on to discuss essential estate planning documents, which can often include a will, financial power of attorney, living will, a durable power of attorney for healthcare and beneficiary designations.
“I believe that this is one of the areas that is most often overlooked in the process of looking at your estate plan ... beneficiary designations, if you think about your assets: Your checking, your savings, your IRAs, your 401(k)s, life insurance, even your real estate; you can have a beneficiary designation on many of your assets. That would help you to avoid the probate process altogether,” said Fowler.
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