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Annual Checklist for Estate Planning By Melinda Gustafson Gervasi October 27, 2023 Image by M. Gustafson Gervasi, 2023 Monday, the 30th of October, ushers in National Checklist Day .  Yes, it is a real thing according to the internet.  It's origins are tied to the aviation industry, specifically pilots and flight attendants created safety checklists to make the new era of aviation safer.  Defined, a checklist is a list of requirements, things to be done, points to be considered and or a reminder.     Within the area of estate planning and probate, here are 7 items to include on your annual checklist to ensure your plan is up-to-date and accessible: Copies of your power of attorney for health care are on file with your primary care doctor, any specialist you use, and your hospital of record as well as with the agent(s) you named to speak for you if you are too sick; Copies of your power of attorney for finances are with the agent(s) you have named to ha...

Buyer Beware - Spotting Trouble in the Land of Trusts By Melinda Gustafson Gervasi October 20, 2023 After a decade of public speaking on the ins and outs of estate planning and probate, mainly as a guest presenter for a financial education nonprofit or a local library, my words flowed freely during my talks.  After covering the basics of powers of attorneys, wills, and probate, I would briefly comment on the roles of trusts in estate planning. "A trust is a tool that functions like a basket, it holds your assets. A trust can be created during your lifetime, known as a Living Revocable Trust.  Or a trust can be formed at your death, called a Testamentary Trust.  One feature of a Living Revocable Trust is that the assets inside avoid probate at your death, and transfer directly to the people and or organizations you designate in the paperwork.  For a Living Revocable Trust to work you have to transfer your assets from your name to the name of the trust.  For examp...

Friday the 13th: Dying in the Age of Tech By Melinda Gustafson Gervasi October 13, 2023 Friday the 13th , is a day associated with all things bad luck.  From the Biblical account of 13 people attending the Last Super to the 1980s pop culture hit movie with Jason in a ski mask, this is a day known for darkness.  So it seems appropriate for today's post to mix two areas of doom and gloom: death and tech, more specifically, tech that is not easy to operate. Marriage to an electronics engineer has amped up my luddite tendencies, leaving me with less than adequate skills to operate our tech devices.   Over the years when a cell phone needed an update or it was time to install a new printer or adjust our Smart thermostat, I commonly let my spouse take the lead.  He is more more efficient, capable, and considers these tasks fun.  His professional hours are spent designing circuit boards, so the decision was a no brainer.  However, with my entrance to a new d...

Celebrating 50 -- The Gift of Decluttering By Melinda Gustafson Gervasi October 6, 2023 You only turn 50 once, so I decided to embrace the transition to a new decade rather than shun or ignore the event.  Turning 50 is far better than the alternative, something I am reminded daily as an estate planning and probate attorney.  After a celebratory weekend, complete with a bonfire with friends and quality time with my family on the University of Wisconsin - Madison campus, I spent a Monday giving myself the gift of decluttering.  More specifically, I pulled EVERYTHING out of my closet and dresser, and put back about one-third of the items.  The remainder I packed up and dropped off at my favorite local thrift store - The Dane County Humane Society Thrift Store .  It is easy for me to release my hold on a item I sort of enjoy knowing it will be generate much needed cash for animals in need.  The impact of open space was exhilarating, and I wanted more. Which le...