Kiwanis July 16 Program: Mary Lloyd, Esq. spoke on "Important papers we should all have."
Mary Lloyd, Esq. spoke on "Important papers we should all have." She is with Stickel Frahn and Lloyd, located in Chatham Borough. She began with an overview of the latest scams and then moved on to documents you need. The first thing is an up-to-date will. Many problems will come up if you don’t have an up-to-date-will. She recommends more than one executor and that all heirs be correctly shown.
She explained “portability” and how a large inheritance can be banked by filling out the correct forms. The banked funds can then be used to reduce estate taxes for subsequent heirs. Older existing trusts must be reviewed in light of the new portability law.
People need to keep in a safe place a record of their logon ID’s and passwords. Lawyers, executors and heirs have a hard time finding and processing accounts without PIN numbers. With the increasing use of technology, this is a growing problem.
Everyone needs a medical power of attorney. Every doctor asks for this and will not help you without it. Someone must know and be available to provide sensitive medical information on your behalf.
Mary talked about other important information that people should keep. She shared many stories about troubles people encountered when they did not have the needed documents.
The audience enthusiastically applauded her helpful and entertaining presentation.