ESTATE PLANNING HIGHLIGHTS SENIOR-WISE PROGRAM

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                (Casper, WY) -- It's never too late or too early to begin an estate plan. That was the message from Jennifer Rohrer of Hilltop Bank (pictured above) when she addressed the Senior-Wise discussion group at the Casper Senior Center December 2. "In fact," she said, "it's relevant for all situations and stages in life." She explained that all your estate is made up of all your assets. "That includes things like your house, savings accounts, certificates of deposit, investments, personal property and your vehicles; those are all considered when it comes to distributing your estate." 

                She said the two most common procedures to transfer assets at death are a probate estate (at death) and a trust (established during the person's life). If you only have a will (and haven't set up a trust) and your assets total more than $200,000 then the estate must go through probate.  "If you have a trust then it doesn't go through probate," she said, "and probate can be a lengthy process. In my years at Hilltop Bank I've never had an estate go through probate and close in less than a year." She also noted that it can be a costly process and it's public process, too, so anyone who wanted to know about your estate could find that information through the courts.

                The other common procedure to transfer assets at death is through a trust, which is a document that includes a detailed set of instructions and includes three roles. "There is the grantor," she began, "which is the person who established and funded the trust. The trustee administers the trust. The beneficiary receives the benefits of the trust." She also explained that the distributions from a trust can extend for generations. For instance, a trust could include distribution of mineral interests or could be set up to pay for the education of grandchildren and successive generations. Specific ages could be set for the beneficiaries to receive your assets, as can specific reasons for the use of the assets such as health or eduction.

                "There are several important things to remember," she concluded. "Estate planning is not just for the wealthy. It's not just what happens at your passing, it's also for planning what happens during your life. And it's good to set up your own estate plan because you can tailor it to your own specific needs."

                She said most financial institutions offer basic estate planning services for their customers and she also reminded the Senior-Wise gathering that she wasn't offering legal advice but was offering some suggestions for estate planning starting points. 

                Senior-Wise is an information and discussion program held Tuesdays at 12:30 at the Casper Senior Center.