Getting Your Affairs In Order: 5 Essential Documents Presented to University of Washington By UW CareLink Faculty and Staff Assistance Program

© 2012 APS Healthcare, Inc. 2 Getting Your Affairs in Order Welcome and Introductions

© 2012 APS Healthcare, Inc. 3 Agenda Identify the five important documents that you should have ready in the event that something unexpected occurs Discuss the difference between a trustee and a beneficiary Discuss the importance of being prepared for life changes (both expected and unexpected)

© 2012 APS Healthcare, Inc. 4 Preparing for the Unexpected Accidents Illness Natural disaster

© 2012 APS Healthcare, Inc. 5 Survey A.Feel very comfortable about having things in place B.Have started thinking about it C.Haven’t really thought about it at all Where are you in the process of getting your affairs in order?

© 2012 APS Healthcare, Inc. 6 Organize Your Family’s Future Prepare your family for the future and the unexpected Do not leave your family in the dark about your plans Allow your family members (if they are old enough) to have an opinion on your wishes

© 2012 APS Healthcare, Inc. 7 Will (Last Will and Testament) Describes how your estate is to be distributed Must have an Executor of Will to: –Manage the estate –Make sure all of your provisions are followed –Pay estate taxes and expenses –Clear up any debts Be sure to keep it up-to-date and valid for your state

© 2012 APS Healthcare, Inc. 8 Power of Attorney Authorizes someone to act on your behalf Allows your family to avoid having to go to court for guardianship Only goes into effect if you are found to be unable to make your own decisions

© 2012 APS Healthcare, Inc. 9 Advance Directives Includes a Living Will and Durable Power of Attorney for Health Care Outlines your wishes concerning end-of-life medical care Gives a trusted friend or family member the authority to make health care decisions

© 2012 APS Healthcare, Inc. 10 Letter of Instruction Personal letter from you to the Estate Trustee of your will Should include: –Names of those to notify –Particular funeral arrangements –Last messages you would like to pass along Should not include: –Transfer of assets –Any differences from your will

© 2012 APS Healthcare, Inc. 11 Inventory of Finances List of your financial and legal documents –Give locations –Keep one copy in your home or at another safe location Tip: Do not keep all of your financial and legal documents in bank safe deposit boxes. The safe deposit boxes may be kept closed while your estate is in probate.

© 2012 APS Healthcare, Inc. 12 Survey A.One - two B.Three - four C.All five D.None of the documents are completed How many of the five essential documents do you already have completed?

© 2012 APS Healthcare, Inc. 13 Difference Between “Trustee” and “Beneficiary” Trustee Holder of property on the behalf of the beneficiary Carries out the terms of the trust Keeps beneficiaries informed of the trust Legally necessary to be at least 18 years old. Beneficiary This named person receives the trust income/assets

© 2012 APS Healthcare, Inc. 14 Importance of Being Prepared Your family will not have to figure out what you would have wanted Your affairs will be in order Your family will get exactly what you wish Your estate will be taken care of by the person of your choice Family discord can be avoided

© 2012 APS Healthcare, Inc. 15 UW CareLink Program The UW CareLink Faculty and Staff Assistance Program is a valuable resource It is provided at no cost to you and your immediate family and household members Services are available on a per-issue basis allowing individuals to access the program as different needs arise Simply Call: , 24 hours a day, 7 days a week, 365 days a year

© 2012 APS Healthcare, Inc. 16 Available Services Services available to benefit eligible faculty and staff and their immediate family members Confidential Up to 5 counseling sessions per issue Financial/Legal Consultation & Referral Services Dependent Care and Daily Living Consultation and Referral Company code: UWwww.apshelplink.com EAP Counselors are available 24/7 Information, Referral, Follow-Up Management Consultation

© 2012 APS Healthcare, Inc. 17 Thank You! Questions?

© 2012 APS Healthcare, Inc. 18 Works Cited Last Will and Testament. (2011). Retrieved from Power of Attorney. (n.d.). Retrieved from Advance Healthcare Directive. (n.d.). Retrieved from Estate Planning: Preparing a Letter of Last Instructions. (2011). Retrieved from Ryan. (n.d.). How to Organize Your Finances with a Financial Inventory. Retrieved from What is the difference between a Trustor, a Trustee and a Beneficiary? (n.d.). Retrieved from