3-8-2013 meeting of the Rotary Club of Chickasha.
Posted by Jerry Pittman
on Mar 20, 2013
Rotarian and attorney Bob Hayes was guest speaker at the 3-8-2013 meeting of the Rotary Club of Chickasha.
The March 8, 2013 meeting of the Rotary Club of Chickasha opened with a prayer, pledge and a verse of God Bless America, led by the talented Judge Tim Brauer.
Guests included Van Bingaman.
Prayer concerns include Susan Lindley and Bill and Janice McVey. A joy was the announcement of the birth of Larry Brown's grandchild.
Rotarian of the Day was Dr. Jim Winslow who introduced Rotarian and attorney Bob Hayes as guest speaker.
Bob talked about the importance of having a will or trust in place before you die. His recommendation: die with either a will or trust, but not neither.
In the case of joint tenancy, the estate passes to the surviving spouse with no probate. But when the survivor dies without without a will they are "intestate," and the state determines distribution of the estate.
Bob's key point: BE SURE TO HAVE A WILL OR TRUST!
He listed some of the advantages to a revocable trust which include, avoiding probate; easily amended; easily terminated and they maintain privacy.
He said wills are amended by preparing codicils. He said in Oklahoma getting a hand-written will notarized will invalidate it because state law doesn't state notarization is required.
Disadvantages to trusts include that they must be funded, they are more expensive to create and a there are no tax savings.
He said he advises clients to pick what they feel is best for them because it's a toss up between the two.
The meeting adjourned after recitation of the Rotary 4-Way test.
Guests included Van Bingaman.
Prayer concerns include Susan Lindley and Bill and Janice McVey. A joy was the announcement of the birth of Larry Brown's grandchild.
Rotarian of the Day was Dr. Jim Winslow who introduced Rotarian and attorney Bob Hayes as guest speaker.
Bob talked about the importance of having a will or trust in place before you die. His recommendation: die with either a will or trust, but not neither.
In the case of joint tenancy, the estate passes to the surviving spouse with no probate. But when the survivor dies without without a will they are "intestate," and the state determines distribution of the estate.
Bob's key point: BE SURE TO HAVE A WILL OR TRUST!
He listed some of the advantages to a revocable trust which include, avoiding probate; easily amended; easily terminated and they maintain privacy.
He said wills are amended by preparing codicils. He said in Oklahoma getting a hand-written will notarized will invalidate it because state law doesn't state notarization is required.
Disadvantages to trusts include that they must be funded, they are more expensive to create and a there are no tax savings.
He said he advises clients to pick what they feel is best for them because it's a toss up between the two.
The meeting adjourned after recitation of the Rotary 4-Way test.