Grooms give estate planning advise
Posted by : September 8, 2012| On :
Monitor Staff Writer
GUN BARREL CITY–Groom Insurance and Tax Agency owners Andrea and Mike Groom filled in as last minute guest speakers for Rotarians at their weekly meeting Aug. 31.
The Grooms spoke about probate and estate planning, divulging a few very important tips.
The first and most important step, according to Mike Groom, is get a will.
“If you don’t have a will, the state of Texas will make one for you and you may not like the results,” Groom said.
“It can be a very cumbersome and expensive process,” he added.
The next important step is to have alternate executors and to have those executors listed on any safety deposit boxes so they may access your important documents in the case of an unexpected death.
Executors should also have access to digital assets including passwords.
“Choose executors wisely,” Groom says, “have the utmost confidence in them so they won’t abscond with your assets.”
Groom also advises to put in place a Health Care Power of Attorney in combination with your will so their is no mistake regarding who makes decisions in the event you are unable to do so yourself.
Andrea Groom also advised to beware of internet wills as they are more complicated, need extra testimony and may need pleading to go through probate.
“Be specific as to where you want your property and assets to go,” the Grooms emphasized.
Saving copies of all documents including IRAs, 401K, and checking and saving accounts is also a wise decision.
In other news, Rotarians heard:
• Mabank Spirit Week Fundraiser is Sept. 10-14. This year’s proceeds will benefit the Ronald McDonald House and the Humane Society of Cedar Creek Lake.
Included in the fundraising events will be a four-man golf scramble and a carnival at the high school Monday, Sept. 10 and cheerleaders will paint windows for donations.
Other events are planned by all Mabank school campuses.