{"id":787660,"date":"2026-09-30T17:50:13","date_gmt":"2026-09-30T17:50:13","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/787660\/"},"modified":"2026-09-30T17:50:13","modified_gmt":"2026-09-30T17:50:13","slug":"ann-marie-mershon-column-no-time-like-the-present-to-plan-for-the-future-duluth-news-tribune","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/787660\/","title":{"rendered":"Ann Marie Mershon column: No time like the present to plan for the future – Duluth News Tribune"},"content":{"rendered":"

As a retired teacher, I\u2019m far from wealthy. I live in a lovely home and have enough money to travel on occasion. My two grown sons are managing fine without my help. So \u2014 do I need a will? Do I need a trust? What should I do to make sure my few assets get distributed fairly? Hmmm\u2026<\/p>\n

Whether you have a large or a small estate, you\u2019ll want whatever\u2019s left to benefit the people (or causes) you care about.<\/p>\n

Yup, you can\u2019t take it with you. Did you know that only 35% of adults have a will? Actually, that statistic is deceptive; 76% of adults over 65 have wills. Clearly, though, too many of us haven\u2019t planned for the future.<\/p>\n

Even if you\u2019re not wealthy, it\u2019s wise to create a will for a number of reasons:<\/p>\n

Asset distribution. Even assets with sentimental value are important and should be passed to those who will value them.Choosing a guardian. It\u2019s crucial for parents of young children to have a plan for them, just in case.Avoiding disputes. How many families do you know who\u2019ve had a falling out over inheriting items or funds? It can be heartbreaking. Second marriages, particularly, can create issues, so be prepared.An executor. We need someone we trust to oversee the administration of our estates, large or small.Peace of mind. You might sleep better knowing your affairs are organized for those you\u2019ll leave behind.<\/p>\n

If you balk at the expense of an attorney, you can find customized, state-specific will templates online. Google the phrase \u201cwill templates\u201d and your state to find one, then take the time to complete it. You must have it notarized to make it official.<\/p>\n

Basically, a trust is a separate entity that holds your assets for you. The trustee may be an individual of your choice or a business that manages trusts.<\/p>\n

You choose which assets to transfer to the trust, which might include your savings, stocks, investments and\/or your house. You will also choose beneficiaries for the trust: family members, friends or businesses.<\/p>\n

There are two types of trusts, a revocable and an irrevocable trust. Either will protect your assets and set conditions for their dispersal, ensuring that your financial wishes are followed. A trust can help your estate avoid taxes and probate as well as protect your assets from creditors. A revocable trust can be altered during your lifetime. An irrevocable trust cannot be changed (a little scary).<\/p>\n

A living trust, another option, is an ongoing \u201caccount\u201d set up for someone to use during their lifetime, often an underage child or a disabled relative. It\u2019s controlled by a trustee you choose.<\/p>\n

NOK stands for next of kin, and a NOKBOX is a collection of all the information your loved ones will need when that day finally comes, organized in tidy files (a challenge, I know). It should be a paper file with information about all your accounts, procedures and passwords. You can save your family the agony of plowing through files and computers by compiling everything in one place for them.<\/p>\n

These are the most important items to include:<\/p>\n

Information (and a key) for accessing your safe deposit boxVital records: birth certificates, marriage certificates, divorce certificates, death certificates of pertinent family members, and military records.Computer passwords, including the password to access your computerDriver’s license and social security cardReal estate documents and deeds, mortgage, and tax informationInsurance policiesLawyer, accountant and financial adviser informationAdvance health directiveCopies of your most recent will and\/or trustA list of particular items and the person(s) you\u2019d like to receive them.Durable Power of AttorneyDebtor information \u2014 active credit cards and loansMembership duesFuneral instructionsContact information for friends and family (for death announcement and funeral)Home details \u2014 car keys, house keys, proceduresPet information \u2014 pet care, vet information, etc.A list of scheduled payments to be canceled.<\/p>\n

Another item you might include is letters to your loved ones. It takes time to do all this, but we should prepare for the end of our lives, wealthy or not.<\/p>\n

Hopefully that day is far in the future, but who knows?<\/p>\n

<\/p>\n

\"Ann<\/p>\n

<\/a><\/p>\n

Ann Marie Mershon is a Grand Marais-based retired English teacher and counselor. Her writing exploits include three books, a blog on her years in Turkey, numerous magazine articles, and hundreds of newspaper columns. You can learn more about her writing accomplishments at www.annmershon.com.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"As a retired teacher, I\u2019m far from wealthy. I live in a lovely home and have enough money…\n","protected":false},"author":2,"featured_media":787661,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[84,259329,259330,4176,4174,4175,56,54,55],"class_list":["post-787660","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-dnt-social-media","tag-duluth","tag-finance","tag-personal-finance","tag-personalfinance","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/787660","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=787660"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/787660\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/787661"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=787660"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=787660"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=787660"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}