b'messenger MIDWEST INSULATION CONTRACTORS ASSOCIATION 7250 POE AVE., SUITE 410 - DAYTON, OH 45414 - micainsulation.org VOLUME 57NO. 6 JUNE 2023 WHATS INSIDE THIS MONTH:all claims from creditors and competing claims from heirs. If you have not named an executor to If You Were to Die This Week, Do You Know Whatoversee the distribution of your assets, an executor Would Happen to Your Assets? is appointed by the court. Presidents Message MICA Leadership/Board of DirectorsPlanning is as natural to the Dodge Momentum Index Declines In April After Pullback In Commercial Planningprocess of success as its Top Five Heat-Related Illnessesabsence is to the process of Five Issues That Damage Manager/Teamfailure.Relationships Save the Date Report Shows Younger Generation of Parents IsWhy Do You Want Your Estate to Avoid More Open to Alternative Education PathsProbate? Exline Inc. Works with Kansas Department of Labor to Earn SHARP StatusIt is expensive. Up to 10% of your estate can be Steps To Address Disaster Planninglost to probate costs alone. Costs may include Construction Employment Added Jobs in Maycourt fees, legal fees (to the executor of the estate, or to resolve disputes), appraisals, and If You Were to Die This Week, Do You Knowaccountingservices. What Would Happen to Your Assets? It is a lengthy process. While it is possible for an By: Larry Oxenhamestate to be probated in six to twelve months, American Society for Asset Protectionit is also common for the process to take years.The vast majority of AmericansIt is an invasion of privacy. Your entire estate will cant answer this question. Creatingbecome a matter of public record during the an effective estate plan ensures youprobate process. Anyone can go to the court-can effectively answer thishouse and learn what assets are in the estate, question. Without an effective their value, and to whom the assets are to be estate plan, a portion of your estatedistributed. There are instances of dishonest will be lost to probate costs andpeople searching probate records to find assets taxes. they can take.How Do I Set Up an Effective Estate Plan?What is Probate?The key document to an effective estate plan is a Probate is the legal process by which a courtrevocable living trust. A revocable living trustdistributes the assets of a deceased person accordingenables you to avoid probate, keep your estateto their last will and/or state law. The court firstdetermines the validity of the will and then resolves CONTINUED ON PAGE 4 1'