Scales Weighs In On Importance of an Estate Plan

Posted by Sawyer, Sr., Thomas

on May 10, 2011

Scott Scales, Vice President and Trust Department Manager for Investment and Trust Group, a division of the Milford National Bank & Trust Company was today’s guest speaker. Scott spoke about the need for everyone to have an estate plan, no matter how basic or elaborate. Scott reviewed the five basis components of an Estate Plan which are” a Will (everybody must have this if you want ANY say in what happens when you depart from this world), a Trust and it’s four options (living, testamentary, revocable, and irrevocable), a Durable Power of Attorney, a Health Care Proxy and a Declaration of Homestead. Scott reviewed the importance each component plays in the overall plan, including the importance of a simple action like the declaration of homestead. Guess we all can take care of that today with a simple on line search at the registry of deeds and a $35 check.

Scott is a former Attleboro Rotary Club member, President of the Attleboro Rotary Charities Foundation, and a Paul Harris Fellow, so he fit right in with today’s spirited discussion about Rotary Scholarships. Thanks Scott-great presentation