When Should I Change My
If any of the
following events occur, you shoud review its potential
effect on your will and estate plan to determine whether
it should be amended or revised. (This is not an all
inclusive list) When Should I Change My Will or Estate
Advantages of Having a Will
- Power to dispose of
property according to testator's wishes.
- Appointment of guardian
for minor children.
- Appointment of executor.
- Permission to the personal
representative (executor) to carry on business, sell
assets, make tax decisions.
- Allocation of death taxes
in best way.
- Elimination of bond of
personal representative (executor or administrator).
Creation or exercise of powers of appointment.
- Permits gifts to certain
relatives, individuals, or charities, none of which
are covered by intestancy laws.
- Tax saving though marital
deductions. Providing for descent of property for
children of those who die before testator.
- Establishing testamentary
trusts with spendthrift clauses to protect
beneficiary against his of her improvidence.
- Keeping property out of
hands of future spouse of a suvivor.
assets are owned by many types of legal entities --
individuals, partnerships, corporations and trusts. A
trust is just a separate paper entity that is
established by a property owner to leave assets to his
or her beneficiaries. A trust is simply a "contract"
between the property owner and the trustee. There are
many types of trusts in use: living revocable trusts,
living irrevocable trusts, pure trusts, bankers trusts,
family trusts, charitable remainder trusts, investment
trusts, unit trusts, life insurance trusts, etc. Of all
these Trusts, a Revocable Living Trust is one of the
most popular and important Estate Planning documents in
MOST FREQUENTLY ASKED
Wills & Estates
Q. MY MOTHER/FATHER HAS PASSED AWAY. WHAT DO I DO?
A. DID HE/SHE LEAVE A WILL? MAKE APPT. TO DISCUSS.
Q. HOW CAN I PROTECT MY
ASSETS FRO1,1 GOING TO A NURSING HOME?
A. MAKE APPOINTMENT TO DISCUSS ESTATE PLANNING.
Q. DO I NEED A WILL?
A. MAKE APPOINTMENT TO
Q. IF I DON'T HAVE A WILL,
WHAT HAPPENS TO MY PROPERTY?
A. IT WOULD GO TO YOUR
NEAREST RELATIVES (HUSBAND/CHILDREN).
Q. WHAT IS A LIVING WILL
AND DO I NEED ONE?
A. IT OUTLINES YOUR WISHES ABOUT ARTIFICIAL LIFE SUPPORT .
Q. WHAT IS A HEALTH CARE PROXY?
A. IT GIVES THE PERSON YOU APPOINT THE POWER TO ACT AND DECIDE
MEDICAL ISSUES ON YOUR BEHALF WHEN YOU ARE UNABLE TO.