Last Will and Testament
There are two reasons why estate planning is done: Control of property, and reduction of estate taxes. Effective estate planning permits the opportunity to insure property passes according to the preferences of the Testator (Will writer), at the same time addressing options to reduce exposure to estate taxes. The most commonly used instrument in estate planning is the Last Will and Testament.
A Last Will and Testament is a written document expressing the Testator's directions concerning how assets and property will be distributed upon the Testator's death. A Will permits the Testator to identify the Executor, or Personal Representative, the person who will distribute the property and pay debts after the Testator's death. A Will also allows the Testator to designate a Guardian for minor children, the person who will be responsible for minor children and the management of their property after the Testator's death.
People who die without a Will are called Intestate.
What happens to property owned by someone who dies without a Will ?
Click here to find out about intestacy!
Does everyone need a Will? Not necessarily. Some people may choose not to execute a Will because they are satisfied with the distribution scheme set out by their state's intestacy laws. However, anyone with minor children or a distribution scheme other than provided for intestacy laws should consider executing a Last Will and Testament.
Minor Children: When someone with minor children dies, the court will normally appoint the person designated in the Will to be the Guardian of the children. The person designated as Guardian in a Will should be someone known and trusted by the Testator, and the possibility of assuming guardianship should be discussed with the individual prior to designation as Guardian.
Normally, minor children will not inherit property outright. A person will be pointed to manage the property inherited by a minor until the minor reaches the age of majority (unless the property is held by a Trust). Property managed for a minor child without a Trust can be held until the child reaches the age of 18 or 21, depending on the wishes of the Testator.
Estate Taxes: An important consideration in estate planning is estate taxes (sometimes called "Death Taxes"). Estate taxes are those taxes imposed by the state or federal governments on property passing at someone's death. Depending on the size of the estate, prior planning can often legally reduce the amount of estate taxes payable at death. Estate planning for tax purposes is complex and requires a complete analysis of all assets owned.
Property: Not all property passes through a Will. Life insurance proceeds go directly to named beneficiaries and do not pass through a Will. Depending on how owned, real estate, vehicles, financial accounts, and other property may not pass through a Will. It is important to be able to identify how property is owned in order to accurately assess whether the property will be subject to the terms of a Will.
For property that does pass through a Will, all types of property can be identified with beneficiaries named. Specific bequests giving certain property to specific beneficiaries can be detailed, or general bequests to groups of beneficiaries can be listed.
Trusts: A Trust is a legal entity established to control property placed into the Trust by a Trustor. A Trust can be funded while the Trustor is alive (a living trust) or by operation of a Will (a testamentary trust). A Trust can be used to manage property for minor children until they reach a selected distribution age, to manage property for an elderly or incompetent adult, or to manage property in order to take advantage of estate tax reduction schemes. Trust assets are managed by an appointed Trustee for the benefit of named Beneficiaries. Depending on the terms and type of Trust, property can be accessed prior to final distribution only for limited purposes set forth in the Trust.
Updating a Will: Wills should be updated whenever there is a change in family circumstances such as a birth, marriage, divorce, or death. Updating a Will necessitates review of named Executors, Beneficiaries, Guardians, and Trustees.
How to get a Will: Call your servicing Legal Assistance Office for information concerning estate planning.
What to do with a Will: Please see information about copying and storing a Last Will and Testament.
Instructions to Family Members: Please review a sample Letter of Instruction containing information helpful for surviving family members.
There are two reasons why estate planning is done: Control of property, and reduction of estate taxes. Effective estate planning permits the opportunity to insure property passes according to the preferences of the Testator (Will writer), at the same time addressing options to reduce exposure to estate taxes. The most commonly used instrument in estate planning is the Last Will and Testament.
A Last Will and Testament is a written document expressing the Testator's directions concerning how assets and property will be distributed upon the Testator's death. A Will permits the Testator to identify the Executor, or Personal Representative, the person who will distribute the property and pay debts after the Testator's death. A Will also allows the Testator to designate a Guardian for minor children, the person who will be responsible for minor children and the management of their property after the Testator's death.
People who die without a Will are called Intestate.
What happens to property owned by someone who dies without a Will ?
Click here to find out about intestacy!
Does everyone need a Will? Not necessarily. Some people may choose not to execute a Will because they are satisfied with the distribution scheme set out by their state's intestacy laws. However, anyone with minor children or a distribution scheme other than provided for intestacy laws should consider executing a Last Will and Testament.
Minor Children: When someone with minor children dies, the court will normally appoint the person designated in the Will to be the Guardian of the children. The person designated as Guardian in a Will should be someone known and trusted by the Testator, and the possibility of assuming guardianship should be discussed with the individual prior to designation as Guardian.
Normally, minor children will not inherit property outright. A person will be pointed to manage the property inherited by a minor until the minor reaches the age of majority (unless the property is held by a Trust). Property managed for a minor child without a Trust can be held until the child reaches the age of 18 or 21, depending on the wishes of the Testator.
Estate Taxes: An important consideration in estate planning is estate taxes (sometimes called "Death Taxes"). Estate taxes are those taxes imposed by the state or federal governments on property passing at someone's death. Depending on the size of the estate, prior planning can often legally reduce the amount of estate taxes payable at death. Estate planning for tax purposes is complex and requires a complete analysis of all assets owned.
Property: Not all property passes through a Will. Life insurance proceeds go directly to named beneficiaries and do not pass through a Will. Depending on how owned, real estate, vehicles, financial accounts, and other property may not pass through a Will. It is important to be able to identify how property is owned in order to accurately assess whether the property will be subject to the terms of a Will.
For property that does pass through a Will, all types of property can be identified with beneficiaries named. Specific bequests giving certain property to specific beneficiaries can be detailed, or general bequests to groups of beneficiaries can be listed.
Trusts: A Trust is a legal entity established to control property placed into the Trust by a Trustor. A Trust can be funded while the Trustor is alive (a living trust) or by operation of a Will (a testamentary trust). A Trust can be used to manage property for minor children until they reach a selected distribution age, to manage property for an elderly or incompetent adult, or to manage property in order to take advantage of estate tax reduction schemes. Trust assets are managed by an appointed Trustee for the benefit of named Beneficiaries. Depending on the terms and type of Trust, property can be accessed prior to final distribution only for limited purposes set forth in the Trust.
Updating a Will: Wills should be updated whenever there is a change in family circumstances such as a birth, marriage, divorce, or death. Updating a Will necessitates review of named Executors, Beneficiaries, Guardians, and Trustees.
How to get a Will: Call your servicing Legal Assistance Office for information concerning estate planning.
What to do with a Will: Please see information about copying and storing a Last Will and Testament.
Instructions to Family Members: Please review a sample Letter of Instruction containing information helpful for surviving family members.
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