9781564148537

20 Questions to Ask About Wills & Estates will help you and your loved ones expect-and plan for-the unexpected. Learn how to use Will and Estate planning to preserve and pass on wealth to loved ones, to make the most of insurance and retirement benefits, to minimize taxes, and to promote family welfare and harmony.

Robert Zafft is a Harvard-trained lawyer and member of the Illinois and Missouri bars. He is a Principal with the private-equity arm of Exigen group and former partner in the Salans international law firm and a management consultant with McKinsey & Company

Introduction

11

(13)

What Happens if I Die Without a Will?

13

(5)

What Is a Last Will and Testament?

13

(2)

What Law Applies?

15

(1)

Guardianship of Minor Children and Property Left to Them

16

(2)

What Is Probate and How Much Time and Money Does It Take?

18

(7)

Some Basic Definitions

18

(1)

Starting the Process

19

(2)

Deadlines and Challenges

21

(1)

Public Notice, Public Scrutiny

22

(1)

Treatment of Creditors

22

(1)

Homestead and Surviving Spouse Allowances

22

(1)

Distributions to Heirs and Length of the Probate Process

23

(2)

What Are the Best Ways to Avoid Probate?

25

(6)

Transfers in Trust During Lifetime

26

(2)

Joint Tenancy/Ownership With Rights of Survivorship (JTWROS)

28

(1)

Transfer-on-Death Provisions

29

(1)

Gifts During Lifetime

30

(1)

When Can Joint Property Be a Trap for the Unwary?

31

(5)

Tenancies by Entireties

31

(1)

Joint Tenants/Ownership With Rights of Survivorship (JTWROS)

31

(1)

Tenants-in-Common

32

(3)

Final Thoughts

35

(1)

When Should I Write My Own Will?

36

(5)

Holographic Wills

36

(1)

Pre-Printed Wills

37

(2)

Handwritten Changes to a Will

39

(1)

Penny Wise and Pound Foolish

40

(1)

How Much/Little Can I Leave My Spouse?

41

(6)

How Much Can I Leave?

41

(1)

How Little Can I Leave?

42

(3)

Other Considerations

45

(2)

When Is It Fair to Treat My Children Unequally?

47

(8)

Why Equal Is Easy, But Not Always Equitable

47

(1)

Why Your Will Must Name All of Your Children

48

(1)

Real-Life Examples of Unequal Being Fair

49

(5)

How You Can Lessen the Chances of Animosity or a Court Battle

54

(1)

How Should I Leave Money or Property to Someone Not Old or Wise Enough to Manage It?

55

(5)

Trusts

56

(1)

Transfers in Installments

56

(1)

Custodianship

57

(1)

Common Concerns

58

(2)

How Should I Divide the Indivisible, Such as Family Homes, Heirlooms, and Businesses?

60

(5)

Heirlooms and Jewelry

61

(1)

Family Home

62

(1)

Family Vacation Home

62

(1)

Family Business

63

(2)

Who Should Be My Executor or Trustee?

65

(7)

Some Basic Terms

65

(1)

Executors/Personal Representatives

66

(3)

Trustees

69

(3)

How Should Pension and Retirement Benefits Figure Into My Estate Planning?

72

(6)

Social Security Benefits

72

(1)

Level of Benefits

72

(2)

Pension Plans

74

(1)

401(k) Account

74

(1)

Individual Retirement Account (IRA)

75

(3)

When Do I Need to Worry About Federal Estate Taxes?

78

(6)

Exempt Amount and Rates

78

(2)

Determining the Gross Estate

80

(4)

What Are the Basics of Federal Estate-Tax Planning?

84

(6)

Make Gifts During Your Lifetime

84

(2)

Combine the Exempt Amount and the Marital Deduction

86

(4)

How Should I Use Life Insurance to Protect My Loved Ones?

90

(6)

Why Life Insurance Is Different

90

(1)

Some Basic Terms

91

(1)

Advantages of Life Insurance

91

(1)

Where Do I Buy It?

92

(1)

How Much Do I Need?

92

(1)

What Kind Should I Buy?

93

(3)

What Must I Do if I Am Getting Married or Remarried?

96

(6)

Premarital Agreements

97

(1)

Rights to Benefits

98

(1)

Remarriage

99

(3)

What Must I Do if I Am Getting Divorced?

102

(7)

Legal Separation

102

(1)

Divorce

103

(2)

Effect of a Spouse's Death on Separate Property

105

(1)

Effect of Divorce on Wills, Trusts, and Insurance Policies

105

(1)

Effect on Assets in Trust, Insurance Policies Varies By State

105

(3)

When Is a House Not an Asset?

108

(1)

Why Should I Give Money Now Rather Than After I Die?

109

(6)

The Golden Umbilical Cord

109

(1)

The Golden Teat

110

(1)

Practical Considerations for Giving Now

110

(1)

Seed Money

110

(5)

How Can I Safeguard My Affairs From My Own Physical or Mental Disability?

115

(6)

Power of Attorney

115

(6)

How Do I Avoid Being Kept Alive on Machines if I am Comatose or Brain Dead?

121

(6)

Informed Consent

121

(2)

Living Wills (Declarations of Intent) are Not Enough

123

(1)

Healthcare Directive

124

(2)

Don't Rely on Family Consent Statutes

126

(1)

How Do I Find and Work With an Attorney?

127

(5)

Word of Mouth

127

(1)

Bank or Trust Company

128

(1)

Local Law Schools

129

(1)

Estate Planning Section of the Local Bar Association

129

(1)

The Importance of Personal Chemistry

130

(1)

Final Word

131

(1)

Appendix: Sample Living Will and Related Documents

132

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20 Questions to Ask About Wills & Estates

156414853X

Summary

Author Biography

Table of Contents

Supplemental Materials

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