0 valutazioniIl 0% ha trovato utile questo documento (0 voti)
23 visualizzazioni21 pagine
The document discusses key aspects of creating and reviewing a will, including:
1) It outlines the purpose of a will as stating an individual's wishes for how their property will be disposed of after death.
2) It provides guidance on important elements to include in a will such as debts, taxes, tangible personal property, real estate, and residual clauses.
3) It recommends periodically reviewing a will to ensure it accurately reflects one's current assets, family situation, and wishes. Key items to check include beneficiaries, property ownership and tax laws.
The document discusses key aspects of creating and reviewing a will, including:
1) It outlines the purpose of a will as stating an individual's wishes for how their property will be disposed of after death.
2) It provides guidance on important elements to include in a will such as debts, taxes, tangible personal property, real estate, and residual clauses.
3) It recommends periodically reviewing a will to ensure it accurately reflects one's current assets, family situation, and wishes. Key items to check include beneficiaries, property ownership and tax laws.
The document discusses key aspects of creating and reviewing a will, including:
1) It outlines the purpose of a will as stating an individual's wishes for how their property will be disposed of after death.
2) It provides guidance on important elements to include in a will such as debts, taxes, tangible personal property, real estate, and residual clauses.
3) It recommends periodically reviewing a will to ensure it accurately reflects one's current assets, family situation, and wishes. Key items to check include beneficiaries, property ownership and tax laws.
Before you Die Do a physical and non physical items inventory (list all your property above $100) Assemble a credit cards & debts list Make an organization & Charitable memberships list Send a copy of your assets list to your estate planner Review you Bank acc, other investment acc, life insurance policy & annuities for the beneficiary designations and signed TOD (transfer on death) Create a Will Will Is written document which states an individual’s Wishes as to how, when and who he or she wants his/her property to be disposed of at death It is revocable when the individual is still alive but irrevocable at the moment of death To provide the executor clear guidance and avoid “intestacy” (the condition of an estate of a person who dies without a will, and owns property with a total value greater than that of their outstanding debts) Eliminate estate tax and other transfer cost It is a legal document and must witnessed signed and notarized Can be alter and the document will be called “CODICIL” which amend and revoked prior will. It must be signed with the same formalities as the will Intestacy Should the decedent die intestate with a spouse but no children, the spouse takes the entire estate. If a spouse and children survive, each takes some portion of the estate. If only the decedent’s children survive, they take the entire estate. If no spouse or children survive, the estate goes to the decedent’s parents, and if they do not survive, then to the decedent’s siblings or their heirs. The next level of intestate takers is the decedent’s grandparents and their heirs (the aunts, uncles, and cousins of decedent). If none of the decedent’s heirs survive, the next takers are the issue of the decedent’s pre-deceased spouse. If none of the above survive, the estate goes to the next of kin. The state is the final taker. Who can make a will A person of legal age A person who is capable to make contract. The nature an extent of his property The natural objects of his bounty (Who is his next of kin) When to amend the will (create Codicil) When the are significant changes I the value of the property that is intended to be distributed When the testator has moved from one state to another Where there have been changes in family circumstances such as births deaths, marriages and divorces etc Where the personal representative, guardian or trustee can no longer serve as originally expected When tax laws changes Where changes in business ventures occur Where disposition or other objectives change Challenge with the will The client lacked mental capacity The client was influenced at the time of the draft The will is not executed accordingly The will was forgery Why reviewing a will
Checking if the information is correct. (Investment
with the investment advisor etc) Other expenses during the liquidation of the estate Changes in the law Reviewing a will (Introductory clause)
1. Identify the client (Name spelled correctly and
including AKA) 2. Domicile of the client (Address, citizenship) 3. Checking whether this is the last will and revoking prior will. 4. The next step Administering the clients' estate (payment of debt and taxes and then payment of legacies /a gift of personal property or money to a beneficiary ) Disposes of legacies and describe obligations Debt Clause Include payment of debts, expenses and costs Purposes: To note the origin from which debt will be paid To establish as debts items that might not otherwise be considered the client or testator’s obligations Does the testator have rights to property held in the trust of another person Will the beneficiaries receive more or less than the client intended when the will was drawn. Did the will include detailed of funeral arrangement Does the client intend that “payment of debts” left to a specific individual. Tax Clause If there is no tax clause or if it does not adequately address the payment of a particular death tax state law will allocate the burden of taxes among the beneficiaries The will must provide the name who pay all the taxes Tangible personal property clause Purpose is To provide for who will receive personal property and the terms under which they will receive it Have the client include all the belonging Has provision been made in case the item left by to a beneficiary is not owned by the decedent at death Who should received the insurance if items are lost Provision for personal effect certain property Be as detail and precise as possible. Avoid the word “the contents” General check up legacies Has the property been left outright to a minor who is legally incapable of handling it? Are all beneficiaries named alive? Are there backup beneficiaries? Are the gifts conditioned and the conditions on events that are impossible and in violation of the law. If the client is intentionally omitted something check the validity Real Estate clause The purposes are: Specify which real estate is to e disposed of under the will. To handle problems where the property has bee sold or destroyed prior to the testator’s death. Intangible asset Has provision been made in the event the primary beneficiary does not survive the decedent? Does the will spell out what gift is made If the decedent does not possess at the time of death, the stock mention in the will? What if the stock had been sold but new stock was purchase with the proceeds? Stock split etc Residuary clause The purposes are: Transfer all assets not disposed of up to this point Provide alternative disposition in case the primary beneficiary has died or the trust to which probate assets (i.e All the rest, residue, and remainder of the property that I own at the date of my death, real and personal, tangible or intangible, regardless of where it is situated, I leave to my daughter, Larrissa Grieg. But if Larrissa Grieg does not survive me, then I leave the said property in equal shares to my grandchildren, Ronald Reimus and Reginald Reimus or to the survivor of them, per stirpes.) Check with the closest relatives and is it contradicting to the purpose? Exceptions in the will (children place in the care or not yet fully capable to handle to estate Does the will address the possibility of birth of a child to the client? If the beneficiary dies, who should receives the estate. Power Clause The purposes are: Give the executor specific power and authority over and above those provided by the state law to enable the executor to conserve and manage the property Set boundary and limit the executor authority Provide authority to continue a business Protect the executor against suit by other beneficiaries
Are there any asset requires special powers to fulfill
the desire of the client Conflict of interest Appointment of fiduciaries clause To administer the testor’s estate and any trist that the will creates To give the executor the appropriate power to act on behalf of the estate and carry out the terms of the will How the executor is to be compensated The name guardian and successor of any minor child of the testator. Is he/she willing and able to perform as a guardian? Specify the authority of and decision making process for co-executor Testator’s signing clause The purposes are: To establish that the document is intended to be the testator’s last will To meet the statutory requirements and the conclusion of the will State the date
Check for no other points after it and number the
page All the copies signed Attestation clause (Witness clause) Purposes are: Witnessthe testator’s signing Comply with the statutory requirements
Comply with the law requirements
Check whether the three witness have signed in all
the documents and copies Are the witnesses beneficiaries under the will? (it is inadvisable) Information about the witness (address, relation etc) Other clause Tax consideration If the beneficiary disclaim any interest in the estate