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- Will-describes how property will be distriuted at death
- Real: house, land
- Personal: jewlery, car, etc
- Designate an executor (handles everything after your death)
- Cannot dispose on non-probate assets (life insurance, proceeds, IRAs, employee beneift plan proceeds)
- Joint wills are not recommended; indiivdual wills can mirror each other, but dont do joint will bc propoerty can differ
- Will can designate guardian for children (but there is also a separate document)
- Debt:
- Depends on the type of debt and when it was acquired if there assets to cover it, etc
- Why do you need one:
- Ensure the right people are beneficiaries
- Avoid costly and emotional court proceedings for loved ones
- Avoid tying up assets
- How do you get one?
- Handwritten
- Possible but often problematic
- Typewritten
- requires two witnesses that are not beneficiaries in front of a notary
- Preferably handled by a lawyer
- Handwritten
- How will a lawyer visit go?
- Provides form to list any property
- Charges for preparation of both wills, livins trusts for children and other documents
- Negotiate for a flat rate
- Cost estimate for straight forward husband and wife will and contingent trust is $1500
- Living trust: setting up a trust that is only delivered upon your death to your kids but cannot access it until they are 18; have to put money in it (protects the child and designates a trustee to be in charge of assets)
- Is that it?
- Keep your will in a safe place
- Keep with attorney in case you need to make changes; safety deposit box, fire/water proof box
- Update it when they are changes in heirs
- After death, your will may need to be proved valid in court (probate) within four years
- Keep your will in a safe place
- Guardian Designation (separate form)
- Define guardians for long-term care of minor children
- Discuss this with your prospective guardians
- Provide clear guidance and documention about your wishes
- Give caregivers (non-guardians) clear instructions
- Form must be signed in front of notary
- Living Wills
- Instructions to physician to withhold or withdraw artificial life-sustaining procedures
- Signed by you and witnessed by two adults in front of notary
- Powers of Attorney
- Medical Power of Attorney
- Durable Power of Attorney
- Signed by you and two witnesses
- Should not take effect until you are dead/disabled
- Dearborn National tools: we are eligible to their other tools for online will making
Action items