All Contents Copyright, 2008-2009
Timothy J. Trott.
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WHERE THERE’S A WILL…YOU CAN AVOID PROBLEMS
One of the simplest and most neglected legal tasks we can perform for our families is to prepare a will. When you have a will you and you alone decide who will receive what you want your heirs to receive. Without a will, the State makes those decisions for you. And that often leads to a lot of unpleasantness among family members.
When you visit my office for a will, or more comprehensive state plan, we’ll cover all the necessary issues. We’ll talk about any questions or concerns you may have. I’ll then quote you a flat, fixed fee. No surprises. Then I shall personally prepare all the documents and review them with you. Together we’ll make sure you have the estate plan that’s right for you and your family and it won’t cost your children’s inheritance to do it!
Here’s a useful checklist that I review with all my clients.
ESTATE PLANNING CLIENT CHECKLIST
To develop the estate plan that's right for you, please consider the following items. It is important to provide your lawyer with as much detail as you can for each of the following items. Please do not hesitate to call our office with any questions as you go through this process.
1. Inventory of assets. Prepare a list of your possessions: cash, stocks, bonds, real estate, pension, IRA, cars, jewelry, etc.
2. Beneficiaries, i.e. who gets what (include contingent beneficiaries, too, in case your original beneficiary dies)
3. Name your EXECUTOR (also name a contingent Executor in case your first Executor cannot or will not serve). What kind of powers do you want your Executor to have? Discuss with your attorney before the will is prepared.
4. Do you wish to make any charitable gifts?
5. Are there any specific bequests (i.e. Joe gets Aunt Sally's vase; but if the vase is lost or damaged, Joe gets nothing).
6. Do you wish to make an anatomical gift?
7. List your payable on death (POD) assets--life insurance, other financial or other assets which are POD to a named beneficiary.
8. How do you want death (inheritance) taxes paid, by your residuary estate or by the beneficiaries, individually?
9. Are you likely to receive any potential inheritances yourself?
10. Children's Trust. This will protect your assets for your children while they are minors.
11. Who will be Guardian of your children if both you and your spouse die? Either you decide…or the state will decide for you.
12. Other trust interests you might like to create (marital deduction, charitable, living trust, etc.).
13. Power of attorney. Is one necessary or wise in your situation?
14. Advance Directive for Health Care (Living Will).
Timothy J. Trott
24 Market Street
West Chester, PA 19382
(610) 430-6500
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office hours and
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Member
Chester County Bar Association
Disclaimer:
The information provided on this website is for general information only. For specific answers to your specific legal questions, you should contact an attorney.
