For The Prossessional Or Individual Fiduciary Or Family Member
Creating a Will in 2016 -Even if you are a fiduciary professional you still want to continue reading as these are also the same steps used to interview your clients, customers etc. If your just starting out its a good primer so you can discuss with your attorney, CPA or other advisor so empower yourself here right now.
My Story – So Who Do You Think You Are?
The Client Story – Start Here
Learn what general and specific goals the client wants to achieve; Married, Children, Creditor Protection, Sprendthrift provision, Grandchildren, Education, Gifting, Business, Divorced, Single, Second Marriages, Newlyweds, New Born Baby, Travel, Illness.
Always address the 5W's: Why, When, What, Where, Who
Personal Information – Gather
Assets – Probate v Non-Probate
Beginning , Middle, End – Parts of a Will
Click to subscribe to get the remaining post a some free give aways that benefit the pros sessional, individual fiduciary, beneficial or someone needing to create their Will.
(1) Take the time to gather all of the personal and financial data from the client and ask the important questions;
(2) Assets - Identify the property (home, car, cash, savings, stocks, bonds, C.D.’s, etc.), personal belongings, clothing, jewelry, etc.; tangible personal property such as household furnishings, and any other assets you may own or have an interest in such as a business);
(3) Titling of Assets - Individual Name alone (other than assets with a beneficiary designation) will pass according to Will. Assets with beneficiary designation will pass according to beneficiary designation. Assets in Joint Name, P.O.D. “in trust for” or similar designation will pass to the surviving joint owner or designation.
(4) Identify the individuals to receive your property;
(5) Specify what amount each individual is to receive; what specific item(s) are to be given to which specific individuals);
(6) Establish (within the Will) an educational trust for your child(ren)’s or grandchild(ren)’s for higher education and hold the assets in further trust after graduation for distribution at given ages, i.e. “balance of trust: 1/3 at graduation, 1/3 at age 25, 1/3 at age 27.”;
(7) Will Contest;
(8) Spendthrift Provision;
(9) Estate Expenses
(10) Self Proving Provisions
Why: So the entire estate goes to you. Unless your grandmother's sister shows up.
Why - What happens if no Will Don't Ask Why but if you Must
If no Will: State law provides default provisions based on the intestate code – would appoint your personal representative (Administrator/Administratrix) who would be in charge of your estate and who would receive your estate assets and the state intestate statute would also determine the people who receive your estate and in what percentages.
In rare cases without a Will, a person’s estate might go to the State. This is called “Escheat”.
Without a Will, people you do not approve of may receive all or part of your estate, and the Court will decide who will serve as the personal and financial guardian for any minor children.
You do not want to include certain people: , i.e. child, brother, sister, parent, grandchild, etc.
Ease the distress for your family. Make a Will.
Without a Will, those persons may have received a part or all of the individual’s estate.
Although a Will is relatively inexpensive, it is extremely important, even critical, that it be properly worded, reviewed and explained before it is signed.
Estate Planning 101
Cross all your t's and dot all your Ira's.
Assets: Title of Accounts Probate v Non-Probate
Estate Sale: It would be nice if she left me all her money, but mostly I want her overstuffed chair.
Distribution of Property - Outright, In Trust, Specific Bequest, Residue, By Operation of Law, Collectibles, Gifting
Types of Assets - Investments, Bank Accounts, Insurance
Your uncle left everything to charity so far we haven't been able to locate her
Beginning – In writing, capacity, ID: Name, Address, Family Members, Intent, revoke prior.
Personal Property by list
- Incorporate by Reference
Middle - ID Beneficiaries, ID Property to be distributed, Creditor Protection, Virtual Rep.
Residuary Trust – HEMS
Per Capita v Per Stirpes
End - ID Executor(s), ID Trustees - Appoint your personal representative (executor/executrix, trustee(s)
Successor if the first appointed cannot serve).
Guardian for Children - For Property and For the Person• Name the person(s) to be the personal guardian (have custody of and raise your child/children.
• Name the persons) to be the financial guardian of property passing to your minor children or grandchildren.
What did we learn - Key Points
You need a Will, Intent, In Writing, Two Witnesses, Notary, Revoke previous
Get the Story – Let the Client Tell Their Story
Background Information – Key People/
Gather Assets and How They Are Titled
Don’t forget every Will has three parts - Draft the Parts – Step by Step
Allow the client the opportunity to review the Will and ask any questions well in advance of the appointment to sign the Will; and go over the Will before signing to ensure that the client’s goals have been met and that all terms of the Will are understood.
Execution - Signed, Notary, two Witnesses - self proved (v holographic Will)
Execute and/or Review