PROBATE, WILLS ESTATES PLANNING

1) Do I really need a will?

Answer:

Yes, you need a will. Everyone who has any responsibility or any

property should have a Will.

2) Can I devise a plan for my children in my will?

Answer:

Yes, a trust can be established as part of your Will, with the trustee

holding the inheritance until the child reaches an age you

determine. It is common for the trust to allow only a portion of the

inheritance to be distributed at a time. For Example, you may choose

to give the child 25% at age 18, 25% at age 20, and the remainder at

age 25. It's up to you.

3) What else do I need besides a Last Will and Testament?

Answer:

There are 4 documents that we feel are mandatory, and one that is

optional. These include, 1) Last Will and Testament, 2) Statutory

Durable Power of Attorney, 3) Medical Power of Attorney, and

4) Directive to Physicians (also called a living will). If you choose

to donate any of your organs after death, we will prepare the

optional Gift of Living Donor form for you.

4) What do these documents do, and why do I need them?

Answer:

1) Last Will and Testament--You decide to whom and how your

property is distributed after you die. If handled correctly, a last

will and testament will also save estate taxes. You can direct who

will be the executor, guardian of your children, the terms of any

trust that is being set up. Additionally, you can name anyone you do

not want to inherit from you.

2) Statutory Durable Power of Attorney--This document allows

someone to step into your shoes and make financial decisions on your

behalf for you while you are still alive but are unable to take care

of your own affairs. You can choose who has the power to make the

decisions, what powers you want to give that person, when it becomes

effective and when it ends.