The LAST WILL AND TESTAMENT

Question:  What does it accomplish?

Answer:  Allows you to distribute your Estate Property in the manner you chose. So in effect you are providing instructions stating whom you want to receive something of yours, what you want them to receive, and when they are to receive it.

Without a Will, your Estate Property is distributed by Intestate Law and you have no say about it! Also, if you have minor children it will prevent you from naming your choice of a guardian.

Question:  What’s included in Estate Property?

Answer:

• Cars and all vehicles
• Real Estate
• Bank Accounts
• Investments, IRA’s, 401K (if you haven’t already established Beneficiaries though the administrator)
• Furniture
• Jewelry
• Art
• China, silver ware, card collections, coin collections, clothing, etc.

Drafting your Will should be tailored to your life and wishes.  The following are typical matters which may assist in the decisions to be made:

1. “Whom” do you want to receive a part of your Estate Property? Here are some examples   which help you decide this:

• • Are you married? If yes, then most times all your estate property would go to your spouse if they survive you and all of their estate property would go to you (these are called reciprocal wills).  However, if they die before you or simultaneously with you, then your will would distribute as you want and some considerations are:
    • Do you have adult children that you want to inherit?
    • Do you have minor children that you need to provide for and to inherit when they reach a certain age?
    • Do you need to provide for family members who may be receiving government benefits without disrupting those benefits.

Additional Considerations:

• Do you need to address providing for loved ones who might be irresponsible with money?
• Do you need to address providing for disabled beneficiaries with physical or mental diagnosis and drug and alcohol addiction?
• Are you purposely omitting anyone from your Will?
• Are you in a second marriage for you and you wish to separate your assets for estate purposes from your spouse and his/her children to provide for your own children?
• Do you have grandchildren that you want to provide for in addition to your children?
• Do you want to make charitable contributions?

2. “What” do you want to give to each person named in your Will?

• Do you want to add everything together and then divide between people named?
• Do you want to give your wedding ring to Sally and your china to Frank.  Or your baseball card collection, or……
• Do you want to set specific amounts depending on relationship: children, grandchildren,  nieces, nephews

3. “When” do you want people to receive their distributions?

• If children are minors the Will would typically contain provisions creating a “standby” Trust which will be used for the children’s needs such as college, and then the remainder would be distributed to them upon the age you determine—such as 23, 25, 30.
• Similarly, if you want to monitor the flow of money to an heir for whatever reason as described above, that can be addressed appropriately by trust language.

4. “By Whom”

• Perhaps the most important function of a Will is the choice of Guardians for minor children.
• You must also choose who you want to be your Personal Representative. This is the person in charge of overseeing everything you have set out in your Will.
• If a Trust is being created by the Will, then a Trustee would also be chosen.

The Attorneys at Phillips, Gerstein & Channen, LLP draft a Will which meets all of your specific needs and wishes.