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W.E. Winners
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RetirementTwo Arrows

Last Will & Testament
by Paul M. Greenstein, Esq.
Contributing Editor to WealthEffect.com

  
 

Disposition of Assets		  
  Guardians / Trustees  
  Executor / Executrix  
 
Many of us prefer not think about our own mortality, and as a result, put off the execution of a will. (Costs for the preparation and execution of simple wills would generally be in the range of $125.00 per person.) For a married couple who want the peace of mind of having simple wills prepared and signed, here are a few important questions and issues to discuss:		  
 
1.
Most couples leave their estate to their surviving spouse, and then (equally) to their children should they be the second to die. Consideration should also be given to charitable bequests, gifts to other family members or friends, or specific personal property, such as jewelry, antiques and family heirlooms.		  
 
2.
Individuals or couples with significant assets may, subject to consultation with an accountant or financial planner, minimize estate taxes by gifts to children or grandchildren and/or by setting up trusts.

A legal guardian for children under the age of 18 can sometimes be a difficult choice, but since someone must be appointed, the choice is best made by the parents. A trustee is needed to manage assets for beneficiaries under a specified age, which usually ranges from 21 - 25. Although not required, the guardian and the trustee can be the same individual.

 
 
3.
An individual must be appointed to handle the administrative work involved in the probate of the estate — finding an attorney; signing probate forms and tax returns; and managing, liquidating and ultimately distributing the assets.		  
 
Those with net worth approaching one million dollars should consider financial plans in order to minimize both state and federal taxes. Many people tackle the tough questions posed by Living Wills or Health Care Proxies* at the same time as their wills.

* Living Wills are statements made by individuals with specific instructions to health care providers concerning issues relating to life-sustaining equipment, nutrition and/or pain medication in the event of an incapacitating illness. In a Health Care Proxy, an individual appoints a health care agent to make these decisions. There are advantages and disadvantages to both, as well as personal preferences.

  
 
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