Transcription
Wills & Trusts Kit
Wills &Trusts Kit2nd Editionby Aaron Larson
Wills & Trusts Kit For Dummies , 2nd EditionPublished by: John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030-5774, www.wiley.comCopyright 2022 by John Wiley & Sons, Inc., Hoboken, New JerseyPublished simultaneously in CanadaNo part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by anymeans, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Sections107 or 108 of the 1976 United States Copyright Act, without the prior written permission of the Publisher. Requests tothe Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 RiverStreet, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at www.wiley.com/go/permissions.Trademarks: Wiley, For Dummies, the Dummies Man logo, Dummies.com, Making Everything Easier, and relatedtrade dress are trademarks or registered trademarks of John Wiley & Sons, Inc. and may not be used without writtenpermission. All other trademarks are the property of their respective owners. John Wiley & Sons, Inc. is notassociated with any product or vendor mentioned in this book.LIMIT OF LIABILITY/DISCLAIMER OF WARRANTY: WHILE THE PUBLISHER AND AUTHORS HAVE USED THEIRBEST EFFORTS IN PREPARING THIS WORK, THEY MAKE NO REPRESENTATIONS OR WARRANTIES WITH RESPECTTO THE ACCURACY OR COMPLETENESS OF THE CONTENTS OF THIS WORK AND SPECIFICALLY DISCLAIM ALLWARRANTIES, INCLUDING WITHOUT LIMITATION ANY IMPLIED WARRANTIES OF MERCHANTABILITY ORFITNESS FOR A PARTICULAR PURPOSE. NO WARRANTY MAY BE CREATED OR EXTENDED BY SALESREPRESENTATIVES, WRITTEN SALES MATERIALS OR PROMOTIONAL STATEMENTS FOR THIS WORK. THE FACTTHAT AN ORGANIZATION, WEBSITE, OR PRODUCT IS REFERRED TO IN THIS WORK AS A CITATION AND/ORPOTENTIAL SOURCE OF FURTHER INFORMATION DOES NOT MEAN THAT THE PUBLISHER AND AUTHORSENDORSE THE INFORMATION OR SERVICES THE ORGANIZATION, WEBSITE, OR PRODUCT MAY PROVIDE ORRECOMMENDATIONS IT MAY MAKE. THIS WORK IS SOLD WITH THE UNDERSTANDING THAT THE PUBLISHER ISNOT ENGAGED IN RENDERING PROFESSIONAL SERVICES. THE ADVICE AND STRATEGIES CONTAINED HEREINMAY NOT BE SUITABLE FOR YOUR SITUATION. YOU SHOULD CONSULT WITH A SPECIALIST WHERE APPROPRIATE.FURTHER, READERS SHOULD BE AWARE THAT WEBSITES LISTED IN THIS WORK MAY HAVE CHANGED ORDISAPPEARED BETWEEN WHEN THIS WORK WAS WRITTEN AND WHEN IT IS READ. NEITHER THE PUBLISHERNOR AUTHORS SHALL BE LIABLE FOR ANY LOSS OF PROFIT OR ANY OTHER COMMERCIAL DAMAGES, INCLUDINGBUT NOT LIMITED TO SPECIAL, INCIDENTAL, CONSEQUENTIAL, OR OTHER DAMAGES.For general information on our other products and services, please contact our Customer Care Department withinthe U.S. at 877-762-2974, outside the U.S. at 317-572-3993, or fax 317-572-4002. For technical support, please es.Wiley publishes in a variety of print and electronic formats and by print-on-demand. Some material included withstandard print versions of this book may not be included in e-books or in print-on-demand. If this book refers tomedia such as a CD or DVD that is not included in the version you purchased, you may download this material athttp://booksupport.wiley.com. For more information about Wiley products, visit www.wiley.com.Library of Congress Control Number: 2021946587ISBN 978-1-119-83218-8 (pbk); ISBN 978-1-119-83219-5 (ebk); ISBN 978-1-119-83220-1 (ebk)
Contents at a GlanceIntroduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Part 1: Getting Started with Your Will or Trust. . . . . . . . . . . . . . . . 5CHAPTER 1:CHAPTER 2:CHAPTER 3:CHAPTER 4:CHAPTER 5:CHAPTER 6:Ensuring That Your Last Wishes Are Honored. . . . . . . . . . . . . . . . . . . . . . . . 7Making Crucial Decisions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25Gathering Pertinent Information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41Planning Your Bequests. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53Providing for Your Children and Dependents. . . . . . . . . . . . . . . . . . . . . . . 77Dipping into Your Pocket: The Tax Man (and Others) . . . . . . . . . . . . . . . . 87Part 2: Everything You Need to Know about Wills. . . . . . . . .107Writing and Signing a Will . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Navigating the Land Mines. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .CHAPTER 9: When You Already Have a Will. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .CHAPTER 10: Estate Administration: What Happens in Probate Court. . . . . . . . . . . .109127145157Part 3: Trust Me! How Trusts Work. . . . . . . . . . . . . . . . . . . . . . . . . . .171CHAPTER 7:CHAPTER 8:The Anatomy of a Trust. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173CHAPTER 12: Dead or Alive: Picking Your Trust. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187CHAPTER 13: When You Already Have a Trust. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209CHAPTER 11:Part 4: Carrying Out the Intent of Your Will and Trust. . . .CHAPTER 14:219Planning for Your Incapacity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 221Those Cushy Retirement Funds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245Life Insurance: Making Sure It Doesn’t Backfire . . . . . . . . . . . . . . . . . . . 259CHAPTER 17: Your Castle: How It’s Owned Makes a Huge Difference. . . . . . . . . . . . . 271CHAPTER 15:CHAPTER 16:Part 5: The Part of Tens. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .285Ten Common Will Mistakes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 287Ten Reasons to Have a Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 295CHAPTER 20: Ten Tax Traps to Avoid When Planning Your Estate. . . . . . . . . . . . . . . . 303CHAPTER 18:CHAPTER 19:Part 6: Appendixes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .313APPENDIX A: StateSigning Requirements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315Inheritance Taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 341APPENDIX C: Estate Planning Worksheet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 345APPENDIX B: StateIndex. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .373
Table of ContentsINTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1About This Book. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A Special Note for Residents of Louisiana. . . . . . . . . . . . . . . . . . . . . . . . .Conventions Used in This Book. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Foolish Assumptions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Icons Used In This Book. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Beyond the Book. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Where to Go from Here . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1222334PART 1: GETTING STARTED WITH YOURWILL OR TRUST . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5CHAPTER 1: Ensuring That Your Last Wishes Are Honored. . . . . . . . 7The Good, the Bad, and the Ugly: What Can Happen WhenYou Don’t Plan Your Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8Reaping the Benefits of Planning Your Estate. . . . . . . . . . . . . . . . . . . . . . 9Planning for your care while you’re alive. . . . . . . . . . . . . . . . . . . . . . . 9Ensuring that your assets go where you want . . . . . . . . . . . . . . . . . 10Making things easier for your family . . . . . . . . . . . . . . . . . . . . . . . . . 11Looking Out for Common Pitfalls . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12Benefits and dangers of jointly titling real estate, property,and bank accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12Benefits and dangers of having your assets “pay ortransfer on death”. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13Benefits and dangers of life estates. . . . . . . . . . . . . . . . . . . . . . . . . . 14Danger of subjecting an asset to Medicaid spend-down rules. . . . 15Potential for increased tax exposure. . . . . . . . . . . . . . . . . . . . . . . . . 17Realizing What Happens If You Don’t Have an Estate Plan. . . . . . . . . . 17Following the laws of intestate succession . . . . . . . . . . . . . . . . . . . . 18Determining the custodian of your minor children. . . . . . . . . . . . . 18Creating Your Will or Trust. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19Deciding who should create it. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20Understanding the process. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20Thinking about your kids, money, life insurance, and more. . . . . . 22Telling Your Family about Your Estate Plan. . . . . . . . . . . . . . . . . . . . . . . 23CHAPTER 2:Making Crucial Decisions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25Going It Alone. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25Are you comfortable doing it yourself? . . . . . . . . . . . . . . . . . . . . . . . 26How complicated is your estate?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26Table of Contentsvii
Choosing a Will or Trust for Your Estate . . . . . . . . . . . . . . . . . . . . . . . . .What a will can do for you . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .What a trust can do for you. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .You may benefit from having both. . . . . . . . . . . . . . . . . . . . . . . . . . .Going with a Pro . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .How lawyers and accountants can help. . . . . . . . . . . . . . . . . . . . . . .Do you save money in the long haul?. . . . . . . . . . . . . . . . . . . . . . . . .Working with a Professional . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Hiring a lawyer. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Meeting with your lawyer. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Reviewing and executing the documents . . . . . . . . . . . . . . . . . . . . .Taking the final steps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Safeguarding Your Estate Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .The problem of the disappearing document . . . . . . . . . . . . . . . . . .Storing your will or trust. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Registration of wills and trusts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .CHAPTER 3:Gathering Pertinent Information. . . . . . . . . . . . . . . . . . . . . . 41Asking Yourself Some Basic Questions . . . . . . . . . . . . . . . . . . . . . . . . . .Identifying Your Assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Personal property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Titled personal property. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Insurance policies and annuities. . . . . . . . . . . . . . . . . . . . . . . . . . . . .Retirement savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Pensions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Considering Community and Jointly Owned Property. . . . . . . . . . . . . .Valuing Your Property. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .CHAPTER 4:414244454646464747484850Planning Your Bequests. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53Calculating Your Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Determining Your Intended Heirs and Beneficiaries. . . . . . . . . . . . . . .Individuals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Institutions or charities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Other bequests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Thinking about Your Family Circumstances . . . . . . . . . . . . . . . . . . . . . .Talking to your family. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Jealousy and rivalry. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Pressure from your family. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Property That Pays or Transfers on Death . . . . . . . . . . . . . . . . . . . . . . .Estate Planning for Second Families. . . . . . . . . . . . . . . . . . . . . . . . . . . . .Giving your new spouse a life estate . . . . . . . . . . . . . . . . . . . . . . . . .viii29293031313232343435353637373939Wills & Trusts Kit For Dummies535455575757585959606162
Using trusts to hold your assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . .More tools to consider. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Estate Planning for Your Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Inheritance of your sole proprietorship. . . . . . . . . . . . . . . . . . . . . . .Inheritance of your share of a business. . . . . . . . . . . . . . . . . . . . . . .Appointing the People Who Will Carry Out Your Estate Plans . . . . . . .Choosing your personal representative or trustee . . . . . . . . . . . . .Choosing a successor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Discussing your estate plan with your helpers. . . . . . . . . . . . . . . . .Finding Professionals to Assist You . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Getting help from a lawyer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Hiring an accountant. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Using professional trust services (institutional trustees) . . . . . . . .CHAPTER 5:Providing for Your Children and Dependents . . . . . . . 77Choosing a Guardian . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Making the decision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Choosing a guardian other than the noncustodial parent . . . . . . .Managing Your Child’s Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Providing for Your Child’s Needs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Your child’s education. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Your child’s special needs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Your child’s financial stability. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .CHAPTER g into Your Pocket: The Tax Man(and Others) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87Tallying Up Your Estate’s Tax Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . 88Federal estate taxes — a moving target. . . . . . . . . . . . . . . . . . . . . . . 88The generation-skipping transfer tax. . . . . . . . . . . . . . . . . . . . . . . . . 89State estate taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90Gift taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91Minimizing Tax Costs and Liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93Leaving your estate to your spouse . . . . . . . . . . . . . . . . . . . . . . . . . . 94Making gifts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95Using trusts to avoid estate taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . 96Creating a Family Limited Partnership. . . . . . . . . . . . . . . . . . . . . . . . 97Seeing the Big Picture: Tax Avoidance Should Not DictateYour Estate Plan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99Paying Your Estate’s Debts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99Medical costs and Medicaid reimbursements . . . . . . . . . . . . . . . . 101Payment of bills, loans, and mortgages. . . . . . . . . . . . . . . . . . . . . . 103Payment of funeral expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103Covering Administration Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104Court costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104Table of Contentsix
Legal fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104Administrator’s fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105Trustee’s fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106PART 2: EVERYTHING YOU NEED TO KNOWABOUT WILLS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .CHAPTER 7: Writing and Signing a Will. . . . . . . . . . . . . . . . . . . . . . . . . . . . .107109Deciding Whether a Will Serves Your Needs. . . . . . . . . . . . . . . . . . . . . 110Simplicity often leads you to a will . . . . . . . . . . . . . . . . . . . . . . . . . . 110Assets not covered by a will. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111Exploring the Types of Wills. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113The statutory will. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114The handwritten (holographic) will. . . . . . . . . . . . . . . . . . . . . . . . . . 114A will of your own . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114Other wills. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115Elements of a Will . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117Who you are. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117What are your assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118Who are your beneficiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119What are your bequests. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119Reference to a tangible personal property memorandum. . . . . . 122What happens with the residue (if any) of the estate . . . . . . . . . . 122Payment of debts by the estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . .123Describing your funeral and burial wishes . . . . . . . . . . . . . . . . . . . 123Designating a personal representative . . . . . . . . . . . . . . . . . . . . . . 124Designating a guardian for any minor children . . . . . . . . . . . . . . . 124Your signature. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124Executing a Valid Will . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125Choosing the right witnesses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125Signing and executing your will. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125CHAPTER 8:xNavigating the Land Mines . . . . . . . . . . . . . . . . . . . . . . . . . . .127Identifying Common Land Mines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Disinheriting heirs, known and unknown . . . . . . . . . . . . . . . . . . . .Avoiding invalidating part or all of your will . . . . . . . . . . . . . . . . . .Lashing out from beyond. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Handling simultaneous death of spouses. . . . . . . . . . . . . . . . . . . .Realizing Why You Must Update Your Will. . . . . . . . . . . . . . . . . . . . . . .Your goals and wishes may change over time . . . . . . . . . . . . . . . .Your assets may change over time. . . . . . . . . . . . . . . . . . . . . . . . . .Family changes may invalidate your will . . . . . . . . . . . . . . . . . . . . .Family changes may dramatically alter who inheritsunder your will. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Knowing What to Do If You Lose Your Will . . . . . . . . . . . . . . . . . . . . . .127128132136137138138138140Wills & Trusts Kit For Dummies140143
CHAPTER 9:CHAPTER 10:When You Already Have a Will . . . . . . . . . . . . . . . . . . . . . . .145Reviewing and Updating Your Will . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Changes in your family circumstances. . . . . . . . . . . . . . . . . . . . . . .Changes in your wishes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Changes in your financial situation. . . . . . . . . . . . . . . . . . . . . . . . . .Changing Your Will . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Adding to your will (amendment by codicil) . . . . . . . . . . . . . . . . . .Executing a valid codicil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Revoking Your Will. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .How to revoke a will . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .What to do with a revoked will . . . . . . . . . . . . . . . . . . . . . . . . . . . . .146146149150152153154154155155Estate Administration: What Happensin Probate Court . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .157Navigating Probate Court. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Discovering How Estate Size Affects Probate Procedures. . . . . . . . . .Probate for small estates. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Probate for larger estates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Understanding the Role of the Personal Representative . . . . . . . . . .Giving notice to legal heirs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Collecting property for distribution . . . . . . . . . . . . . . . . . . . . . . . . .Notifying and paying creditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Distributing bequests. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Hiring a Lawyer . . . . . . . . . . . . . . . . . . . . . . . . . . .
Wills & Trusts Kit 2nd Edition by Aaron Larson. Wills & Trusts Kit For Dummies .
![WILLS, ESTATES TRUSTS 650] - Thurgood Marshall School of Law](/img/19/carrington-syllabus-202019-20-2020.jpg)
