What is a Will?
“Letter” to a probate court judge telling him/her what you want
Distribution of property
Name Guardians for children
Name Executor
Establish trusts for children
Waive bond for Executor
Why Create a Trust
in a Will
If the child beneficiary is a minor, funds cannot be distributed until age
18
At age 18, child entitled to receive lump sum distribution
Hold funds in trust until child reaches a more appropriate age
Problems with Testamentary
Trusts
Ongoing supervision from Probate Court
Cannot control investments
Must obtain approval for distributions
Ongoing need for attorney or other professional help
Durable Power of Attorney
Appoint someone else to “speak for you” in the event of disability
Need to keep them current
Problems with enforcement
Not ideal, but certainly better than nothing
Health Care P.O.A.
Authorize someone else to make medical decisions in the event we cannot ask
you
What if you and your spouse are incapacitated?
Living Will
Advanced Medical Directive
Provide Comfort Care
If you want this option, you must have this document
Remove food and hydration if:
cerebral cortex stops functioning
terminally ill and slip into a coma
Do you need a Living
Trust?
Avoids Probate Court supervision
Greater control to trustee
Disability planning tool
Greater flexibility in making distributions to children
Save estate taxes Top
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