Frequently Asked Questions (FAQs)
Wills/Estates Questions
Answers to your Questions
An estate plan is a “plan” to handle your assets if you become incapacitated, and to distribute your assets at your death. A plan can be very simple, e.g., a Will, or involve one or more Trusts and related documents. Most people do need an estate plan. If you do need one, the type of estate plan you need depends on your assets and your ideas about whom should receive your assets at your death.
A will is the legal statement of a person’s last wishes as to the disposition of his or her property after death. It instructs the probate court how to distribute your assets after all debts, taxes and costs of administration are paid.
A will is a good idea for just about everyone. A will is a document in which a person declares what he wants done with his property at the time of his death. A will has no effect until the person who wrote it, known as the testator, dies. The testator can also revoke a will at any time before his death. If you die without a will, the state will distribute your property to your heirs according to the state’s intestacy statutes.
Medical Power of Attorney: This names a person to make medical decisions on your behalf if you are unable to do so. You can also authorize this person to discontinue (or not start) life support-like procedures, if you are terminally ill.
Durable Power of Attorney for Assets: This document enables the person named to deal with any of your property, as you would, during your lifetime.
The executor has three main jobs:
- Gather together the assets of the estate;
- Pay all the valid outstanding debts of the estate; and
- See that the estate is distributed in accordance with the terms of the will.
It is a good idea to update your will and/or estate plan every few years or after the occurrence of significant life events such as marriage, divorce, the birth of a child, or adoption. Even if you haven’t experienced any of these events since you last updated, there may have been changes in tax laws or changes in your financial situation that necessitate a reevaluation of your estate plan.
Please see our webpage on Wills & Estates for more information.
