Wills Guide for America

To ensure that your assets or belongings are passed on according to your wishes, you must have a will. If you die without making a proper, valid will, your family and relatives may become involved in expensive lawsuits or struggle through months of paperwork. Your assets will be distributed according to state law, not according to your wishes.

This book explains in simple terms why and how you should draw up a will. Examples of the common will forms used in the US are included.

Questions addressed include:

What are the requirements for a valid, effective will?

Do you need a lawyer?

What is an executor?

What is a community property agreement and how does it work?

What are the tax advantages of a will?

Introduction

vii

PART 1: WILLS AND ESTATE PLANNING: AN INTRODUCTION

1

(64)

The Importance of Estate Planning

3

(8)

Do You Need a Will?

3

(2)

What Is Estate Planning?

5

(6)

Updating your will

5

(1)

Avoiding delays in settling your estate

6

(1)

Providing for loved ones

7

(1)

Providing for yourself

8

(2)

Getting advice from professionals

10

(1)

Getting Started: The First Steps Toward Successful Estate Planning

11

(12)

The Basics of Estate Planning

11

(4)

Understanding what you own and how you own it

11

(1)

Deciding who gets your property

12

(1)

Setting goals for your estate

13

(1)

Implementing your goals

14

(1)

Reviewing your plans regularly

14

(1)

Understanding the Language of Wills and Estate Planning

15

(8)

What is a Will?

16

(1)

Who are the Players?

16

(1)

Estates and their administration

17

(3)

Types of property

20

(3)

Understanding Estate Administration and Property

23

(14)

Probate and Nonprobate Property

23

(5)

Advantages and disadvantages of the two forms of property

24

(2)

Keeping track of probate and nonprobate property

26

(2)

The Special Considerations of Jointly Owned Property

28

(6)

Tenants in common

28

(2)

Joint ownership with right of survivorship

30

(2)

Tenants by the entirety

32

(1)

Life estate

32

(1)

Joint bank accounts

32

(1)

Community property

33

(1)

Jointly Owned Property and Estate Planning

34

(3)

Trusts and Gifts As Estate Planning Tools

37

(8)

Trusts

37

(4)

Gifts

41

(4)

Your Will: A Family Affair

45

(12)

Providing for Your Spouse

45

(3)

Minimum inheritance

45

(1)

The consequences of divorce

46

(1)

Planning together

47

(1)

Providing for Your Companion or Life Partner

48

(3)

State your intentions

48

(1)

Common-law marriage

49

(2)

Providing for Minor Children

51

(2)

Nominating a guardian

51

(1)

Financial considerations

52

(1)

Property

53

(1)

Providing for Grown Children

53

(1)

Family Farms and Businesses

54

(1)

Providing for Your Family during Probate

55

(2)

Prepare Your Inventory

57

(8)

PART 2: PREPARING YOUR OWN WILL

65

(38)

How to Make Your Own Will

67

(36)

The Requirements of a Sensible, Legal Will

67

(1)

Holographic Wills

68

(1)

Who May Make a Will?

69

(2)

Naming an Executor

71

(4)

Choosing an executor

72

(1)

Coexecutors

73

(1)

Naming an alternate executor

74

(1)

Defining the extent of your executor's power

75

(1)

The Basic Clauses: The Importance of Exact Language

75

(7)

Naming people

76

(1)

Specific bequests

76

(2)

Thirty-day clause

78

(1)

Residuary clause

78

(1)

Clauses related to minor children

79

(3)

Signing Your Will

82

(1)

Witnesses to Your Will

83

(1)

Self-Proof Affidavits

84

(1)

Undue Influence

85

(2)

Revising Your Will

87

(1)

Revoking Your Will

88

(1)

Making Copies of Your Will

89

(1)

A Simple Will

90

(8)

Opening clause

90

(3)

Executor clause

93

(1)

Gift clause

94

(3)

Concluding clause

97

(1)

Notarized affidavit

98

(1)

A More Complex Will

98

(1)

Summary of Steps

98

(5)

PART 3: BEYOND THE WILL: OTHER ESTATE PLANNING TOOLS

103

(8)

Living Wills and Powers of Attorney

105

(6)

Living Will

106

(1)

Power of Attorney

107

(4)

Durable power of attorney

108

(1)

Health-care power of attorney

108

(3)

SAMPLE FORMS

111

(70)

Living Wills

111

(25)

Health-Care Powers of Attorney

136

(16)

Combined Forms

152

(29)

Appendix Further Resources: State Bar Association Offices

181

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Wills Guide for America

Summary

Table of Contents

Supplemental Materials