Table of Contents
A Helpful Introduction ix
Special Note to Readers xi
Acknowledgments xiii
1 The World of Wills
Your Own Nobel Prize 2
The Probate Process-Step by Step 5
Do You Really Need a Lawyer? 16
Keep This in Mind 17
2 Do You Really Need a Will?
Heirs and Shares 19
Probate Property vs. Nonprobate Property 25
Options Your Will Offers You 27
Keep This in Mind 33
3 What Is a Will?
Formalities of a Will 35
Signing Your Own Will at Home 39
Who May Make a Will? 41
Wills Made in Another State 45
What Property Will Pass Under Your Will? 47
Joint Wills 51
Where to Keep Your Will 52
Keep This in Mind 52
4 How to Cancel or Change Your Will
The Formalities Required for Changing a Will 54
Changing Your Will (Intentionally or Unintentionally) by Disposing of Your Property 56
Involuntary Changes in Your Will-When There Isn't Enough Money to Go Around 60
How to Revoke Your Will 62
Reviving a Previously Revoked Will 65
Keep This in Mind 66
5 Common Will Provisions
A Question of Words, and the Use of "Boilerplate" Language 68
Some Common but Necessary Will Provisions 69
Understanding the Difference Between Real and Personal Property 75
Dealing with Oriental Rugs, the Coin Collection, and Heirloom Jewelry 76
Leaving Something to Charity 79
Some Final Words About Words 80
Keep This in Mind 82
6 Uncommon Will Provisions-Controlling from the Grave
The Requirements of a Conditional Bequest 84
Some Varieties of Conditional Bequests 89
Conditions on Burials, Funerals, and Memorials 96
Defaming from the Grave-Having the Last Bad Word 100
Noncontest Provision 102
Keep This in Mind 102
7 Spouses' and Children's Rights to an Estate
Disinheriting a Spouse-With and Without a Will 104
Rights of Divorced or Separated Spouses Under a Will 108
Premarital (and Postmarital) Agreements-and Wills 111
Children's Rights Under a Will 113
Special Family Allowances 119
Keep This in Mind 122
8 Estate Management
Who Pays the Debts and Expenses of the Estate-and When? 124
Investing Estate Assets 128
Accounting to the Court and to the Beneficiaries 131
When You Can Get Your Share 134
Quick Settlement Procedures for Certain Estates 138
Keep This in Mind 139
9 Personal Representatives
Who Can or Should Be Your Personal Representative? 143
Powers of the Personal Representative 147
Fees of the Personal Representative 149
Removing a Personal Representative 153
Keep This in Mind 157
10 Will Contests, Lost Wills, and Beneficiaries' Rights
Who May Contest Your Will 159
Grounds for a Contest 162
How to Contest a Will 174
Costs and Delays of a Will Contest 176
How to Prevent a Contest 177
Probating a Lost Will 184
Keep This in Mind 187
11 Avoiding Probate and Wills Altogether
Avoiding Probate Through Joint Ownership and Other Do-It-Yourself Methods 189
Out-of-State Property-Double Your Probate, Double Your Legal Fees 194
Avoiding Probate with a Durable Power of Attorney 195
Why You'll Still Need a Will 201
Keep This in Mind 202
12 Everything You Need to Know About Trusts
The Basics of Trusts-A Working Overview 204
Coordinating Your Plan-Putting Your Trust to Work 218
Trusts for the "Family" 227
Asset Protection Trusts 247
Offshore Asset Protection Trusts 261
Spousal Lifetime Access Trust (SLAT) 269
Decanting Trusts 270
Special Purpose Trusts 271
Keep This in Mind 280
13 Probate, Trusts, and Taxes
Probate vs. Taxes 282
A Word About Our Tax System 282
What Is Included in Your Estate? 283
Taxable Value 288
Trusts and Income Taxes 289
Trust Tax Reporting Requirements and Tax Rates 293
What a Trust Beneficiary Needs to Know 297
The Federal Gift Tax 298
The Federal Estate Tax 304
The Generation-Skipping Transfer Tax 308
Tax-Oriented Trusts 310
Tax-Oriented Family Trusts 321
Keep This in Mind 341
14 Dealing with Lawyers
Hiring an Estate-Planning Lawyer 343
Hiring an Estate-Settlement Lawyer 345
Lawyers' Fees-Planning Estates 350
Lawyers' Fees-Settling Estates 352
Firing an Estate Lawyer 355
Keep This in Mind 358
Appendix: Personal Representative's Checklist 359
Glossary 367
Index 383
