¨
If you give your executor broad powers to settle disputes or sell
property as
he or she sees fit, it will not be necessary to seek permission from
the court
for each activity.
¨
You may be wise to bequeath your property to a trust established in the
children's names, and to name their guardian as trustee. If you leave
assets
directly to minor children, the guardian must keep records of even
routine use
of the inheritances and petition the court for any unusual expenditures
on the
children's behalf.
¨
It is wise to avoid provisions likely to be ruled invalid or to cause a
challenge from "neglected" children. If you seek to disinherit a
child, it should be unequivocably indicated in your will that this is
your
intent.
¨
There is little that can be done after death to relieve your estate
from taxes
if you have not properly planned the disposition of your estate.
¨
Anytime your circumstances change significantly, your estate plan
probably
should be updated. This could include, but is not limited to:
-
Change in tax laws
-
Change in marital status
-
Birth, marriage or death of a child
-
Relocation
-
Change in income or employment status
-
Change of ownership or value of property
-
Change in your health or the health of a beneficiary
At
a minimum, you should have your estate plan reviewed every three to
five years.
¨
Your will is effective until you change or revoke it. If you make
changes to
your will by writing on the document itself, you may invalidate the
entire
will.
¨
Keep your affairs in order and maintain an inventory of all your
property.
¨
If you own your house and checking account jointly with your spouse,
those
items will not be probated and your spouse will have immediate access
to the
account and continued shelter after you die.
¨
The best assets to give as lifetime gifts are those that are gaining in
value
because the future appreciation is excluded from your estate for
estate-tax
purposes.