Estate
Planning
Planning
Everyone should have one of these.
What is an estate plan?
The fiduciary who controls/administers the assets in the trust.
What is the Trustee?
The administration of a decedent's estate is often called this.
What is probate?
(What is Estate Administration?)
A legal document that allows someone (agent) to act on behalf of another (principal) for medical purposes.
What is a Medical Power of Attorney (alt: Health Care POA)?
Costs between 5,000 and 15,000 immediately after death.
What are funeral/burial costs?
A legal document that transfers real property (bonus points for types!)
What is a deed?
A Trust that can be changed or amended.
What is a Living or Revocable Trust?
The fiduciary who controls/administers an Estate.
What is a personal representative (or executor)?
A legal document that gives directives for medical conditions (i.e., terminal illness, persistent vegative state, etc.)?
A policy/contract that provides for an insurance payout at one's death.
What is life insurance?
A legal document that allows someone (agent) to act on behalf of another (principal) for financial/business purposes?
What is a General Power of Attorney? (Financial POA also acceptable).
A Trust that generally cannot be changed.
What is an irrevocable trust?
The surviving spouse and/or surviving children of a Decedent are called this.
What are heirs?
A court-appointed person who manages the medical/personal (non-financial) affairs of an incapacitated individual.
What is a guardian?
Three different kinds:
1. Martial (lowest) - do you understand who you are going to marry.
2. Contractual (medium) - do you understand the terms/agreement of the contract.
3. Testamentary (highest) - do you understand the assets you have / value of your assets and how you are going to dispose of your assets at death.
What is capacity?
A legal document that describes distributions of someone's Estate after they die.
What is a Will? Trust also acceptable.
All trusts must have these three things to be valid.
What is: Trustee, beneficiary(ies), and corpus/assets?
We say "intestate" if an estate doesn't have this.
What is probate/estate without a will?
A court-appointed person who manages the financial affairs of an incapacitated individual.
What is a conservator?
Taxes paid after death unless Decedent is under the exemption amount of $13.99 million of assets in sole name.
What is Federal estate tax?
A legal document that holds property for an individual or individuals.
What is a Trust?
A trust created in Will, only activated in death.
This is what we call an amendment to a Will.
What is a Codicil?
A person must have ______________ to sign an estate plan.
What is testamentary capacity?
It could be a valid Will, but there is a legal test to determine validity. Therefore, it must go through probate!
What is a handwritten or holographic (including if signed and/or notarized) Will?