Wills and Trusts Basics by Attorney Louise Aron

WILLS, TRUSTS AND ESTATE PLAN BASICS

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About Louise Aron:
In 1981, established her practice in Wills, Trusts, Probate, Business Law, Agreements and Real Estate
Click here for Ms. Aron's Resume
Past Chair of the International Law Committee of the Colorado Bar Association
Graduated Rutgers Law School, J.D. 1978
Licensed in New York and Colorado, 1979 and 1980
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BASIC WILLS, TRUSTS AND ESTATE PLAN OUTLINE
NOT INTENDED AS LEGAL ADVICE - CONSULT WITH A QUALIFIED ATTORNEY BEFORE RELYING ON THIS INFORMATION

Information on Wills and Trusts

             A.   Personal Representative (executor) - choice, role
             B. Guardian
                      1. Avoid custody battle for children after death
                      2. Incompetent spouse
                     3. Incompetent dependent
                      4. Change guardian outside will
             C. Property bequest
                      1. Testamentary Trust
                               a. for children
                               b. other
                      2. Spouse cannot be disinherited without waiver
                              a. right of election
                      3. Children can be disinherited
             D. Written Statement - no cash and certain other limitations
             E. Revoke by new will, divorce (spouse predeceases)
             F. Tax on estates over $2,000,000
                      1. first $2,000,000 - family trust
                      2. remainder to spouse (unlimited spousal deduction)
             G. Probate versus Living Trusts
                      1. Simplified Probate procedure vs. NY, Kansas, Florida
                      2. Living Trusts
                            a. No tax benefits
                            b. No protection from creditors
                            c. Greater document burden
                            d. Greater cost now versus later
                            e. Disadvantages
                                        (1) Claims of Creditors
                                        (2) Inconvenience
                                        (3) Inappropriate for smaller estates
                           f. Advantages
                                        (1) Avoid probate and ancillary probate
                                        (2) Transition
                                        (3) Client preference
             H. Other Trusts
                      1. Charitable
                      2. QPRT
                      3. Crummey
                      4. Other

Other Important Documents to Sign

             A. Living Wills (Declaration as to Medical or Surgical Treatment)
                       1. Turns off life support of persons in vegetative states with no hope of recovery
             B. Powers of Attorney - property, health care
                      1. Needed in the event of incompetency (eg. Alzheimers)
                      2. Choice of trusted Agent, alternate
                      3. Revocation
                      4. Can prevent guardianship/conservatorship proceedings
           C. Declaration Regarding Remains - arrangements
                       1. Burial, cremation
                       2. Funeral, memorial service
                       3. Organ donation
             C. CPR (cardiopulmonary resuscitation) directive - obtain from doctor or health care facility

NOT INTENDED AS LEGAL ADVICE - CONSULT WITH A QUALIFIED ATTORNEY BEFORE RELYING ON THIS INFORMATION

LINKS TO SOME SITES OF INTEREST WHICH ARE RELEVANT TO MS. ARON'S AREAS OF PRACTICE:

This page is by WebW, Denver, Colorado. Last update 11/10/06.
Email Ms. Aron at qualitylegaladvice@louisearon.com

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