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Strategies & Market Trends : Estate Planning

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To: Lazarus_Long who wrote (23)	1/15/2005 4:08:58 PM
From: Cisco	Read Replies (3) of 79

I have a few problems with what you have written. A Durable Power of Attorney for Finances is different from a designation of a health care surrogate or Durable Power of Attorney for Health Care. If there is no property management then I believe a back up will may be better than a pour over will. One doesn't want to make the successor trustee have to wait for the will to be probated before closing out the trust. There is no point in most cases of going through the extra step of pouring everything into the trust first. I firmly believe one can set up either a tax-saving AB trust or a basic probate avoidance trust without an attorney if one carefully research the issues first and use a program like WillMaker Plus to help them with the form. Certainly when one's assets are greater than 1.5 million it is probably best to consult with an attorney. Finally, there are several other ways to by-pass probate. I for example wanted to keep my bank accounts and brokerage accounts out of the trust so that my attorney-in-fact would have access to them without having to have a doctor somewhere certify I am unable to manage my own accounts. Also, you won't have as much trouble getting someone to accept your checks as you do sometimes when it written from a trust account. All I have to do is fill out a TOD or POD with the bank and when I die the assests are transfered directly to the trust. The executor of my estate will have very little to do. My car may be the only property to be probated. It is too much work to keep moving cars in and out of a trust. The state I live in don't allow TODs on vechiles yet. My executor's main duties as I see them will be seeing that final arrangements are carried out and that the correct Guardian gets my children. As I stated earlier, because of the property management I am setting up in subtrusts within the living trust, I will have a pour over clause in my will. It is recommended that the executor and successor trustee be the same person. In my case, that will not be the case. I plan on a CPA, who is a very close friend, to be both my attorny-in-fact for finance and successor trustee of the trust and my brother, who is a minister, to be the executor. I would have probably considered my brother for all three tasks accept that he is 10 years older than me and my youngest child who is 10 will need property management until at least 25.

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