Articles & Forms
- Estate Planning Questionaire [PDF] Please complete and bring to first meeting.
- Pre-incorporation Checklist [PDF] Please complete and bring to first meeting.
Individuals Who May Have Responsibilities in Your Estate Plan
written by Steven Goldetsky
THE PERSONAL REPRESENTATIVE - The person designated in a will to administer the testator’s estate. The “P.R.” must locate and probate the will (prove it was the last will of the deceased). The P.R. must then collect the decedent’s property, pay debts, taxes other expenses of the estate, validate estate claims and finally distribute remaining assets to the beneficiaries designated in the will.
Attributes of the Personal Representative
- Sensitivity
- Competence
- An understanding of the needs and circumstances of the beneficiaries
- Knowledge of the nature value and extent of the decedent’s assets
- Prior experience
- Business and investment experience
- Ability and willingness to serve
- Geographic proximity to the beneficiaries and the assets of the estate
- Lack of any conflict of interest
- Integrity
TRUSTEE - The individual and/or entity named in a testamentary trust, irrevocable trust or living trust to carry out the objectives and terms of the trust. A trust is useful if there are minor children, a second spouse, or a beneficiary with some form of disability.
Duties
- Administration of trust at death of settlor
- Control and manage trust assets for designated beneficiaries
Attributes of a Trustee
- Same attributes as listed above for Personal Representative
- No conflict of interest, actual or assumed under state/federal law
- Investment sophistication, recordkeeping ability and ability to hire professionals necessary for proper trust administration
POWER OF ATTORNEY OVER FINANCIAL AFFAIRS – Individual(s) you designate to make financial decisions in the event you are unable or unavailable to make your own financial decision. This power terminates at principal’s death.
GUARDIAN – Individual(s) you designate to raise your minor children