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Wills

While no one likes to think about death, it is inevitable. Therefore, you need to consider how to provide for your family or heirs after your death. A will is usually the best way to accomplish that as well as a way to control how your assets are disposed of after death. With that in mind, the following may answer some common questions about wills and what may happen if you do not have one.

What is a will?

It is a legal document that accomplishes a number of things, such as:
� disposition of assets after your death (although certain assets may pass outside of your will, as you will see below);
� appointment of legal guardians for your minor children;
� appointment of an executor to administer your estate and see that your wishes are carried out;
� creation of trusts as well as appointment of appropriate trustees to administer each trust.

Why should I have a will?

The following are some consequences of not having a will:
� the state disposes of your assets for you, generally, to your surviving spouse and children, and it is never held in trust. If you do not have a spouse or children, your property generally passes to your parents or your siblings;
� if your minor children receive a share of your property, the court must appoint a guardian to manage their property under strict court supervision, and once your children are 18, they receive the property outright;
� your estate may pay more tax than necessary.

How do I get a will?

See an attorney. Do not rely on books, computer programs or forms, because you may not truly understand them and they may not apply to your specific financial and family profile.
� You may want to ask U.S. Trust�s Estate Planning Department to recommend several attorneys from among those who work with our clients.

What should I do before I see an attorney?

� Prepare an inventory of your assets and their approximate values. Focus on where the assets are located (out of state?), what type of property is owned (community or separate property?), and how they are owned (individually? jointly, passing automatically at death to the other owner?).
� Be sure to include assets such as insurance, retirement benefits, and IRAs. Although these assets pass outside of your will (to whomever you have designated as beneficiary), your attorney still needs to be aware of them.
� Choose your beneficiaries (just family? include friends or charities?) and decide if you want them to receive the property outright or in trust.
� Choose a guardian for your minor children, an executor, and a trustee if applicable.

If I already have a Will, will I ever need to revise it?

You might, if the tax laws have changed or major events have occurred, such as:
� you have just gotten married;
� you have started a family;
� your beneficiaries have died;
� you have gotten divorced;
� you have moved to another state;
� your assets have changed significantly.

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