Other
Estate Planning Issues
There are
several other issues that need to be considered before the estate plan
can be completed. For instance:
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Who will have
custody of your children if you die before they become adults?
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Standard of the court is whatever
is "in the best interest of the child".
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Do you want one person or a
couple? If two people are named and one cannot serve, should the other
still be guardian?
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Consider alternatives and changing
circumstances. Your choices when your children are young may not be the
same as when they are teenagers.
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Should the same person have
custody of the children and control of their property (i.e.- trust fund)?
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How will your
property be managed during a lifetime disability?
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Joint Ownership
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Trusts- either living trusts
(revocable) or irrevocable (see trust page).
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Durable Power of Attorney
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Corporation, Limited Partnership,
or some other form for a business entity
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Conservatorship (control of
the assets) or Guardianship (control of the assets and the person)
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How will your
person be treated in the event of a lifetime disability?
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Health
Care Proxy- A statute that allows an individual to name an agent
to make medical decisions for them. However, it does not leave instructions
for patients in a permanent vegetative state.
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Living
Will- A form that leaves instructions for individuals in a permanent
incapacitated position. Allows the patient (prior to incapacity) to determine
if they'd like heroic measures or if they want life-support systems to
be used.
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Who will manage
the property after the owner's death?
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The owner can appoint the executor
of the will, a bank, a professional trustee, or the trustee of a continuing
trust. However, all choices have things to consider. Does the executor
have the experience and time to handle complicated estates? Will a professional
or a bank be able to understand the family's needs and offer personalized
attention?
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A family member or members?
Can they work together? Do they have opposing views and goals? Will one
sibling feel slighted if another is the sole executor?
-
What if the first choice as
trustee or executor cannot serve? Have alternatives been considered?