Text Box: Review Complete Want to Change Executor –This is the person who will wind up your affairs at death, _____ ______ including gathering up your assets, paying off any debts, satisfying all tax liabilities, and then distributing the remainder to your intended beneficiaries. Guardians for Minor Children –These are the persons you nominate to _____ ______ have legal custody of your children who are under age 18 at the second parent’s death. Trustees for Children, Spouse, or Other Beneficiaries –These persons will manage the property you direct to be placed in trust for the benefit of your children, spouse, or other beneficiaries. The two key roles of the _____ ______ trustee are to invest the trust assets in a manner that is consistent with the trust purposes, and to distribute income and principal in accordance with the standards you have defined. (Most Trusts for spouses are created for tax-savings reasons, and will appoint the spouse to serve as one of the trustees. The choice here becomes naming one or more individuals or a corporate fiduciary to serve as a co-trustee with your spouse.) IF YOU WOULD LIKE TO DISCUSS CHANGING THE PRIMARY OR BACK-UP FIDUCIARIES IN ANY OF THE ABOVE CATEGORIES, PLEASE GIVE ME A CALL. YES NO BENEFICIARIES Tangible Personal Property. Many clients mention in their wills that they will leave a separate Memorandum in which they will list specific items to go to named individuals. If your will provides for this, have you actually prepared such a Memorandum? _____ _____ Does it reflect your current wishes? _____ _____ Does your executor know where you keep it? _____ _____ Residuary Estate. Are you satisfied with your current choices of who receives your estate, including the shares or set amounts for each beneficiary? _____ _____ If you have trusts for your children or other minor beneficiaries, are the ages for when these trust will end still appropriate? _____ _____ Is one of your beneficiaries in a nursing home, or is such event likely? _____ _____ (In such case, a trust for that beneficiary might be better than an outright bequest). Text Box: Page # Text Box: Estate planning check-up for the new year (continued) Text Box: Winter, 2003

DISCLAIMER

Martin J. Hagan is licensed to practice law in the Commonwealth of Pennsylvania. This website is intended solely for informational use and is not intended to solicit clients. Likewise, any information contained in or obtained from this web site is for informational purposes only and is not intended to be used as legal advice.

IRS CIRCULAR 230 DISCLAIMER:   Pursuant to Treasury guidelines, any tax advice contained in this website (or any link from it) does not constitute a formal opinion. Accordingly, any tax advice contained in this website (or any link from it) is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be asserted by the Internal Revenue Service. You should seek advice based on your particular circumstances from an independent tax advisor.

Send mail to mhagan@haganlaw.net  with questions or comments about this web site.
Copyright © 2007 Martin J. Hagan, One Gateway Center - 8 South; Pittsburgh, PA 15222-1435
Last Updated: 06/29/07