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Your will can make or break your estate. Learn the many pitfalls that can
defeat your objectives. Avoid having everything you've worked for all your
life go to the wrong people. This book points out the countless tragic mistakes
that are being made everyday and how you can avoid them.
Detailed Table of Contents:
Introduction
If You Don't Have a Will
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The effects
of not having a will
Will the Court make a will for you?
How your property will be distributed without a
will
Other advantages in having a will |
Preparing a Legally Valid Will
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Wills
distinguished from the other ways of transferring
property at death
The contents of your will
The formalities required for a valid will
The need for witnesses to your will
The need for a will to be "published"
The need for the testator to be mentally competent
Preparing to create the best will for you
Gathering information about your own estate |
Procedures in Probating Estates
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The
lawyer who will handle your estate
The possibility of avoiding probating the will
The steps in "opening the estate"
Establishing a decedent's heirship
The hearing to determine the validity of the will
Avoiding the hearing to determine the validity
of a will - Self-proving wills
Probating a lost will |
Avoiding Mistakes in Preparing Your Will
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Mistakes
that can void a will
The effect of forgetting an heir
Careful planning and thought can avoid mistakes
- Lapse of bequest
Ademption of bequest
Exoneration of the bequeathed property from a lien
Statements of wishes or desires - "precatory" words
Your letter of instructions
Don't do anything stupid in your will
Throttle your urge to control the lives of others
Failure to make a new will when you move
Printing and copying your will
Signing two "copies" of the will - A
possible disaster
The oral contract to will property - The "lawyer's
potential bonanza"
Difficulty proving Dead Man's Act |
The Dangers in Drawing Your Own Will
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Serious
problems in preparing your own will
Hidden traps that can cause serious trouble |
The Importance of Your Heirs
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Heirs
are important even if there's a will
When an estate is inherited by heirs
Determining who a decedent's heirs are
Illegitimate children as heirs
What happens when a will is set aside
Partial intestacy |
The Importance of Updating Your Will Regularly
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Some
of the events that may require a change in
your will
Should You Try to Avoid Probate?
The probate process
The natural desire to avoid probate
Ways to avoid probate
The superior way to avoid probate
Setting up your living trust to avoid probate
Knowing what to do to avoid probate |
The Importance of the Way You Hold Title to Your Property
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The
kinds of property
The difference between probate and nonprobate assets
Joint tenancy - Not your "Cure-all Legal Aspirin
Tablet"
The importance of nonprobate assets in your estate
plan
Can you give anyone a nonprobate asset in your
will?
The importance of community property and marital
property |
The Kinds of Provisions in Wills
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The
preliminary provisions of a will
Will directions for payment of debts, taxes and
expenses
Gifts of personal and real estate in the will
Trusts in the will
Other directions in the will
Disposing of the residue [What's left]
The Pourover Will
Appointing an executor
Dating a will
Signing and witnessing a will |
Bequests and Devices
in your Will
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The
usual distribution of an estate under a will
When the estate is insolvent
Determining what gifts to make
Deciding how to distribute the residue
The nature and use of the pourover will
Rules that can help avoid mistakes in your will |
The Importance of Your Distribution of Your Estate
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The
impact of increases and decreases of estate
size or estate distribution
Failure to allocate debts and expenses properly
Should You Include a Trust in Your Will?
The nature of trusts
Trusts distinguished from wills
Trusts for the benefit of the testator's family |
The Importance of the Executor of Your Will
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Selecting
your executor
The trust you place in your executor
The right executor can avoid family conflicts
The qualifications of your executor
Appointing an alternate executor
The burdens on your executor
The benefits conferred by your executor
Appointing a bank as your executor
The powers you confer on your executor
Don't impose duties on an executor that should
be handled by a trustee |
The Importance of Your Directions to Your Lawyer
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Collecting
your estate information
Your notes for preparation of your will
Defining your special concerns
Your lawyer must keep your information confidential
and free from conflict
Getting your will right |
The Special Problems of the Single Person Making a Will
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The
different situations confronting unmarried
adults
Special plans for payment of support obligations
Disposing of the residue of the estate of a single
person
The Comprehensive Living Trust as an alternative
for the single person
Selecting the executor for the single person's
will |
The Special Problems of the Single Parent With Minor Child(ren)
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Special
will problems of single parents of minor
children
Appointing a testamentary guardian for a minor
child
The nature and duties of a testamentary guardian
Direct gifts to minor children
The testamentary trust for minor children |
The Special Will Problems of a Married Couple or Unmarried Couple
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Joint
and mutual wills - A serious mistake
Questions raised by joint and mutual wills
Reciprocal wills of married couple
Surviving spouse's award
Provisions for common catastrophe
The right to renounce the will
Care and support of younger children
Choosing the executor(s)
Trust for surviving spouse
Impact of prenuptial agreement |
Minimizing Death Taxes of Married Couple
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Minimizing
death taxes on a growing estate
Preparing tax-wise wills
Basic planning to minimize death taxes
Avoiding an excessive transfer to the surviving
spouse
The use of disclaimers to avoid death taxes
The wrong kind of will can needlessly increase
death taxes |
Your Letter of Instructions to Accompany Your Will
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What
not to say in your Letter of Instructions
Your advice to your family
"Introduce" your family to your most
trusted advisors
Showing your Letter of Instructions to your lawyer |
Signing and Witnessing Your Will
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Can
someone sign a will for you?
Witnesses to the will
Qualifications of the witnesses to your will
The attestation clause
The need for extreme care in signing and witnessing
a will
The procedures followed in signing and witnessing
a will
Self-proving wills
The importance of the statements in the attestation
clause
Presence of witnesses
"(we) saw the testator sign the foregoing
will, in our presence"
(The will was signed by us) at the request of the
testator
"(the will was signed by us) in the presence
of each other"
"each of us believed the testator to be of
sound mind and memory"
"at the time the testator signed the foregoing
will"
"there was no fraud exercised by anyone"
"there was no duress exercised by anyone"
"there was no forgery exercised by anyone"
"there was no compulsion exercised by anyone"
"there was no other improper conduct exercised
by anyone" |
Amending or Revoking Your Will
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Amending
an existing will
Codicils
Intentional revocation of will
Marriage as revoking a will
Revocation by divorce
Revocation by birth or adoption
Revocation by physical damage to will
Effect of alterations, changes on face of will
Partial intestacy - Failure to include residuary
clause
Partial intestacy - Undue influence by beneficiary
Effect when a beneficiary kills the testator |
Avoiding Successful Will Contests
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The
court proceedings leading up to a will contest
The unlikelihood that a will contest will succeed
All will contests aren't bad
The will contest proceedings
The results of a will contest
Should you include a "No contest" clause?
Provide an additional "will contest insurance
policy"
Avoiding underlying conditions that cause will
contests
Protecting the will of a person who is in declining
mental health
Avoiding the lost will |
Glossary
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