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Writing Your Will (302)
Author: Holmes F. Crouch
Pages: 224
List Price: $19.95
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  • Summary

    WRITING YOUR WILL (T/G 302) covers the essential elements for designating your executor, identifying your heirs, describing your property, assigning it, and easing the probate process with joint tenancy, marital bequests, charitable bequests, transfers into trust, and gifts during life. Also covered:

    • Importance of the "one dollar clause"
    • When to set the death tax clock
    • The $600,000 to $1,000,000 exemption
    • Precautions with "Will Trusts"
    • Dispositions "without administration"
    • Selection of witnesses & codicils

    Table of Contents
    Writing Your Will
    Book: 302
    
    Table of Content
    
    1.  PURPOSE OF A WILL                           1-1
    
        General Overview                            1-2
        Selection of Executor                       1-3
        Guardian for Minor Children                 1-4
        Aid to Single Parents                       1-5
        Attention to Death Taxes                    1-6
        Upgrading of Records                        1-9
        Simplifying Probate                         1-11
        Attorney Not Necessary                      1-13
        Preprinted Forms Available                  1-15
        Ambulatory Aspects                          1-17
    
    2.  PREAMBLE ASPECTS                            2-1
    
        Substitute Wills                            2-2
        Holographic Wills                           2-3
        Testamentary Capacity                       2-5
        Joint Wills: No-No                          2-6
        Correct Full Name                           2-7
        Proper Legal Residence                      2-9
        Sample Preamble                             2-10
        Paragraph Numbering                         2-11
        Revocation is “First”                       2-12
    
    3.  HEIRS AND LEGATEES                          3-1
    
        Intestate Succession                        3-2
        Forced Sale of Assets                       3-4
        Declaration of Heirs                        3-5
        Divorce and Remarriage                      3-9
        When No Descendants                         3-11
        Reasons for Disinheritance                  3-14
        The $1 Clause                               3-14
        Identifying Legatees                        3-16
        Use of Holographic Supplement               3-18
        Intervening Deaths                          3-20
    
    4.  YOUR EXECUTOR                               4-1
    
        Your “Final” Form 1040                      4-2
        Also Form 1041                              4-3
        Liability for Death Tax                     4-4
        Candidates and Qualifications               4-5
        Duties Outlined                             4-7
        Professional Assistance                     4-10
        Nomination and Appointment                  4-11
        Delegation of Powers                        4-13
        Independent Administration                  4-15
    
    5.  DECLARATION OF PROPERTY                     5-1
    
        Realty and Personality                      5-2
        Four Classes Defined                        5-3
        Separate Ownership                          5-5
        Husband and Wife                            5-7
        Jointly Owned Realty                        5-8
        Joint Tenancy Problems                      5-10
        Commingling of Marital Interests            5-12
        Marital Commingling Precautions             5-14
        Marital Property Declarations               5-16
        Statutory Gross Estate                      5-18
        Business and Beneficial Interests           5-20
        Special Property Declarations               5-21
        Out-of-State Property                       5-23
    
    6.  TRANSFERS DURING LIFE                       6-1
    
        A Typical Example                           6-2
        The Inclusion Statute: 2043                 6-3
        The Bombshell Question                      6-4
        Gift Tax Returns                            6-6
        Within 3 years                              6-9
        Retained Interest Transfers                 6-11
        Extra-Testator Transfers                    6-13
        Qualified Disclaimers                       6-14
        Declaratory Example: Transfers              6-16
        Declaratory Example: Disclaimers            6-17
    
    7.  TRANSFERS INTO TRUST                        7-1
    
        Transition Time: 6 to 18 Months             7-2
        Tax Matters Unavoidable                     7-4
        Probate Avoidance Possible                  7-6
        Property Titling Awkwardness                7-7
        Precautions With “Will Trusts”              7-9
        Supplement to Will                          7-11
        Virtues of a “Blended Trust”                7-12
        Family Trusts: Caution                      7-14
        Rule Against Perpetuities                   7-16
        Questions to Your Executor                  7-17
    
    8.  SURVIVING SPOUSE                            8-1
    
        Legal Status of Marriage                    8-2
        The Marital Deduction                       8-3
        “Exemption Credit” Dilemma                  8-4
        Includible in Survivor’s Estate             8-6
        Eligible Property                           8-8
        Nondeductible Terminable Interests          8-9
        Correction: “Unified Credit”                8-10
        The Q/TIP Election                          8-12
        Example of Bequests                         8-14
        Common Disaster Clause                      8-16
        Limited-Period Survival                     8-17
        Considerations Postmortem                   8-19
    
    9.  BEQUESTS TO CHILDREN                        9-1
        
        Financial Maturity                          9-2
        Young Adults                                9-3
        Paragraphic Examples                        9-5
        Spendthrift Children                        9-6
        Minors and Disabled                         9-7
        Physical Guardians                          9-9
        Financial Guardian                          9-10
        “Letters” of Confirmation                   9-12
        Children of Divorce                         9-13
        Predeceasement Clause                       9-15
    
    10. BEQUESTS TO OTHERS                          10-1
    
        The Death Tax Bite                          10-2
        Cumulative Effect of Gifts                  10-3
        Single Life Consumption                     10-5
        Remainder Beneficiary                       10-8
        Multiple Specific Bequests                  10-9
        Terminable Exchanges                        10-12
        Disposition “Without Administration”        10-14
    
    11. CHARITABLE BEQUESTS                         11-1
        
        What Is Qualified?                          11-2
        State Laws Differ                           11-3
        Clear and Unmistakable                      11-4
        Must Pass From Decedent                     11-5
        Effect of Intervening Lives                 11-8
        Charitable Remainder Trusts                 11-9
        Proof of Deduction                          11-10
        Apportionment of Taxes                      11-11
        “Death Bed” Gifting                         11-13
    
    12. SUMMARY AND WITNESSES                       12-1
        
        Preliminary Draft                           12-4
        Nonevent While Alive                        12-5
        Review of Supplements                       12-5
        Probate Check                               12-7
        “$1 Clause” Revisited                       12-10
        The Witness Paragraph                       12-11
        Changes and Codicils                        12-12
        Selection of Witnesses                      12-13
        Placement of Wills                          12-14
        Copies After Death                          12-15

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