Wills, Trusts, and Powers of Attorney
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Estate Planning Basics - including overview of intestacy, types of wills, types of trust, Advance Health Care Directives, and Powers of Attorney for Finance
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Wills, Trusts, and Powers of Attorney
- 1. Presented by Sheri Sudweeks 750 University Avenue, Suite 140, Los Gatos, CA 95032 (408) 354-0200 www.sugaisudweeks.com 1
- 2. No will or trust Distributions based on statutory scheme Court must designate administrator (priority is statutory) Guardianship issues Full distributions to anyone 18 or over Sheri Sudweeks 2
- 3. Real Estate Held in Joint Tenancy Bank accounts held in Joint Tenancy Accounts with Pay on Death Provisions Assets with Beneficiary Designations Insurance policies with Beneficiary Designations Automobiles Property held in trust Sheri Sudweeks 3
- 4. Designate who gets your stuff Nominate the guardian of your children Nominate an Executor to take care of your final affairs Sheri Sudweeks 4
- 5. Holographic Wills Statutory Wills Pour over Wills Last Will and Testament Ethical Wills Sheri Sudweeks 5
- 6. Probate Avoidance Control Estate Taxes for Couples Incapacity Planning Privacy Sheri Sudweeks 6
- 7. Revocable (Living) Irrevocable Special Needs AB ABC Power of Appointment QPRT, GRAT, Etc… Sheri Sudweeks 7
- 8. Legal entity/Legal fiction Trustee Tax id Funding Creditors Sheri Sudweeks 8
- 9. Joint Trust Provisions of Trust By-pass and Q-tip elections Successor Trustee Duties and Liabilities • • • • • Beneficiary notification Taxes Marshalling of Assets Distribution Accounting Role of Attorney and Accountant Sheri Sudweeks 9
- 10. Not in trust unless titled to trust Schedules Deeds Bank Accounts Retirement funds Other Assets Automobiles Personal Property Refinancing Property in Trust Sheri Sudweeks 10
- 11. Power of Attorney For Health Care Living Will National Death Act Declaration DNR Instructions for Health Care Sheri Sudweeks 11
- 12. Executed Prior to 1997 Executed Prior to July 2000 Executed Prior to 2004 Have you signed a generic hospital form that revoked your document? Sheri Sudweeks 12
- 13. Terminal Illness Life Support Irreversible Coma Palliative Care Nutrition and Hydration Hospice Long term care Organ Donation Sheri Sudweeks 13
- 14. License to Steal v. Necessity for Security Access to non-trust assets Gifting Public benefits planning Durable Springing Sheri Sudweeks 14
- 15. What if I change my mind? What happens if I die or become incapacitated and there is stuff that is outside of my trust? Who gets to see my trust or will? Where do I keep my estate planning documents? How often do I need to update my trust or will? How expensive is it to get a trust or will? Are there any good resources for DIY trusts and wills? Sheri Sudweeks 15
- 16. Thank you for attending 750 University Avenue, Suite 140 Los Gatos, CA 95032 (408) 354-0200 www.sugaisudweeks.com Sheri Sudweeks 16