Copyright 2012 by The American Bar Association
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eBook ISBN: 978-0-375-72396-4
Trade Paperback ISBN: 978-0-375-72385-8
Fourth Edition
v3.1
The American Bar Association
Jack L. Rives
Executive Director
Mabel C. McKinney-Browning
Director, Division for Public Education
Mark A. Cohen
Editor
P RINCIPAL A UTHOR , F IRST E DITION
Brett Campbell
Eugene, Oregon
P RINCIPAL R EVIEWER /A UTHOR F OURTH E DITION
Karin Prangley
Chicago, Illinois
R EVIEWERS *
Lena Barnett
Michael G. Cumming
Edgar T. Farmer
Thomas Featherston
Susan N. Gary
Rik Huhtanen
John Laster
Rebecca C. Morgan
Harold Pskowki
Douglas J. Rasmussen
Pamela L. Rollins
Charlie Sabatino
Michael D. Whitty
*For one or more editions
S TANDING C OMMITTEE ON P UBLIC E DUCATION
Chair
Eduardo Roberto Rodriguez
Brownsville, TX
Chair, Law Day
Mark D. Agrast
Washington, DC
H. William (Bill) Allen
Little Rock, AR
Cory M. Amron
Washington, DC
Pamila J. Brown
Ellicott City, MD
Stephen C. Edds
Jackson, MS
Jim Goh
Denver, CO
Roger L. Gregory
Richmond, VA
Nicole Harris
San Francisco, CA
Angela M. Hinton
Fayetteville, GA
Chair, Gavel Awards
Sheila S. Hollis
Washington, DC
Marvin D. Infinger
Charleston, SC
Christel E. Marquardt
Topeka, KS
Christina Plum
Milwaukee, WI
Ellen F. Rosenblum
Portland, OR
Board of Governors Liaison
Mary L. Smith
Lansing, IL
A DVISORY C OMMISSION TO THE S TANDING
C OMMITTEE ON P UBLIC E DUCATION
Joseph F. Baca
Albuquerque, NM
Marilyn R. Cover
Portland, OR
Marshall Croddy
Los Angeles, CA
Leslie C. Francis
Washington, DC
Linda Greenhouse
New Haven, CT
Lynn Huntley
Atlanta, GA
Kathleen Gormley Johnson
Ft. Mitchell, KY
Thomas McGowan
Lincoln, NE
Bruce Merenstein
Philadelphia, PA
Neil Nicoll
Chicago, IL
Karl Shoemaker
Madison, WI
Gordon Silverstein
Hartford, CT
Carmita Vaughan
Chicago, IL
Marguerite Zack
Miami, FL
I NTELLECTUAL P ROPERTY L AW L IAISON
David G. Swenson
Waco, TX
Y OUNG L AWYERS D IVISION L IAISON
William T. Harvey, Jr.
Trenton, NJ
L AW S TUDENT L IAISON
Joshua Monroe
Baker, LA
CONTENTS
PART ONE
First Steps
PART TWO
Transferring Property Without a Will
PART THREE
Wills: What Should Be in Yours?
PART FOUR
Trusts and Living Trusts
PART FIVE
Putting the Tools to Work
PART SIX
Death and Taxes
PART SEVEN
When You Cant Make the Decision
PART EIGHT
Putting the Plan into Action After Your Death
APPENDIX A
Estate-Planning Checklist
APPENDIX B
Sample Basic Will (Annotated)
APPENDIX C
Health-Care Advance Directive
FOREWORD
Jack L. Rives
Executive Director, American Bar Association
E veryone should be concerned with proper estate planning. It is essential to think through options and to plan for property distribution, business succession, estate taxes, final health care, and other end-of-life issues.
The American Bar Associations Guide to Wills & Estates explores a variety of estate-planning issues, from the familiar to the unusual. This Guide is designed to help consumers attain the right knowledge and insights so they can be better prepared to design a tailored plan to meet their personal needs.
This is the Fourth Edition of the Guide to Wills & Estates. As with prior editions, we benefit from the ABAs huge network of attorneys and experts in the field to write, edit, update, and review the publication. Our deep pool of experts enables us to provide a comprehensive and highly effective estate-planning guide.
The Guide to Wills & Estates is one of a series of legal guide books published under the auspices of the ABAs Standing Committee on Public Education. This book was designed to provide you with knowledge of the law and the legal context for your estate-planning decisions. It is not intended as legal advice. You should always consult an attorney licensed in your state to help plan for your specific needs.
With nearly 400,000 members, the ABA is the largest voluntary professional association in the world. Its members represent every legal specialty. Public service and public education are among the ABAs most important goals. The ABA educates the public through publications such as this book, online initiatives, programs, collaborations and partnerships with other organizations, and public outreach. Widespread knowledge about legal rights is a cornerstone of a free society.
For more information about the many services and resources the ABA makes available to the public, please visit the ABAs website, www.americanbar.org. Information specific to public education is available on the Division for Public Educations website, www.americanbar.org/publiced.
INTRODUCTION
Eduardo Roberto Rodriguez, Chair
ABA Standing Committee on Public Education