Week 5 lecture:

Preparing a will involves several different unusual task since it is part of legal accounting and very personal matter. In chapter 5 there is an outline that you should follow to ensure all important aspects have been addressed. If you do not intend to keep this book make a copy of exhibit 5.1 on pages the outline on page 155, 158 ,159, and exhibit 5.2 on page 163 to keep for future reference in completing your own will or assisting a loved one create their will.  Exhibit 5.6 is the most comprehensive, if you can only keep one document this would be the one to keep and the contact names.

This is a good time to purchase for yourself or loved one a simple safety box that would house your critical and personal important documents. In that safety box, critical items such as ones passport, social security card, birth certificate (s) marriage license, court orders, important keys, important documents such as a will  and the checklist should be kept there. Preparation is key. Also important is to inform your next of kin, trusted friend, or family where the documents will be stored if it is in this safety box or a safe place. Complete the checklist and will, sign and date it, then store it in the designated location. What good is a will if no one can locate it?

Many paralegals and attorneys will do this if their business leads them to these types of clients. Whether you are doing this professionally or for personal reasons, the steps are still the same. Conduct and initial interview do determine the family tree, the clients financial affairs  and any anomalies that exists that could affect the decedent, heirs or persons of interest.  Discuss ethical and legal issues such as health concerns, insurance policies , disgruntle or disinherited family members.

Determine if a living or irrevocable trust is appropriate. Then fill out the check list. Be sure to include the date and state in which this document was completed.  Determine if there is need for supplemental data and follow up on pending advancements or inheritances. Determine the family advisors and preferences with the client or person whose Will is being drafted. It is also very important to create a checklist of liabilities which helps to determine the person net worth. It is important to determine if the estate is in a positive cash flow position or a negative cash flow position. If negative the person of interest can take proactive measures to create positive cash flow hen possibly. Review the items in Exhibit 5.7 the California statutory will to the one your printed out weeks ago, has anything changed?

DQ 5: What is the difference between a statutory will and one created by an attorney?