Somers Robb and Robb

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110 E. Broadway Newton, KS 67114 Telephone (316) 283-4560 Fax (316) 283-5049 E-mail joerobb @robblaw.com johnrobb @robblaw.com This is a compilation of frequently asked questions that the office has received and answered. If you would like specific information about one of the areas covered please contact our office. johnrobb@robblaw.com ESTATE PLANNING Q. Is there a difference between a will and a living will? A. Yes. A will is a formally signed document that indicates who is to get your property at your death and who will be in charge of paying your final bills and things like that. It can also appoint a new guardian for your minor children if both you and your spouse die. It has no effect whatsoever while you are alive. A living will is also called a Natural Death Declaration. It is a formally signed document stating your intentions if you have a terminal condition or illness and whether or not you want extraordinary life-sustaining measures employed. Q. I have drawn my own will and signed it. Is it valid? A. Maybe. To be valid, a will must be signed in a certain way. It requires two witnesses and that certain formalities be followed. If the technicalities are not followed, then the will is not valid. The technicalities vary from state to state, and they can change from year to year as the state legislatures change the laws. Q. The deed to my house has my name and my husband ’s name on it. If something happens to one of us, will it automatically go to the survivor? A. Maybe. If the deed contains the magic words "joint tenants with right of survivorship" then the property would go to the survivor. If the deed does not contain the magic words, then the property will not automatically pass to the survivor. The same holds true for titles to other property like checking accounts, cd ’s, stocks, savings accounts etc. Q. What is Federal Estate Tax? A. The federal government may tax your estate when you die. They base the tax on all assets owned by you at your death (including life insurance). Currently, the first $3,500,000 per decedent passes to heirs tax-free. There are ways for a couple to pass up to twice the exemption amount or more tax-free to their children with a little proper planning. These exemptions will lower to $1,000,000 in 2011. Q. What is a living will? A. A living will, also known as a "Natural Death Declaration," is a statement in writing directing your physician, in the event you suffer a terminal condition, to withhold or withdraw life-sustaining procedures that would otherwise artificially prolong the dying process. There are certain formalities which must be followed in making a living will and assuring that others comply with your decisions. This document is often part of a comprehensive estate plan. Q. What is a durable power of attorney? A. A durable power of attorney is a written document that appoints someone else to make financial and other important decisions for the person granting the authority. The authority granted can be narrow and specific or more general and comprehensive. This document is often part of a comprehensive estate plan and can be very useful in helping an elderly person manage business affairs. Q.

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