Planned Giving and Trust Services : Basic Estate Planning

Sections on this page

• Last Will and Testament
• Revocable Trust Agreement
• Power of Attorney
• Health Care Surrogate
• Living Will

Last Will and Testament—A will contains an individual's formal instructions indicating the disposition of property (estate) at death:

1. A will should be drafted by an attorney knowledgable in estate planning.
2. Property ownership is not affected during lifetime. The will does not become effective until the testator's (individual's) death.
3. Specific items of property need not be mentioned, as an estate can be distributed by shares or percentages, thus the sale or acquisition of property does not necessarily require changes in the will.
4. The testator's choice of a personal representative can be designated in the will, as well as a guardian for the testator's minor children.
5. Upon the testator's death, the personal representative, represented by an attorney of choice, is appointed by the probate court. The personal representative then has the responsibility of collecting the decedent's assets and distributing them in accordance with the will. The administration of the estate is then carried out under the supervision and direction of the probate court.
6. A will can be changed or entirely redrafted at any time.

Revocable Trust Agreement—A revocable trust agreement is a legal document signed by a member (the trustor) and the Conference Association (the trustee). In general, the agreement provides as follows:

1. Property is transferred to the Conference Association to be held in trust for the member.
2. During the member's lifetime, the use, benefit, and income from the trust property belongs to the member. The member retains the responsibility for the payment of taxes, insurance, and maintenance. Specified earnings are paid quarterly on cash trusts.
3. Property can be withdrawn from the trust by the member at any time, and, likewise, property can be added to the trust at any time. The trust agreement can be amended or even revoked during the member's lifetime.
4. Trust property can consist of real estate, cash, corporate stock, bonds, promissory notes, etc.
5. Directions are included to indicate how the property is to be distributed in the event of the member's death.
6. At death, there is no probating of trust assets, however some court proceedings may be necessary before the Conference Association, as trustee, can distribute the trust property in accordance with the trust document.
7. Trusts can be written jointly by husband and wife so the survivor will retain all the benefits during his or her lifetime.
8. In the event the member becomes sick or disabled so as not to be able to manage the trust property, the Conference Association can be allowed to assume that responsibility for the member.

Power of Attorney—Power of attorney is an instrument authorizing another to act as one's agent or attorney. The agent is attorney in fact and is revoked on the death of the principal by operation of law. Such power may be either general or special. Used primarily in business transactions.

Health Care Surrogate—A health care surrogate is a document which authorizes another person as one's agent to make health care decisions when that person is unable to do so him or herself.

Living Will—A living will is a declaration that one does not desire to be kept alive by any medical procedure if determined the condition is terminal and there is no probability of recovery.

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