THE PEOPLE’S LAW SCHOOL
What everyone needs to know…
WILLS AND
ESTATE SETTLEMENTS
Tuesday, November 29, 2005
Carl T. Baker, Esq. Margaret Z. Reed, Esq.
FitzGerald Morris Baker Firth P.C. Law Office of Margaret Z. Reed
Glens Falls, New York Delmar, New York
Presented by the New York State Bar Association
PLANNING FOR AND SETTLING A MODEST ESTATE
CLIENT PLANNING
Client Questionnaire
The Client Interview
Client Planning Documents
Will
Power of Attorney
Health Care Documents
Executing and Safe Keeping of Documents
SETTLING AN ESTATE
Initial Client Interview
Probate and Non-Probate Asset Distribution
Steps to Settlement
Closing the Estate
Accounting
Final Settlement
ESTATE PLANNING QUESTIONNAIRE
1. Name: Wanda B. Klient
Maiden Name: Smith
2. Present address: ________________________________________________________
Telephone number: ____________________________________________
E-mail address:
3. Date and place of birth: Boston, Massachusetts on 8/30/32
4. Have you ever served in the Military? Yes ____ No __X__
5. Social Security Number: 888-33-4444
6. Are you presently: Single, never married, married, widowed (ered), divorced,
separated? Widowed
7. If ever married, date of present or most recent marriage: 6/1/52
8. (Former) Spouse's Name: Joshua L. Klient He died on 5/15/02.
9. In the spaces below, please list your children's full names, ages, addresses, telephone
numbers, marital status, and occupations. Also include full names of their spouses and
full names and ages of their children (your grandchildren):
First Child:
Name:____John R. Klient_____________________________________________
Date of Birth: _______________________
Address: ______________________________________________________________
Phone Number: (___)_________________ Marital Status: Married
Spouse: ______________________________________________________________
Grandchildren (names and ages): David Klient (18), Ann Klient (15)
_____________________________________________________________________
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Second Child:
Name: Jethro E. Klient______________________________________________
Date of Birth: _______________________
Address: ______________________________________________________________
Phone Number: (___)_________________ Marital Status: Married
Spouse: ______________________________________________________________
Grandchildren (names and ages): James Klient (12), Barbara Klient (9)
___________________________________________
_____________________________________________________________________
Third Child:
Name: Mary A. Klient_________________________________________________
Date of Birth: _______________________
Address: ______________________________________________________________
Phone Number: (___)_________________ Marital Status: Single
Spouse: ______________________________________________________________
Occupation:___________________________________________________________
Grandchildren (names and ages): ___________________________________________
10. Employment information: Please list your occupation and place of employment. If
retired, please list date of retirement.
Teacher, Empire City School District. I retired on 6/30/95
11. List sources of income and approximate yearly amount from each source:
Source:_______________________________ Amount: ________
Source:_______________________________ Amount: ________
12. Have you ever made significant gifts (over $10,000) to anyone?
Yes __X__ No ____
13. Do you have a will? Yes __X__ No ____
If yes, where is the original of the will located? At the lawyer’s office
14. Are you expecting any significant inheritance? Yes____ No__X__
If yes, please describe:
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15. Do you have a safe deposit box? Yes _X___ No____
If yes, box number and location? #83 at Empire Bank
If yes, who has access to the box? I do
16. What are your general thoughts about the way you want your assets divided after your
death? To my children equally
How do you feel about your beneficiaries’ abilities to handle money?
Some good, some not so good
17. Do any of your potential beneficiaries have a disability or require special care? Yes No
If yes, please name the beneficiary and explain the nature of the disability:
18. Are any of your potential beneficiaries presently receiving private benefits such as
Medicaid or Supplemental Security Income or likely to receive such aid in the future?
Yes ____ No ____
19. Do you wish to disinherit anyone who might normally be included in a will? Yes No
20. Does anyone owe you money from whom you would rather not collect?
Yes _X__ No ____
21. Who would you want to be the executor or executors of your Will. Your Executor(s)
will settle your estate. Please give name(s), approximate age(s) and present address(es).
Think of more than one person.
Executor: my son Jethro Alternate Executor: my son John
22. Are you personally responsible for any children under age 18? Yes____ No__X__
If yes, we will discuss the appointment of a Guardian in your will.
23. If you lost capacity (the ability to make decisions for yourself) before your death, who
would you want to name as a health care agent for medical decisions (health care
proxy) and who would you want as a financial agent (power of attorney)?
The same persons may serve under both documents.
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Financial Information
Please complete the following information. Estimated values are fine.
Assets: Estimated market value
Client Joint
Residence $250,000
Vacation Home
Other Real Property (Florida
Condo)
$150,000
Stocks $150,000
Bonds and Notes
Mutual Funds
Business assets or interests,
partnerships or closely-held
corporations
Checking Accounts, Savings
Accounts, Money Market $ 8,000 $ 10,000
Accounts, Cash
Certificates of Deposit $ 15,000
Retirement Plans (IRAs & 401(k),
etc.)
$100,000
Annuities $ 75,000
Life Insurance $ 50,000
Miscellaneous Assets (Savings
Bonds)
$ 40,000
Outstanding Loans $ 10,000
Total Assets: $848,000 $ 10,000
Less - Mortgages, Loans and
$ 0
Other Liabilities
Net Assets: $848,000 $858,000
ABOUT TODAY’S PRESENTERS
Carl T. Baker is a partner in the Glens Falls, New York firm of Fitzgerald, Morris, Baker &
Firth where he practices in the areas of estate planning and settlements, wills, trusts and elder
law. He is a graduate of Cornell University and Albany Law School of Union University. Since
1995, he has been included in the publication, “The Best Lawyers in America.” A former
President of the Estate Planning Council of Eastern New York, he has chaired the Planned
Giving Council of Glens Falls Hospital. In the New York State Bar Association, he is a member
of the Executive Committee of the Trusts and Estates Law Section and has been a regular
lecturer and author for the State Bar for many years on a wide variety of trusts and estates topics.
Margaret Z. Reed is an Elder Law and Trusts and Estates attorney with an office in Delmar.
She is a graduate of Albany Law School. Ms. Reed is a member of the New York State Bar
Association, the Albany and Rensselaer County Bar Associations, and the National Academy of
Elder Law Attorneys. She is on the Executive Committee of the State Bar’s Elder Law Section
and is chair of the Client and Consumer Issues Committee. She has chaired the Section’s annual
Decision-Making Day program--a statewide program to educate the public about health care
proxies, powers of attorney, and other relevant planning issues. In addition, she has served as a
speaker for Elder Law Section programs, Albany Law School’s Senior Citizen’s Law Day
programs and for numerous professional and community organizations.