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3/31/2010
1. A will only takes effect after death. Your executor has no power to act for you if you are incapacitated. You need to speak to your lawyer about appointing someone you trust on a power of attorney.
2. It is prudent to consider appointing different people as executor and guardian in your will. This way there will be checks and balances-one looks after the money, one raises the kids.
3. Just because you leave everything in your will equally to your kids does not mean they won't fight after your death. One child may be your caregiver who may be hurt if you left her the same as your other kids who you rarely see or hear from. As well, you may have given more to one child than the other in your lifetime.
4. Secrecy is not always golden when it comes to estate planning. It is important to consider talking to your kids about your plans. For example, before appointing one of your kids as executors speak to him, he may not want to be appointed.
LES KOTZER -www.familyfight.com, co author WHERE THERE'S AN INHERITANCE and THE FAMILY FIGHT
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