Non-Probate Assets
Life Insurance
Beneficiary designation
→ A named individual takes it directly — outside the estate plan
Retirement (IRA / 401k)
Beneficiary designation
→ A named individual takes it directly — outside the estate plan
Joint / TOD Accounts
Survivorship / pay-on-death
→ Passes to Susan Whitaker directly — outside the estate plan
Robert Whitaker’s Will
- Guardian: Susan Whitaker; then Margaret Whitaker
- Personal Representative: Susan Whitaker; then Emily Whitaker
Whitaker Joint Revocable Trust
Holds both spouses’ assets; revocable during joint lives
- Co-Trustees: Robert Whitaker & Susan Whitaker
- Successor Trustee: Susan Whitaker; then Emily Whitaker
Survivor’s Trust
Survivor’s separate property + ½ of joint/community property
- Susan Whitaker is Trustee & beneficiary
- Remains revocable & amendable by Susan Whitaker
- Passes to the children’s trusts at the second death
1
Family Trust
Holds Robert Whitaker’s exemption amount
- Susan Whitaker is Trustee & primary beneficiary
- Income & principal for Susan Whitaker & descendants — HEMS
- Susan Whitaker may appoint to descendants only
- An independent trustee may make distributions for any purpose
2
Marital Trust
Holds assets above the exemption
- Susan Whitaker is Trustee
- All income to Susan Whitaker
- Principal for Susan Whitaker’s HEMS
- Susan Whitaker may appoint to descendants only
- May direct assets to Family Trust*
- An independent trustee may make distributions for any purpose
Emily Whitaker Lifetime Trust
1/3 of the residuary estate
- Income & principal for Emily Whitaker’s HEMS
- Subject to incentive provisions
- May appoint to settlor’s descendants only
- Assets not appointed are divided into separate shares for Emily Whitaker’s descendants
- Trustee: Emily Whitaker
Daniel Whitaker Lifetime Trust
1/3 of the residuary estate
- Income & principal for Daniel Whitaker’s HEMS
- Subject to incentive provisions
- May appoint to settlor’s descendants only
- Assets not appointed are divided into separate shares for Daniel Whitaker’s descendants
- Trustee: Emily Whitaker
Claire Whitaker Lifetime Trust
1/3 of the residuary estate
- Income & principal for Claire Whitaker’s HEMS
- Subject to incentive provisions
- May appoint to settlor’s descendants only
- Assets not appointed are divided into separate shares for Claire Whitaker’s descendants
- Trustee: Emily Whitaker
Estate Tax
- $0
- At Susan Whitaker’s death (if any)
Powers of Attorney & Living Will
Financial Agents
Durable General Power of Attorney
Susan Whitaker
Medical Agents
Advance Health-Care Directive
Susan Whitaker
Living Will Choices
- Life-sustaining procedures continued for 5 days
- All medical agents may override these choices
- Organ donation for transplantation purposes only
pours over