Section E of the Estate Planning Data Taker summarizes the Steven' wills and trusts. In this case there is little to write, since the Stevens each have a simple "I love you" will that leaves most property to the surviving spouse, with a modest inheritance for Johnny and Lynn. The children are each will's secondary beneficiary. There is money, too, for their philanthropic interests, though the will is a little vague on which assets will be used to fill the bequests.

Wills

• When were the wills last reviewed?
  
  • Two Years Ago


• Basic Distribution Arrangements
  
  • At the death of either spouse, net estate property (decedent's gross estate minus final expenses and estate administrative costs) passes 100 percent to spouse. At the surviving spouse's death, net estate property is distributed as follows:
    
    • Bequests to Heirs:
      
      • Assets to be equalized between Johnny and Lynn.
      
      
      • Primary residence to Johnny.
      
      
      • Lake house, plus additional assets to equalize inheritance to Lynn.
      • $100,000 to each surviving grandchild, in trust for education.
    • Bequests to charitable organizations:
      
      • Local Art Museum, $1 million
      
      
      • Local Public Radio Station, $1 million
      
      
      • Homeless Shelter, $1 million
      
      
      • Local Church, $500,000
      
      
      • College Alma Mater (John), $500,000
      
      
      • College Alma Mater (Mary), $500,000


• Type of Marital Deduction Clause
• John: Simple Will (100% to Mary, minus administrative expenses and taxes)


• Mary: Simple Will (100% to John, minus administrative expenses and taxes)


• At the surviving spouse's death, assets to be equalized as much as possible for Johnny and Lynn, with educational trusts set up for grandchildren and special charitable bequests totaling $4.5 million.


• Have you named guardians for your children?
  
  • NA; Children are grown.