Why do I need a will?

Preparing a will allows you to direct where you want your property to go, how you want your property to be distributed, who you want to be named as the executor of your estate, and may also indicate special wishes on a variety of issues, including your burial or cremation, organ donation and pets.

What is an executor or administrator?

An executor is an individual who is named in your will to insure the wishes in your will are carried out. An administrator performs the same functions, but is an individual appointed by the court in cases where there is no will. In the event the executor or administrator declines to serve in such capacity the Probate Court will appoint a substitute executor or administrator pursuant to the decedent's instructions, or upon petition by other interested parties. In order to try to avoid this situation, you should confirm with the individuals you wish to name to be sure they are comfortable with the appointment.

An executor or administrator has the duty to perform certain tasks to see that the estate is properly probated, including informing all persons with any legal interest in the estate, (both creditors and potential heirs) of any matters which might affect their interests. The administrator or executor completes an inventory of the estate, assuring the debts of the estate are paid (if there are sufficient funds to do so) or if there are insufficient funds in the estate to pay all of its debts, to sell, with court permission, enough of the assets of the estate to pay the outstanding debts. The executor/administrator must prudently manage the assets to maintain the value while awaiting approval from the Court to distribute them. The estate assets must also be kept separate from any other funds. The executor/administrator is also responsible for obtaining a federal tax identification number for the estate, and for filing all federal and state tax returns for the decedent and the estate.

Reasonable fees are allowed to the executor/administrator and attorneys, subject to the approval of the Probate Court.

Will my estate need to go through probate?

In general, yes. Unless all assets of the decreased are owned as joint tenants with rights of survivorship, the Probate Court oversees the executor in order to make sure the wishes of the deceased are carried out. The involvement of the Court varies, depending on a variety of factors, including the amount of assets of the deceased, whether there is a will, children, joint property with the deceased and another individual(s) and any special bequests.

What is a special bequest?

A special bequest is a directive by the deceased that specific property be given to a particular person or organization. For example, you may want to ensure your grandmother's ring goes to your sister, antique furniture be passed to your aunt, or your pet be taken care of by your brother-the possibilities are endless.

Do I need to name a guardian?

Choosing a guardian can be a very difficult situation for people, in that there is concern about hurting feelings of various family members, financial abilities of the potential guardians or difficulty in deciding who parents feel will raise their children and instill the values closest to the way the parents would desire. These are all important considerations, and if you have minor children, you need to name a guardian for them. Under New Hampshire law, if one parent dies, the surviving parent remains guardian of the children, however, if both parents are deceased, if you do not name a guardian, the Probate Court will appoint one.

What is a trustee?

A trustee is an individual named to care for and protect the value of the assets of the estate. The trustee is charged with making safe and prudent investments, if applicable, and overseeing the financial assets of the estate.

What is a Durable Health Care Power of Attorney?

A Durable Health Care Power of Attorney is a document by which you appoint someone to make health care decisions for you in the event you are unable to do so. This individual's authority is only in effect at such times when you are incompetent to do so yourself. It also allows you to designate any special requests or limitations you wish with respect to your healthcare, for example a desire not to have blood transfusions. This authority could last an hour, a month, a year or longer. You may also name an alternate person in the event the primary designee is unable or unwilling to exercise these responsibilities.

What is a Living Will?

A Living Will (Declaration) is a document by which you indicate whether you desire to have artificial nutrition or hydration provided to you if you are determined by two independent physicians to be terminally ill or permanently unconscious.

What is a Power of Attorney?

A Power of Attorney is a document by which you designate an individual to have the same authority and power as you to sign financial or legal documents. You can give an individual full power to do such acts, which means that they have full authority to sign any documents as you would, such as checks, investment decisions or documents for the sale of property. You may also limit such authority and specify only certain instances or matters you wish someone to be able to do.