Torch, Winter 1979

11 will be appointed to manage this which the will is probated. As our lowering of the age of majority, I have property and it can be used only for society grows increasingly transient, also found myself often drawing trusts the benefit of the child or children and many states are beginning to allow for parents to provide for their not for the surviving parent." exceptions to this rule. For instance, children after they become adults but TORCH: Does everyone need to in Ohio an executor must be a before they become fully responsible draw a will? resident unless he is closely related to in financial matters. For example, in HAFFEY: "Every adult should have the decedent. Guardians are not Ohio the age of majority is 18 years, at a will. Husbands and wives should required to reside in the state if they which time a guardianship would each have his own separate will." are named in a will. If the Probate terminate. Therefore these trusts are TORCH: Many have small or Court, however, is required to name a drawn to provide that the money moderate sized estates. Is a will guardian for minor children in the received from a bequest be held and I important for these people? absence of a will, then the Court may invested from the time the HAFFEY:"In moderate estates a will not appoint a nonresident. guardianship ends until age 21, 25, or J can substantially reduce the time "In the case of many young even 30. In the meantime, the money required for probate by the people, the major and most difficult is used for the maintenance and appointment of executors, guardians, consideration in the making of a will support of the child and is available etc. In addition, the expense of the involves the appointment of a for post-high school education. In probate of the estate can be reduced guardian or guardians for their minor other cases, clients may provide for by the dispensing of bonds for the children. I often have clients come to delay in distribution until their executors and guardians and by the office who readily provide me with youngest child is of a certain age and certain provisions designed to all the information needed to draft then the balance of the trust is decrease taxes and reduce attorney's their will, but are unable to provide me distributed in equal shares." fees ." with the name of a guardian whom TORCH: Obviously, estate TORCH: Why does an estate they feel is spiritually qualified and planning can be used to need to go through probate? who they would want to raise their continue our stewardship. How HAFFEY: "A primary purpose of our children in the event of the death of can this best be done? legal system is to provide stability and both parents. It is not always easy to HAFFEY: "A variety of methods is accountability in the routines of life in discern those friends or relatives with available for charitable gifts at the time society. Without probate, transmittal common goals and methods in the of one's death. A frequent method is of estates from one generation to raising of children." to arrange for one's estate to be another would result in chaos. It is TORCH: Oliver Wendell Holmes placed in trust and for the income to necessary that there be a recorded once said, "Put not your trust in be used for the benefit of an heir supervision of the distribution of the money, but put your money in during his or her life. Upon the death estate of every deceased person. In trust." What are some of the of the heir, the principal or the addition, probate serves the different types of trusts and how remainder of the trust estate would operation of our commercial system can they be used to make us then be paid to a church or other because it protects all of those better stewards? charitable institution. interested in an estate, especially the HAFFEY: "Until recently, trusts were "What is often referred to as 'our creditors and heirs of the decedent." most commonly drawn to protect the estate' is really the Lord's. It is, TORCH: Generally speaking, estate of a wealthy person from state therefore, essential that we consider what qualifications are and inheritance tax_ These trusts are Him in estate planning. The best and necessary for executors, still very popular and with inflation an most effective way to acknowledge guardians and trustees? estate with adequate amounts of life the source of 'our estate' is to provide HAFFEY: "Laws in most states insurance could require that kind of a forthe Lord's work through our will or require that persons acting in the trust. a trust." capacity of executor, guardian or "With the recent trend toward the , k :so~~~;be~f·'~~;1';~t~te is to provide for the Lords wor I l through our will or a trust.