How often do I need to review my estate plan?

You need to review your current estate plan at regular intervals, and upon any major life-changing event (birth or adoption of a child, marriage, divorce, moving to a new state), upon any change in your financial situation (inheritance, vesting of stock options, increase in net worth) and upon changes in tax laws.

What are the special concerns of a single person when writing a will?

Many people mistakenly believe that if they are single they do not need to worry about preparing an estate plan. In a large estate (larger than the "unified credit," which is currently $675,000), a single person's estate plan should address the payment of estate taxes. Although a married couple can delay the payment of estate tax until the death of both spouses, a single person cannot. Without a plan that you create, the laws of intestate succession (laws which determine how an estate is divided when there is no valid will or trust) will become your plan. Planned gifts to charity can reduce the estate tax liability and provide support for the causes dearest to you. Without an estate plan, a single adult cannot plan gifts for friends and more distant relatives.

What do I need to consider when making a will with minor children involved?

The three main questions are: who should be the guardian; who should control the assets (including the life insurance proceeds); and at what age do I want my children to get the estate? Through a will you can nominate the guardian. Without a will, the court will decide. Through a testamentary trust, you decide who will invest and disburse money to your children and the timing of disbursements. If 18 is too young, you need a will and trust.

What is an ethical will?

An ethical will is a non-legal document in which you share your wisdom, your values, and your hopes and dreams with your family. Even if all your estate planning is up to date and in legal order, there may be more you want your family to know. An ethical will leaves them with a record that embodies who you are — a living legacy.

Examples of an ethical will can be found in The Jewish Community Endowment Fund's Book of Life in which members of the Living Legacy Society describe their commitment to the Jewish community and leave a record of their values. These messages — written to the future generation — tell a family story, recognize the place of tradition, and honor tzedakah in a uniquely personal way.

An excerpt from The Book of Life:

"Is it not personal responsibility and effort.is that not what Judaism teaches us? And teaching tzedakah in its many phases to our children is vital to ensure our Jewish future." — Golda Kaufman

Michelle Lerman, an estate-planning attorney at Lerman & Lerman, obtained her undergraduate degree from the University of California, Los Angeles and her law degree from the University of Southern California. She serves on the JCEF Tax and Legal Professional Subcommittee and is currently the president of the Marin Women's Alliance for the Jewish Community.