WILLS
What is a Will?
Why you should have a Will.
The differences between a "Will", a "Living Will" and a "Living Trust"
WHY YOU SHOULD HAVE A WILL
Without your personal Last Will and Testament, the state law of
intestacy determines who gets what from you and who is in charge. Often
it is not what you would have wanted.
Avoid family dissension, fights and confusion. So many families fall apart after the death of a loved one. People stop speaking to each other. When there is no will, everyone has a say in how things are to be done instead of having to follow your directions. Fights break out among family members, often created by spouses of persons outside of the immediate family. You can avoid all that by having a valid, clear Last Will and Testament prepared by a competent lawyer.
Identify who is the best person to put in charge (i.e. be your Personal Representative or Executor.} They protect your assets during Probate and distribute them as you direct. See information on Probate.
Decide who gets what otherwise the law of intestacy will. Be clear. These are your last wishes. Make them as you want them to be. Distribute your assets among your family and friends as you want. Protect those that need protecting. If you have minors or elders that need their shares to be protected you can create a testamentary trust for their shares.
Give to godchildren, friends, schools, churches and other charities, if you want. Make gifts to them in your Will.
Consult a good lawyer about creating your will and about tax liabilities. Make sure you find out if there is an expected tax liability on your estate and take advantage of the numerous ways to minimize if not eliminate taxes on your estate. Charitable gifts can help with that.
Wills are important. Make sure your Last Will and Testament has all the necessary clauses and conforms to the requirements of local law. Please do not use a form from a book or off the Internet that may not be appropriate for you, your family situation and/or your property. Each state has specific laws and requirements about wills and their execution. Make sure your Last Will and Testament is good.
Avoid family dissension, fights and confusion. So many families fall apart after the death of a loved one. People stop speaking to each other. When there is no will, everyone has a say in how things are to be done instead of having to follow your directions. Fights break out among family members, often created by spouses of persons outside of the immediate family. You can avoid all that by having a valid, clear Last Will and Testament prepared by a competent lawyer.
Identify who is the best person to put in charge (i.e. be your Personal Representative or Executor.} They protect your assets during Probate and distribute them as you direct. See information on Probate.
Decide who gets what otherwise the law of intestacy will. Be clear. These are your last wishes. Make them as you want them to be. Distribute your assets among your family and friends as you want. Protect those that need protecting. If you have minors or elders that need their shares to be protected you can create a testamentary trust for their shares.
Give to godchildren, friends, schools, churches and other charities, if you want. Make gifts to them in your Will.
Consult a good lawyer about creating your will and about tax liabilities. Make sure you find out if there is an expected tax liability on your estate and take advantage of the numerous ways to minimize if not eliminate taxes on your estate. Charitable gifts can help with that.
Wills are important. Make sure your Last Will and Testament has all the necessary clauses and conforms to the requirements of local law. Please do not use a form from a book or off the Internet that may not be appropriate for you, your family situation and/or your property. Each state has specific laws and requirements about wills and their execution. Make sure your Last Will and Testament is good.
