WILL

A will is a legal document that determines what happens to your property after your death. A will states who receives property and in what amounts. Property distributed under the terms of the will become the "probate" estate. Making a will is a responsibility, as well as a right that is protected by law.

In addition to distributing or transferring property, a will may have other functions. It may be used to name a guardian for any minor children or to create a trust and designate a trustee to handle an estate (property left after death) on behalf of children or others. A will may also be used to name a personal representative or "executor" to handle a decedent's (the person who died) property and affairs from the time of death until an estate is settled.

 Planning a Will:

A person does not need to have a large estate to plan and prepare a will. Anyone who owns property, whether "personal property," such as cash, stocks, jewelry or furniture, or "real property," such as land and/or a house, should prepare a will. If married, each spouse should have a will.

Dying Without a Will:

When there is no valid will, the person is said to have died "intestate." A court appoints an administrator to handle the decedent's affairs, and his or her property is then distributed according to a formula fixed by law. The laws for distribution of an intestate estate are rigid and generally do not make accommodations for those in unusual need. After payment of taxes, debts, funeral expenses and administrative costs, the property goes to the surviving spouse, children and/or relatives. The laws are specific as to how property is to be distributed, including which relatives have priority and how the property is divided.

Updating a Will:

A will should be reviewed and updated as conditions and circumstances change. For example, changes may be necessary when:

• The family changes as a result of a birth, adoption, marriage, divorce or death;
• Substantial changes occur in the amount or kind of property owned;
• Tax laws change;
• Residence changes from one state to another;
• The designated executor, guardian or trustee can no longer serve; or
• You decide—for any reason—to change the distribution of your estate.

Longevity of a Will:

A will is valid until legally revoked or changed, and becomes final or effective upon its maker's death. In the event of a divorce, a will automatically excludes the former spouse unless it expressly states otherwise. (Complications could result, however, if no property settlement agreement of the divorce exists.) Periodic reviews are important to make sure the will conforms with changing laws—as well as the will-maker's intentions.

Talk to us today about designing a cost efficient and effective estate plan that will carry out your wishes for the distribution of your estate to family, friends and charities.

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