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Making
a will isn't the most important topic for discussion, but the truth is, you and
everyone you know will need one. Yet....almost 80% of the population
doesn't make a Will. Writing
a will isn't difficult and updates can become automatic over the years to
come. The benefits to those left behind could me
immeasurable. When
my wealthy father died, he left a will he wrote and updated a few years before
his sudden passing. My three brothers and I surprised the lawyers involved
when we told them, we wanted the legal disbursements managed as quickly as
possible and with as little cost as possible. We were all in agreement
with whatever my father desired. The
lawyers found my family's camaraderie unusual and refreshing. Most
families argue when simple items are left out of wills. Imagine
how a missing Will can be the root of family breakups.
Would
you trust the most important decisions of your life to others -- especially
decisions that affect the welfare of your children? The answer is: of course
not! However, unless you have a will, that is precisely what will happen. Under
state law, the state will determine who, if anyone, is entitled to your estate
upon your death.
A
will is a legal instrument that specifies who are to be the beneficiaries of
your estate, and when they are to receive their inheritance. The act of dying
without a will is called "dying intestate". People who are not named
as beneficiaries may challenge the wishes of the decedent. By properly making a will, you can reduce this risk.
Would
you give your children away like property? What
you leave after your passing is called your estate. When young children
are involved after the death of parents or a single parent with custody, the
state takes custody in most states. Even when grandma and grandpa would
like to care for the children and are financially able to do so, the children
are placed in the foster care system more than 70% of the time.
Your Will is the last love letter you write to those you care most about who are
left behind. Making a Will is worth the peace of mind you leave behind and
the freedom you feel before you leave knowing you managed your responsibilities
properly.
There are rules and regulations that limit to whom you may leave your estate;
for example, there are rules that prohibit you from leaving your estate to
future generations of unborn children. Also, public policy considerations
prohibit you from leaving gifts that would be viewed as waste, such as the
maintenance of your pet's grave. Under federal law, people with the largest
estates are required to pay tax at a rate of 55 percent.
It is always a good idea to keep a copy of your will in a place that is easily
accessible to others. In addition, it is wise to give copies of your will to one
or two other people whom you trust. From time to time, your wishes may change as
to how you would like your inheritance to be structured, and who you would like
your beneficiaries to be. Amendments to a will are called "codicils".
As long as you are of sound mind, your will can be amended at any time.
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