A Will

A will is one of the most important documents you can own, yet surveys show only 4 out of 10 Americans have current wills.

Think of planning a will as planning to improve and stabilize the financial security of yourself and your family. By thinking in this way, you will be putting present goals first.

A current will provides you with an opportunity to distribute your estate according to your wishes. It offers:

• one last opportunity to express your values to your heirs
• a chance to care for your heirs according to their special needs; and
• the occasion to make a gift to charitable organizations like your favorite charitable organizations that have touched your life.

To avoid any possible misunderstandings among your heirs, a letter, composed by you and kept with your will, lets your family and heirs know your intentions and your reasons behind them.

What's Wrong With My Old Will?
Check this list of 10 possible life changes that may require updating your will.

1. Births
2. Marriage or divorce—yours or one of your children's
3. The death or incapacity of a named beneficiary in your will
4. Changes in your personal net worth
5. Change of your needs or your beneficiaries' needs
6. Change of residence—Do you now live in a different state? Check the laws of that state.
7. Changes in the tax law
8. Change of personal representative of your estate or guardian of dependents under your care
9. New charitable interests
10. Retirement

What Happens If You Don't Have a Will?
If you don't have a legal will, the state where you are domiciled (i.e., the state in which you live most of the time, vote, have your driver's license) has one for you. The state legislators who drafted the laws of "intestacy" (laws for the distribution of the assets of those who die without a will) made general rules that apply to every situation, no matter what the personal wishes of the deceased.

Planning for Your Will
Many people mistakenly believe that wills are only for the rich. Nothing is further from the truth. If you are married or single, if you have children and relatives, you need a will. If you have charitable causes you want to help perpetuate, you need a will. If you own a home or have a bank account, stocks or any other kind of property, you need a will.

Having your will prepared by an attorney and executed according to state guidelines is essential. Several steps are necessary for a will to be legal.

• It should be in writing.
• It should be signed by the one creating the will.
• It should be acknowledged to be the will of the person who signs it.
• It should be dated.

People who are not beneficiaries of the will must witness the signature of the person who creates the will. They, too, must sign it.

Joint Ownership
Attorneys commonly advise never putting anything in joint name except with your spouse. There are two main reasons why you might place assets in joint names: (1) so someone has access to the asset if you become incapacitated; and (2) to avoid probate, the legal process of verifying and carrying out the terms of your will at your death.

A will, of course, is revocable. It does not become irrevocable until you die. You may change it at any time. Review your will periodically to make sure it is current.

A Final Note
If you are considering a charitable gift, think of the advantages of designing it by will. During your lifetime, a bequest is private, changeable at any time and does not deprive you of the use of assets or income.

The official bequest language for your favorite charitable organizations is: "I, [name], of [city, state, ZIP], give, devise and bequeath to [your favorite charitable organization] [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

Please ask our representative to explain choices available to you: a cash bequest, a gift of property, a share of the residue of your estate or a trust after the lifetime of a family member. Please contact Mary Ludwig, Development Director at 712-732-5127, for more information.

The information on this site is not intended as legal, tax or investment advice. For such advice, please consult an attorney, tax professional or investment professional.

Copyright © The Stelter Company, All Right Reserved.

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