B
O
C
LAST WILL AND TESTAMENT
Many successful and diligent people frequently fail to create what
could be one of the largest tax-saving devices available to them
during their entire lifetimes: a will.
Wills are the primary document for transferring wealth upon a
person's death. It is the document in which you specify how, to
whom and when you wish to have all of your earthly belongings
distributed. Although this is a vital document, many people
procrastinate or defer having one drafted. Consequently, many
people die without the benefit of their specific instructions being
carried out after death.
If you die without a will, you die "intestate" or without a last will
and testament. If this occurs, your estate will be distributed
according to the probate laws of the state where you reside.
More than likely, this distribution will not be according to your
wishes. This could also cause problems in your immediate family
due to disputes over who was meant to receive what, what
proceeds go to your spouse as well as any intended charitable
bequests.
In drafting a will, several factors must be taken into
consideration. These include, but are not limited to:
A competent attorney should be employed for the drafting of a
will. While there exist many "do-it-yourself" products on the
market which do provide presumably valid documents, there is no
substitute for professional advice and sound legal counsel.
Once your will is finalized, it may be changed as you deem
necessary to reflect your ever changing situation. Such changes
may be based upon a birth or death in the family, a divorce,
change of residence or change of intended beneficiaries. Such
changes or codicils must be executed with the same formalities
as a will, but are usually not as involved as the drafting of the
original document.
Even without major life changes, wills should be reviewed every
two to three years to ensure that your intentions will, in fact, be
carried out upon your death.
Many successful and diligent people frequently fail to create what
could be one of the largest tax-saving devices available to them
during their entire lifetimes: a will.
Wills are the primary document for transferring wealth upon a
person's death. It is the document in which you specify how, to
whom and when you wish to have all of your earthly belongings
distributed. Although this is a vital document, many people
procrastinate or defer having one drafted. Consequently, many
people die without the benefit of their specific instructions being
carried out after death.
If you die without a will, you die "intestate" or without a last will
and testament. If this occurs, your estate will be distributed
according to the probate laws of the state where you reside.
More than likely, this distribution will not be according to your
wishes. This could also cause problems in your immediate family
due to disputes over who was meant to receive what, what
proceeds go to your spouse as well as any intended charitable
bequests.
In drafting a will, several factors must be taken into
consideration. These include, but are not limited to:
- Specific instructions designed to distribute your estate to
your intended beneficiaries.
- Provisions for a guardian(s) to serve in your capacity if
you have minor children.
- A nomination for a personal representative or executor to
carry out your wishes in conjunction with the court.
- Instructions regarding the subsequent transfer of wealth
on a tax-free or deferred basis through the Unlimited
Marital Deduction or Unified Credit as well as other tax
savings strategies.
A competent attorney should be employed for the drafting of a
will. While there exist many "do-it-yourself" products on the
market which do provide presumably valid documents, there is no
substitute for professional advice and sound legal counsel.
Once your will is finalized, it may be changed as you deem
necessary to reflect your ever changing situation. Such changes
may be based upon a birth or death in the family, a divorce,
change of residence or change of intended beneficiaries. Such
changes or codicils must be executed with the same formalities
as a will, but are usually not as involved as the drafting of the
original document.
Even without major life changes, wills should be reviewed every
two to three years to ensure that your intentions will, in fact, be
carried out upon your death.
BOGLE
OKOYE
CHANG
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BOGLE & OKOYE, LLC
Copyright © 2008 Bogle & Okoye, LLC. All Rights Reserved.
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Blog: "Last Will and Testament"
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DISCLAIMER:
This column outlines general legal principles and is not
intended to give you legal advice. If you have a specific
question about the law, please consult an attorney.
This column outlines general legal principles and is not
intended to give you legal advice. If you have a specific
question about the law, please consult an attorney.
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