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Why You Need a WillSome reasons for not having a will are no reason at all.I don't have substantial assets. The amount of your assets is not relevant. If you have a smaller estate, you have all the more reason to protect it properly for your heirs. If you own a home, life insurance, stocks, savings accounts, retirement funds, and any other kind of property, you need a will. The law will take care of distributing my assets if there is no will. Yes, but the distribution won't necessarily be in accordance with your wishes. A state's standard distribution plan is totally inflexible. Only with a will can you control exactly who will get what, when, and how. I'll do it when I have time. This is procrastination. Who knows how much time we really have? Having a will is important enough to make creating yours a priority. Defining a Will and Probate A will should be prepared by an attorney and executed according to strict guidelines. - It should be in writing. - It should be signed by the testator (the one creating the will). - It should be acknowledged to be the testator's will. - It should be dated. The testator's signature must be witnessed. The witnesses, who must be people who are not named as beneficiaries in the will, also sign the will. A will is filed with a probate court at death for the purpose of being legally recognized and made effective. Probate is the court-supervised proceeding that ensures the terms of a will are properly carried out. During probate the executor (personal representative) is appointed. The court then supervises all the activities of the executor. Be aware that if a person dies without a will, the estate itself does not avoid probate. The estate must still be distributed and supervised by the court. This intestate status merely makes estate administration more difficult and often more expensive. Consider the Advantages of Having a Will There are numerous benefits to having a will. You can provide for the special needs of your spouse or elderly and ailing parents. Minor or handicapped children may also have special needs addressed in a will. You can include favorite charitable organizations in your will. Your generosity not only helps them achieve their goals, but also helps you save taxes. You can take full advantage of estate tax savings by creating trusts. Many people assume that federal estate taxes are no longer a problem. With the unlimited marital deduction, it's true there is no estate tax on the first spouse's death; but the tax problem will be compounded for the survivor. Substantial estate tax savings are possible when assets are placed in a properly drafted trust for the benefit of a surviving spouse. The trust will pay all of the income to the spouse, supplemented, if needed, with distributions of principal. The trust assets will not be included in the survivor's estate for estate tax purposes. You can hand-pick your executor - either a qualified individual or a corporate fiduciary with full-time capabilities and experience. Why Put it Off There may be no better time than now to take action and begin planning your will. How to Include Us in Your WillMost people like you have good intentions to do something for others. But the biggest problem is to implement those intentions and turn them into action. Admittedly, we do tend to procrastinate, sometimes putting something off until it's too late. This often happens with a charitable gift. Undoubtedly you are aware of our continuing financial needs, but for one reason or another you put off consummating a gift.Turning Your Good Intentions Into Action It would be a simple matter to include a bequest to University of Alabama Huntsville Foundation directly in your will or in a codicil to your will. To expedite your good intentions, here are recommended clauses for making an outright unrestricted bequest to us. University of Alabama Huntsville Foundation is to receive the sum of $_________. This bequest is unrestricted, and the Board of Trustees or other governing body may use and expend the same for the benefit of University of Alabama in Huntsville Foundation in any manner it deems appropriate, or University of Alabama Huntsville Foundation is to receive ______(%) percent of my net residuary estate after the payment of all my debts and taxes. This bequest is unrestricted, and the Board of Trustees or other governing body may use and expend the same for the benefit of University of Alabama Huntsville Foundation in any manner it deems appropriate. The preceding clauses, of course, are suggested examples only. Always consult your attorney for proper legal advice. Should you wish to make a bequest to University of Alabama Huntsville Foundation that is restricted to a specific purpose, please contact us for examples of appropriate wording. Gift Options There are several possibilities when considering a gift to us. These include: - a cash bequest; - a gift of property - i.e., real estate, collections, art, jewelry, etc.; - a gift of life insurance; - a gift of securities; - a share of the residue of your estate; - the remainder of a trust after the lifetime of a family member. Endowment Another important option is an endowment consisting of a gift to memorialize a family member or yourself. It can be self-perpetuating in that the principal can be sustained and the income derived from it used for many significant purposes. Contact Connie Gerlach at 256-824-6505, or connie.gerlach@uah.edu. |
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