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Making Sense Out of Dollars

Will It?

Joel Lerner, Columnist
Posted 1/8/21

Part 1 of 12

ARE YOU ABLE TO ANSWER THESE QUESTIONS BELOW?

·   Am I aware that more than 6 out of 10 Americans die without a will?

· Do I understand the importance …

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Making Sense Out of Dollars

Will It?

Posted

Part 1 of 12

ARE YOU ABLE TO ANSWER THESE QUESTIONS BELOW?

·  Am I aware that more than 6 out of 10 Americans die without a will?

· Do I understand the importance of a will to my heirs?

· Am I confused by all the legalese concerning wills?

· Whom do I choose as an executor and what duties does he/she perform?

· Can I draw up my own will or must it be through an attorney?

· What are the ramifications if I do not have a will?

· What types of wills are there?

·  What types of property are not acceptable in a will?

· What can I do to avoid misunderstandings amongst my family?

· Can my will be contested?

· Do spouses need separate wills?

· What terminology is needed to understand the concept of wills?

This topic is extremely important because of all the possible-threats to your family’s assets (inflation, market downtown, recession, war and presently the corona virus. Only one thing is definite – and that is your demise. During the past years I have discussed topics ranging from financial planning for youngsters through financial planning for retirement and now this topic will complete the life cycle.

By law, you have the right to own property, to use it as you wish during your lifetime, and to determine who shall receive it after you die. Everyone makes use of the first two rights, many give up their third property right by failing to write a will. Did you know that more than 6 out of 10 Americans die with­out a will? This is a shame, because without one you lose control of your estate.

This loss affects not only the disposition of your property, but also the people who should receive your property after you die. Writing a will is a way of taking care of the people you love in a time when you will not be there.

What Is a Will?

A will is simply a set of written instructions that specify what should be done with your property after you die. The testator (the person whose will it is) and the lawyer will both make important decisions today that will take place in the future and affect other people’s lives.

A will, names those people who will receive your property in the amounts that you decide. It also assigns specific shares of your property to each one and describes any particular conditions under which the distribution should occur. Remember, this must be in writing and witnessed.

If you fail to prepare a properly executed will, several unpleasant consequences may follow: your property may not be distributed as you had hoped it would be, your heirs may suffer a greater tax burden and higher administrative costs, and your family and friends may be subject to needless worry and squabbling.

Preparing a will is an essential part of meeting your financial responsibilities. An improperly drawn-up or executed will can be rejected by the courts. The decision can render the document invalid, leaving your estate without a will (intestate) - a topic covered at the end of this unit.

THOUGHT FOR THE WEEK

Did you ever wonder how important a person has to be before they are considered assassinated instead of just murdered.

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