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Why does everyone need a will?
With a Will
- You can direct the distribution of your assets to those you care about
- You can choose a personal representative (executor) who will oversee
the distribution of your assets.
- You avoid unnecessary expenses on the
administration of the estate.
- You can provide appropriately for minor
children by naming a guardian or establishing a trust.
- You can provide
for family members, friends, or relatives according to their needs.
can save considerable estate tax by utilizing proper estate planning techniques.
can provide support for charitable causes that have had special meaning for you.
- State statute
determines the distribution of your property.
- The court appoints an administrator
- Because the administrator is subject to constant court supervision,
the cost of administering the estate may be greater.
- You cannot provide
for minors. The court will appoint a guardian for them, and the guardian will
make decisions about a child's care which you should have made.
heirs will benefit equally by class not necessarily in proportions you would have
- Your estate may lose thousands of dollars in needless taxes
because you did not take advantage of the tax-saving opportunities available to
- You cannot support a charitable cause.
Source: Excerpted with permission from The Complete
Guide to Planned Giving by Debra Ashton,
copyright 2002, Ashton Associates,
Quincy, MA 02169 www.debraashton.com