The Importance
of Having a Current Last Will & Testament
If you die without a Will , the property in your name in most instances will be distributed among your family members, but perhaps not exactly the way you prefer. A Will insures that your wishes will be carried out after your death. It does not increase after death taxes or cots. In the long run, it may reduce them. A Will lists the names of the maker, his or her legal residence, and a statement by the maker that he or she is knowingly making the Will. The Will usually provides for the payment of all debts including burial expenses and taxes. The balance of the assets is then distributed according to the personal wishes of the person making the Will.
Here is something to consider: If your children are under 18 years old at the time of your death, a Court appointed guardian will be required to manage your child's share. Although the Court will probably appoint your spouse as guardian, a bond may have to be posted. Payment of the bond premiums will costs money. Then, if any money has to be used to pay for your child's education, clothing or living cots, prior approval of the Court is necessary. The Court requires annual accounting of income and expenses. In addition, investment of the funds by the guardian may be limited as well.
A Will is tailored to your own particular needs. You name the person to carry out the actions specified in your Will who is known as the Executor . The Executor can be a relative, a friend, your lawyer, Bank or Trust Company that specialize in the handling of estates. The choice of Executor is yours only if you make a Will. You realize the value of having certain people help you with our affairs during your life, if is just as valuable after death.
Before you make a Will, you should know how estate taxes affect you. The Federal and new York estate taxes have been changed as a result of various Tax Reform Acts. Also, you can choose which of your beneficiaries pay the estate taxes. If you plan properly and have your plan reviewed periodically, you may lower your tax burden even more to your family.
To have the best plan for yourself and for your family, call Sanders, Sanders, Block & Woycik and make an appointment to discuss your Will. Although the costs of drawing a Will depends on the amount of time necessary and the complexity of your assets, an attorney will be more than happy to determine what the fee will be in a free consultation. Remember, making a Will is one of the wisest investments of your life -- and after.
