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Will Creation
How often does the man react to the suggestion that heprepare his Will by saying "With the little bit that I have toleave, what do I need a Will for? Why should I pay $50 to alawyer to make a Will?"
Actually, the Will is the keystone to the orderly arrangement of one's estate. The fee of the lawyer for drawing theWill will not only insure the management of the estate by theperson or persons selected by the man who makes his ownWill, but it will save a bonding company fee and the expensesof a hearing or contest as to who is to administer the estate. It
is not uncommon for a court to appoint a total stranger whentwo or more relatives cannot agree on the persons to be incharge of the estate. The Will is the only way to avoid difficultand expensive administrative problems as well as contests overguardianship of minor children and their property and similarsituations.
Learn More About Life Estate Planning
In the event that a man and his wife meet with commondisaster, the expression of their wishes as to the identity of thepersons who are to have custody of their children wfll carrygreat weight. Of course, it will not be controlling absolutely,since the only item which will control absolutely will be thewelfare of the children. However, the Will may furnish aguidepost and guideposts, as well as specific directions, areamong the functions of Wills.
Just as the right to vote permits you to select those who willrepresent you politically, the right to make a Will permits youto decide what will happen to your property after deathwhogets it, under what terms and conditions, how it is to bemanaged, and by whom. As pointed out earlier, if you do notmake a Will, the state will make one for youat your deathunder the laws of intestacy. Close kin will be entitled to your estate in the event of your death without a Will, butperhaps not in quite the same ratio and proportion that youmight have wanted. Moreover, the property will then be man aged and distributed by a court-appointed administrator ratherthan the person of your choice, and estate settlement andtransfer costs will be considerably higher than they need be. Ifthere is a concern for a man's dollarsand that has been the theme of this bookthe execution of a Will is of primeimportance.
In determining whether your present Will meets your purposes and accomplishes your objectives, or if you are preparing a Will for the first time, you should be prepared to discuss several matters with your attorney.
The Marital Deduction: Your Will should be shaped totake advantage of the marital deduction. If your estate willexceed $60,000, you should be sure that a marital deduction istaken advantage of so the impact of both state and federaltaxes can be reduced.
Using the marital deduction, half of a man's estate may be left to his wife exempt from estate taxes. Thus, a man leaving a net estate of $120,000 will pay no Federal Estate Tax at all.
