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Jeff W. Lindsay, Esq.
The Importance of having a Will
Why work your entire life, save your money, and acquire enormous wealth only to leave it to the state to decide how your assets will be distributed at time of death? That is exactly what will happen if you die without a will. Furthermore, dieing without a will, most likely will increase the death tax liability on your estate.
Furthermore, even if you have a will, it is important to keep it up to date. Changes in Federal and state laws, family circumstances, and financial situations may occur. Failure to update a will may result in the inadvertent disinheritance of loved ones and cause devastation and confusion for family members. Will preparation is not a do-it-yourself project. The use of pre fabricated forms and online or computer programs should not be used in place of seeking the appropriate advice from a knowledgeable license attorney.
Types of Bequests
You may use several different types of bequests to achieve your objectives. The general bequest directs a specified amount of money be transferred to a particular beneficiary or beneficiaries. The general bequest is given priority over most all other bequests and must be satisfied, even if property must be sold to fulfill the bequest.
The specific bequest directs a particular piece of property be transferred to a beneficiary. A specific bequest can only be satisfied with the transfer of the specific property to the beneficiary. Therefore, if you do not own the the particular piece of property at the time of death, the named beneficiary receives nothing.
There are countless benefits to memorializing your wishes in a will. If you do not have a will, you should contact a knowledgeable, licensed attorney to schedule a consultation.
Jeff W. Lindsay, Esq.