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Family Matters Newsletter
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Are Your Last Wishes Known?
Every adult should have a will regardless of your age. During your lifetime, you most likely will accumulate more than you ever expected, and that is why a
will is essential so that you can direct the disposal of your assets according to your wishes. When it comes to your last wishes, there are more than assets to consider. What about your children
or an aging relative? Who will take care of them after your death? Only a properly executed will or
trust will allow you to make provisions for your loved ones.
Here are some helpful suggestions: Hire a lawyer to draft your will. There are many do-it-yourself kits or forms that allow you to write
a will yourself. However, if you make just one mistake, your will may be later found invalid. A
competent and knowledgeable lawyer knows what is necessary to draft a will that is valid in your
state. Have witnesses.
In most states, you need witnesses for your will to be valid. It is
best to have someone who is not receiving a bequest from you to serve
as a witness. Use percentages instead of dollar amounts.
Because the amount of money to be divided amongst heirs may be
significantly lower or higher at the time of death, it is better to use
percentages rather than specific dollar amounts for bequests. Review your will yearly. You may want to change some bequests, especially if the tax laws change
or if there is a change in your family situation. If you move to another state, review and, if necessary, revise your will.
Some states are common-law states (assets are owned by the person who
purchased them) and some are communityproperty states (assets acquired
during marriage are jointly owned). Make sure you check the laws of the
state to which you are moving to determine if you need to revise your
will. |
You’re invited to call or
e-mail. "If you have questions about estate planning, asset protection, assisted reproduction or surrogacy, please send your e-mail today to nicole @ kinseylawgroup.com or call (301) 968-1630." — Nicole
Phone: (301) 968-1630 * Phone: (202) 643-1837 * Fax: (888) 559-8856
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2006 Kinsey Law Group. All Rights Reserved. Kinsey Law
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