Bequests: Importance of a Will
By: Source: AARP.org Date Posted: 2002-11-22 16:07:33
Importance of a Will
No matter what the size of the estate, it is prudent for each individual and family to have a will. A will allows an individual to control the estate. Without it, costly delays in the distribution are inevitable and state law will dictate how the assets are divided. State laws usually distribute assets to natural or adopted relatives while leaving nothing to charities or friends. If there are no relatives remaining, the estate goes to the state. Even though some property can pass to others through joint ownership, it is still wise to establish a will.
A "Revocable Living Trust" is different from a Will. Many people elect to establish a "Revocable Living Trust" during their lifetime as a substitute for a will. Importantly, a living trust is not part of the public record, thereby providing privacy for the estate. Your attorney will be able to provide the pros and cons of the costs of preparing and managing a trust versus a will.
Making a codicil (change) to a will or adding a gift provision in an existing revocable trust is quite simple. Bequests can be of any amount in cash, real estate, securities or other property. It can be designated for unrestricted or restricted use.
To learn more about your giving options, please contact:
Office of Planned Giving Tel: 1-800-775-6776 Email: plannedgiving@aarp.org.
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