You can consider a BEQUEST or LEGACY of love by including all your family tree information with your personal will, along with duplicate family photos, birth & death certificates and all cemetery information for the people that has gone on before you. Include little things that they will appreciate as well; your handwritten recipes and personal letters. Take the time to write down who is in the photo and how they were related to you or make a scrapbook for each one. This will be a constant reminder of how much you cared for them.
Leaving a legacy of love.
Preparing a will is a very personal and confidential exercise. Naturally you will use your will first and foremost to benefit your own family and loved ones. It can simply be written on a plain sheet of paper or buy a cheap last Will & Testament software program or even a very expensive attorney; no matter which you choose, the Will must be signed, dated and witnessed.
But, like many other generous and thoughtful people, you may also wish to consider including one or more charitable bequests to institutions you have supported during your lifetime. Always take a few minutes to explain why you’ve made these decisions so you family will continue to honor them.
This is a unique way to extend your hopes and beliefs beyond your own lifetime and to make a more substantial contribution than you might be able to now. Bequests to charitable institutions are also exempt from tax and may lead to savings in the amount of estate tax payable (please consult your tax advisor).
Types of bequest.
The simplest bequest is to name a fixed sum of money. However, to ensure that their charitable bequests will remain in proportion to other bequests, many people designate in their wills that a percentage of their estate must be given to a charity of their choice.
• Name the charitable institution as the residual beneficiary; to receive whatever remains of the estate after all other heirs have received their due.
• Property, such as a house or other real estate, valuable antiques or jewelry, stocks and shares, are just as welcome as gifts of cash.
• Sign over an existing life assurance policy which is no longer needed – or take out a new policy to benefit your loved ones or charity of choice.
Make these decisions for your future so those you love don’t have to. If you pre-plan all of your tangible bequests as well as your careful attention to detail, your family will know you loved them enough to take the worry out of their lives.
There will be nothing to fight over for they all share the same things.
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“There are risks and costs to a program of action, but they are far less than the long-range risks and costs of comfortable inaction” – John F. Kennedy
November 11, 2008 at 5:33 pm
Create a Will that Reflects Your Values and Your Wishes.
Over half of the adults in the United States die without a will. Because they did not plan, state laws determine how their assets—real estate, stocks, bonds, personal possessions—are distributed. Why let someone else decide how to dispose of assets you worked hard to acquire?
By creating a will or living trust, you control these important decisions. You may also derive tax benefits as a result.
Many advisors recommend you review and update your will every five years. This way you can assess your plans in light of changes in personal circumstances or to federal and state tax laws.
Is your last will and testament current? Here are some important questions:
• Have my circumstances changed since I wrote or updated my will?
• Does my will represent my wishes?
• Have I revised my will since I last moved?
• Have estate laws changed?
• Have I provided for the charitable organizations I value?
A vital part of any will or living trust is the disposition of assets. By planning, you can make sure your assets go to family, friends and charitable organizations you value.