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The Importance of Having a Will What is a will? A will is a legal document through which you can efficiently transfer ownership of specific assets to other persons or charitable organizations upon death. Beyond this, a will can be a way to reflect the uniqueness of your life – a statement about the people and the values you have come to know as important. Without a will… …the state, in effect, writes one for you following state laws, with little knowledge of what has been important to you. There will be no consideration for special family needs and no gifts to your favorite charities. Even if you and your spouse own everything jointly, a will is needed in case of simultaneous death. With a will… …you decide who will receive your property after your death. A will can save unnecessary expense and may provide tax savings — thereby enhancing the property you wish to pass on. With a will, you pick the guardians for your minor children and you choose who will receive your assets in the event of your death. Whatever the size of your estate, you have the right and duty to have a will that ensures that your wishes are respected. Please do not delay — having a will prepared is one of the most important things you can do in your lifetime. How do I get
started? It is wise to use an attorney to draw up your will because laws change and it is important that your will be prepared properly. Before you go to an attorney, consider using our handy Getting Started With Wills Worksheet. It will help you to make your plans, save you time, and help to limit your legal expense. What if I need to
change my will? In an important sense, a will is just a piece of paper until you die. You can change it at any time. You may want to consider changing your will if…
Your attorney can help you do this, often with modest effort and cost. How
much does it cost to make a will? Probably less than you think. Your attorney can ensure that all of your wishes are addressed according to the laws of the state, and that your documents are witnessed and executed properly. The cost will depend on the type of will you have or need, the size and complexity of your estate, whether trusts are needed, and other factors. Talk it over with your attorney first. Remembering the
ARC of Essex County The ARC of Essex County welcomes financial bequests to help provide services to children and adults with developmental disabilities, and their families. Your attorney can make sure that the proper legal name, city and state of our organization are listed so your wishes are met. You have several options when making a gift through your will: give a specific dollar amount, a percentage of your estate, or the residue (what is left after debts and other bequests are satisfied). Your gift can be made without any restrictions on how the ARC will use it, or you can restrict the use of your gift for specific purposes and in certain ways - for example, by creating an endowment. Each gift type has different financial ramifications and you may want to talk to your financial and insurance advisors, as well as your attorney, before making final decisions. Other gift options For more information on other gift options such as stocks, charitable gift annuities and trusts, please contact the ARC Essex Foundation at the above address for a free brochure. Please… If you have generously made a gift to the ARC of Essex County in your will, will you let us know? Please call the Director of Development at (973) 535-1181, Ext. 1224. Get started with our planning worksheet To view and print our Getting Started With Wills Worksheet, which will help you begin planning for your will, please click the link below. (You will need Adobe Acrobat Reader to view and print the document. If you do not have that program, you may download it for free by clicking here.) To view and print the worksheet, click here. For more planned giving information, click here. Note: The ARC of Essex County is not
involved in rendering any legal or tax advisory services. This general
information is offered as a public service. For more specific information,
you should contact your legal and tax advisors. |