If you missed last week’s post, 17 Reasons to Update Your Will - Part I, you can read it here. Now it’s time to unleash your will power.
If you need to make a will—or revise an old will—here are some actions that can be accomplished with your will.
6. Make gifts. You can give jewelry, art or other prized possessions to those who will appreciate them.
7. Create a trust for your loved ones. This is a good way to protect family and safeguard money. A professional trustee can manage your money wisely and make sure your beneficiaries receive enough income to maintain their standard of living.
8. Name your executor (personal representative). Before you choose an executor, weigh the qualifications of your choice against the many critical duties required.
9. Cut your estate taxes. Trusts can be created inside your will to take advantage of estate tax saving techniques. One such trust, the bypass trust, is created to pay income for your spouse’s life, yet is designed to bypass his or her taxable estate.
10. Name a guardian for a child with special needs or a dependent under your care. Choose someone who’s willing and qualified to take the job and who shares your values and way of life.
11. Pass on a closely held business. You can provide for management and disposition of your interest in a closely held business to preserve its value and your family’s participation.
Use your will to give back. Do you want to help shape our future after your lifetime? If so, there are many ways you can do this in your will. Here are some suggestions:
12. Give us a share of what’s left in your estate after other obligations are met.
13. Give us a specific amount of cash or securities.
14. Leave certain personal or real property to us and allow us to decide whether to keep it or sell it.
15. Make a contingent bequest. That is, you give part of your estate to some individual if that person survives you; if not, then it goes to us.
16. Create a charitable remainder trust to pay an income to your spouse or other loved one for life, and designate the remaining principal for us.
17. Create a charitable lead trust to pay income to us for a number of years, or for another person’s lifetime, with the trust assets eventually being distributed to your family.
Get the Help You Need. To make sure your will accomplish all you intend, seek the help of an attorney who specializes in estate planning. If our organization fits into your plans, we can help you choose the method that best satisfies your wishes and our needs.
The North Alabama United Methodist Foundation is ready and available to assist you if you have questions about any of these items referenced above. Get started preparing your will free of charge.