information on wills

new state?  different will?

a will shows the way

You have recently changed your state of residence.  Perhaps the move marks a career advancement or maybe it has been your retirement dream to relocate.  Besides getting new license plates and transferring your prescriptions, it is a good idea to have an attorney review your will.

New Opportunities

Legal requirements for the form of a valid will vary from state to state.  For instance, the number of witnesses required to sign your will can be different in your new state.  It is also likely that state inheritance taxes are not the same.  An attorney can recommend modifications that might benefit your heirs.  Sometimes a new will is not necessary; a simple modification, called a codicil, can correct or clarify any trouble spots.  This is also a good opportunity to update the charitable gifts portion included in your estate plan.

Think of planning a will as planning ways to stabilize the financial security of your family beyond your lifetime.  It is never too early to learn how you can benefit charitable organizations by sharing the distribution of your assets when the time comes.  To receive additional information, send for our FREE brochure, Planning for Your Life, Your Will, Your Heirs.

Answers to common excuses for not making a will

It's too complicated

It does not need to be complicated.  Just assemble a list of your assets, decide whom you want to receive them, and find a competent attorney who specializes in this area.

I am too young.

Young parents should provide for care of minor children through a will.  The state may not make the arrangements you would have wanted.  Young single people with no heirs may have their own favorite causes, and these will receive nothing unless specified in a will.

The law will take care of it.

 It is true that the state will determine who receives your assets - but only according to its own formula, which may not match your wishes.

It's too expensive.

Drafting a will, for average-size estates, can usually be handled with one or two meetings with an attorney.  This cost is very small compared to the grief that not having a will may cost your loved ones.

I don't have an estate

Do you have a bank account?  A car?  A Home? Life Insurance?  All your possessions constitute your estate - and can be given away as you choose after your death.

wills preserve a lifetime of values, giving you the last word

You have taken a lifetime to accumulate your assets, and along the way, you have generally had control of your affairs.  That's why you owe it to yourself and your family to spend a few hours ensuring that after-death estate details are handled wisely and according to your wishes.  You can still have the last word.

By making a will and keeping it updated to reflect changed circumstances, you eliminate ambiguity and keep peace in the family.  This ensures that your loved ones receive what you intended and enables you to make charitable gifts that are larger than you would have donated during your lifetime.

By planning ahead, you can minimize the amount of taxes paid form your estate.  Property generally passes to a spouse free of taxes.  Remaining property is subject to estate taxes of up to 48 percent in 2004, for estates in excess of the $1.5 million exclusion level.  Because bequests to charitable organizations are tax-free, the tax on the estate is effectively reduced.

A bequest to us can be an exact sum, a particular item of property or a percentage of your estate.  you can designate its purpose or leave it for our general use to meet immediate needs.  Consider sharing your plans with us in advance so we can ensure that your wishes will be fulfilled.

Evaluate Your Total Plan

Differences in state laws may also impact other legal documents or your need for them.  As an example, a living trust is commonly used to avoid the probate process.  The minimum value of estates subject to probate, however, varies greatly from state to state, so it's a good idea to reevaluate the benefits of a living trust in your new state.  Remember to examine your living will and any health care or financial powers of attorney as well.

By asking an attorney to review your essential planning documents now, you will ensure that your wishes are legally enforceable as you intended.  You might even discover additional benefits for relocating, including other giving opportunities.

We'll be glad to help you map out your modifications to make your will state-friendly.  It is imperative, though, that you work with a qualified attorney familiar with state law because of the potential impact on your current or impending will.  It's your move.

The Spirit of Philanthropy
Create a Winning Plan

Louise spoke from her heart.  Very ill, she was propped up in bed and eager to talk.  "I am not well at all," she told me as her attorney.  "I may be only 65, but it's time for me to make my decisions.  Ever since my husband died two years ago, I've wanted to do something very public in his memory.  So, I've decided to will my entire estate, absolutely everything, to one charitable organization."

"It sounds very exciting," I replied aloud, as I thought to myself, "If Louise is really approaching death, her estate plan must be created and put into place right away to make sure her dreams come true."

That brief meeting had stirred up the following priorities:

•    Don't put off charitable giving until the last minute.

•   Meet with competent counsel who can show you the benefits of a variety of wise ways to give (some of which you may never have considered).

• When appropriate, notify the charitable organization of your plans to include them in your will-to be sure they can honor any specific requests you may want fulfilled.

In this case, the story ended well.  Louise lived long enough to include her favorite charitable organization in her estate planning decisions and sign a new will.  She was able to meet with the charitable organization, and they all agreed her estate would fund her favorite program.  With professional help, she was able to make a significant charitable gift in her husband's memory while also eliminating estate taxes.

Make Your Mark... But Sign Your Will

Your will may be the most important document you ever create.  Imagine the peace of mind you'll feel once you've articulated your final wishes.  To ensure your will accomplishes what you intended, enlist the services of a qualified attorney.

Consider the following case, where the absence of an attorney's help hindered a deceased man's wishes:

In February, a 104-year-old man asked two businessmen to come to his house and write his will.  He bequeathed the majority of his estate to his daughter and made nominal bequests to other heirs, including his son.

The elderly man then signed his will with his mark, and the scrivener, the individual who wrote the will, wrote his own name beside the man's mark.  Two different individuals signed the will as his witnesses.

The following June, the elderly man passed away.  His son contested the will, stating it was invalid because it was signed improperly.  If a will is signed by mark in this particular state, the law requires the testator's name to be written near it and witnessed by a person who writes his or her own name as a witness to the signature.

Because the scrivener failed to write the testator's name near the mark, the will was not properly executed.  As a result, the man's estate was distributed to his heirs as if he had died without a will.

If the man had hired an attorney to write his will, this technicality may have been avoided and his estate distributed as he wished.  (Green v. Smith 368 S. W. 2d 280 (1963, Ark.)

Contact us to learn more about creating a valid will that accomplishes your goals.

Life Moves Fast - Keep Your Will Up to Speed

Your life changes.  People marry or divorce.  Babies are born and there are deaths.  Through a new will or revocable living trust, or a codicil modifying your old will, you can address changes in your life and save estate taxes.  Some examples:

• Your family.  With births, deaths, marriages, divorces or other events, you may want to add or delete beneficiaries or increase or decrease their shares of your estate.

• Your property.  Events such as growth (or shrinkage) in the value of your estate, the acquisition of a new home, or the sale or gift of important personal effects may necessitate changes to bequests or tax provisions.

• Your new location.  Your will should be updated if you move to a new state.  Different requirements for the execution of a will as well as different state death taxes and probate laws may make revisions necessary.  Contact an estate planning attorney in your new state.

Review Your Choice of Executor, Too

Perhaps you initially chose someone close to you as your executor - the personal representative to settle your estate.  Recognizing the intricacies of estate settlement, you may want to consider a professional fiduciary for this role or as co-executor.  A professional fiduciary is an individual or institution that acts as a representative for the assets of others.  A fiduciary's experience in saving taxes and managing investments prudently can be invaluable.