A Will is a document which provides written direction of your wishes regarding the passing of property upon your death. A will can relieve your loved one of watching as a court directs the division of your property. If no will is left, the court might order a sale of such assets to convert them into cash which is easily divisible.

Why Have a Will?

There are many reasons why you should have a Will.

Items to consider might include:

1. A Will allows you the opportunity to distribute property to specific loved ones which may not always occur if the State uses their formula to make these determinations for you.

2. A Will allows you the opportunity to name your own personal representative or executor of your Estate.

3. A Will allows you the opportunity to name a guardian for minor children in the event both parents are gone.

4. A Will is flexible. Changes may be made prior to your death should you choose.

5. Through the creation of trusts within your Will, you can provide funds to benefit loved ones or charitable institutions for many years, as well as taking advantage of possible estate planning for reduction of taxes.

Can a Will Be Changed?

A Will does not become final until your death. It can be changed at any time as long as you are mentally competent to make these changes. Reasons to change a will might include deaths, marriages, divorces, births of children and/or grandchildren. Other reasons might include changes in the nature and extent of property owned or tax law amendments.

What About Joint Property?

Many people assume they don't need a Will if their property is jointly owned. However, joint ownership of property is not a substitute for a Will. Joint Ownership can have adverse tax consequences since it doesn't provide for simultaneous deaths of joint owners. In addition, some states don't automatically pass jointly owned property to the surviving owner.

Charitable Provisions

Gifts of money or other assets can be made to not-for-profit organizations, such as Carroll Health Foundation, without adversely affecting your family's financial security. Many people give a certain amount or percentage of their estate after all other heirs have been provided for. Many federal estate tax laws encourage charitable giving by allowing an estate tax deduction for the full value of the charitable gift, thus reducing your estate taxes. Frequently, these tax benefits make it possible for significant gifts to be made at a lower cost.

Will Versus Living Will?

Many people confuse a Will with a Living Will. A living will is a document that states your health care wishes, and is only used by a health care facility when you cannot speak for yourself. It doesn't designate personal property intentions.

Making a Will

It is very helpful to seek the advice of your professional advisors, primarily your attorney, accountant, life insurance underwriter, or bank trust officer. They could review your situation and help you make informed decisions.

Getting Started

• There's no time like the present to take the necessary steps to protect your wishes and assure the security of your loved ones.
• Carefully planning your affairs now yields the satisfaction of knowing you have fulfilled an important responsibility. Steps to consider might include:
• Determine who you want to provide for after your death.
• Decide who you would like to be your personal representative or Estate Executor.
• Determine what assets you currently have and how they are owned.
• Review your beneficiary designations under any retirement plans, life insurance policies, etc. and ensure they are coordinated with your overall Estate Plan.
• Utilize the "Guide to Making a Will" worksheet provided by Carroll Health Foundation as a tool to assist you in obtaining important information.
• Choose your financial advisor carefully or contact Carroll Health Foundation if you have further questions.