Wills

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WILL YOUR WILL BE KNOWN?

 

"The Traveler never expects the journey will end before the destination is reached."

-- E. F. Randolph

 

This must be one of the reasons for the startling fact that each year approximately seventy percent (70%) of the adult Americans who die leave no personally prepared statement of their will.  We emphasize personally prepared, because a last will and testament is in place for those who do not choose to have their own unique document created:  it was written by the law makers of the state, and is a one-size-fits-all document.

 

This raises the question, "Who needs a personal will?"

 

Many may presume, in the case of a modest estate, that a will represents unnecessary paperwork.  This probably stems from the view that the sole function of this document is to outline property distribution.  And while it is true that the will helps to avoid any potential confusion over specific ownership, the real purpose of a will should be seen in a much broader context.

 

Your will is really your final opportunity to communicate with those you care for most.

 

So, even in cases where there may be no property distribution issues, the will offers a forum for:

 

naming an Executor for your estate

identifying your choice as the guardian for any minor children, in the event of the death of both parents

remembering individuals and families who would not otherwise be beneficiaries of your estate

remembering a favorite charity

 

Property Distribution

 

Even in the most modest estate, the distribution of specific items is often one of the most powerful forms of communicating.  To begin with, a will allows you to name an Independent Executor -- one person, hand picked by you -- charged with the responsibility of gathering all that comprises your estate, and adhering to the terms specified in your will.

 

Whether your wish is that your musician son receive the family piano, or that a special piece of jewelry be bequeathed to a favorite niece, the personally prepared will is the easiest way to ensure that your wishes are known -- and respected.

 

In the absence of a personal will, the settlement of an estate can be unnecessarily costly, and each state has its own set formula for property distribution.

 

For example, when an individual dies without a will (dies intestate), and is survived by a spouse and two children, the law specifies distribution -- without respect to special needs or circumstances.  In addition, if the children are minors the law may require that a guardian be appointed.  And while this is almost always the surviving spouse, the absence of a will means that a bond could have to be posted.

 

Rarely does the "one-size-fits-all" will prepared by the state accurately reflect all the wishes of a decedent.  And there is no provision for charity.

 

 

The Charitable Bequest -- A Powerful Planned Gift

 

For centuries history reflects that individuals have used the last will and testament as a forum for expressing their philanthropic wishes.  And the charitable bequest has become the easiest and most common method used by Americans to support the charity (or charities) of their choice.

 

A bequest may be as general or as specific as the donor wishes.  The will may designate a dollar amount, specific property, a percentage of the estate, or the bequest may be contingent on other events outlined in the will.  And, should the donor desire, the purpose for which the bequest is to be used may also be expressed.

 

A Charitable Bequest May Reduce Estate Taxes

 

When a bequest is made to a qualified charity like Northern New England Conference of Seventh-day Adventists, it results in an estate tax deduction when the will is probated, and effectively reduces any estate tax owed.  Depending on the size of the estate and the value of the bequest, this deduction can have a dramatic impact on the shrinkage due to estate taxes.

 

Our Office of Trust Services & Planned Giving has prepared a brochure which will provide you with more information on charitable bequests and their impact.  The brochure also includes suggested wording to be incorporated as you prepare or update your will.  Please call or write at this address and we will promptly send you a brochure about wills and estate planning.

 

Northern New England Conference Trust Services and Gift Planning

91 Allen Avenue

Portland, ME 04103

Phone: 207-797-3760   Fax: 207-797-2851

mknowles@nnec.org