What is a will?
A will allows you to make an orderly disposition of your property at your death.
Why do you create a will?
- Names executor to wind up Estate
- Passes property
- Allows a record to be made
- Establishes who pays taxes, mortgages, final expenses
What happens without a will?
The Probate clerk will first ask for volunteers from a family to administer your estate. If there are no volunteers, then the probate clerk will appoint an attorney to administer the estate.
Why do you have joint property in a will?
- Automatically passes property
- Allows the other person access to important items such as deeds, bank accounts, payable on death accounts, brokerage accounts, and ownership of automobiles
- Retirement plan 401, 403, IRA's
When should you emphasize JOINT ownership of property?
- When total estate will not exceed where the Federal Estate Tax Starts
- When you want another person to receive all property (Spouse, if living, automatically receives a minimum of 1/3)
- Young couples
When should you emphasize INDIVIDUAL ownership of property?
- When total estate will exceed where the Federal Estate Tax Starts
- When non-spouses will receive part of property
- When funding the By-Pass/Family/Unified Credit Trust