WILLS

WILLS
The most important document needed as you plan your estate is your will. No matter what your income might be, how much property you own, life insurance or cash that you may have, a will makes your specific wishes known in each and every case.

You may have heard the statement that the State has made a will for you. This is essentially true. While the state has not prepared any specific document with your name on it, there are a number of laws which dictate the disposal of assets for someone who does not have a will. You might not like what the State has planned for your assets. In fact, you probably do not even know what the State has in store for you.

A properly drafted and executed will is the best way of providing for disposition of your assets in a manner consistent with your wishes. You will find that it is rather painless and simple.

Dying without a will is not uncommon. Unfortunately, it may even be the norm. It seems that we do not recognize the importance of a will or we just procrastinate. Without a will, state law then dictates our perceived wishes and distributes them accordingly. Only through a well-planned will can expenses and fees be minimized and distributions made according to your specific desires.

The most common type of will is generally referred to as the simple will. It first provides that all taxes, debts and expenses of administration be paid.

Secondly, the will can provide for disposition of specific assets. You might want to see that someone gets a family heirloom, and that someone else gets a specific sum of money. You might also wish to leave something to a church, school or other charitable beneficiary.

If you have minor children, you should name someone in the will to serve as guardian of the children. Additionally, you should name someone to serve as conservator. A conservator handles the assets of the children until they reach the age of maturity, (currently 19 years of age in Nebraska). If you do not want your children to have full access to these assets when they turn 19, you might want to consider having a trust in your will, which would delay payment of assets to the children until a later time.

Finally, someone should be named in the will to serve as the Personal Representative of your estate. Typically, you would name your spouse as the Personal Representative. You should also provide that if you are not survived by a spouse, you will want a child or other relative or friend to serve in that capacity.

ATTORNEY
The very first thing needed to help guide you through this process is an attorney. He has the language and expertise available to him in order to make your wishes known that will prove valid in a court of law. Many "self-conceived" wills are often proven invalid. The cost of such a procedure will be determined by the size and complexity of the estate. Regardless, do not hesitate to inquire about charges and fees. It's a legitimate concern and one in which they are prepared to answer.

ACCOUNTANT
Likewise, your personal accountant or one who is familiar with your tax matters, could also be helpful. In most cases, he can save your estate and even yourself additional dollars by applying the knowledge an accountant may have of the IRS code.

In addition, an accountant can advise you of potential consequences of those decisions that you do make. In matters of family and charitable considerations, this person is best suited to advise or protect your estate from unnecessary taxes and fees. However, the choices remain to be yours.

An understanding of some of the basic tax laws is extremely important for anyone who has an estate which could be subject to Federal Estate Thx. Under current tax laws, any estate valued at more than $675,000.00, (effective January 1, 2000), could be subject to Federal Estate Taxes. Some very basic language in a will or trust can save many dollars and greatly simplify matters for your heirs.

SELF ANALYSIS
NET WORTH
You should know your approximate net worth. Be realistic when estimating these items. Net Worth is found by listing all those assets that you own including real estate, bank accounts, retirement plans, stocks, automobiles, and any other thing of value.

Next, list all debts on these and other items. Total these lists. The difference between the two is your current Net Worth.

LIFE INSURANCE
Net Worth at death can be found by adding in your death benefit on any existing life insurance policy and subtracting out the cash value.

OTHER INFORMATION
1. Names and addresses of persons named as beneficiaries.
2. Charitable organizations you have supported and wish to continue to do so with a bequest.
3. List those person responsible for helping you with your professional needs; bankers, lawyers, accountants, stock brokers, etc.

	HASTINGS CATHOLIC SCHOOLS  DEVELOPMENT OFFICE 111 North Burlington Avenue Hastings, NE 68901 402-462-6566 Tax Identification Number: 36-3336517