WOMEN & WILLS

WHY SHOULD A WOMAN HAVE A WILL?

As tradition has previously dictated, men usually were in charge of a family estate. These plans were generally made by the man to provide for his spouse and children upon his death. Her need for a will was not considered necessary.

Times have certainly changed. Following World War II, women have become much more active in the workplace and most families now have two working partners. In addition, women have a longer life expectancy. As a result, it has become their decision as to how the remaining estate should be planned. For this reason alone, women need wills.

There are laws which establish rules for the disposition of your estate at your death, whether or not you have a will. So your assets will go somewhere at your death, but do you know where they will go if you have no will? There is no reason to wonder. Prepare a will so that you know what will happen to your assets.

Simply stated, your will is the means by which you control disposition of your property, minimize taxes and transfer expenses, provide for the special needs of any relatives or friends, and identify the person or persons who will carry out your wishes.

A WOMAN really needs more than just a will. All adults should have a Power of Attorney which designates someone to handle their affairs if they are unable to do so themselves. Usually that person will be an adult child or trusted friend. Additionally, you may want a Living Will or a Power of Attorney for Health Care which will provide directions to health care providers in the event you are terminally ill and unable to communicate your wishes.

A professional advisor, such as a lawyer or accountant, can also alert you to any tax issues which might exist because of the value of your assets. It is particularly important that you have the tax issues reviewed if the value of your estate exceeds the unified credit which, for the year 2000, is $675,000.0

SINGLE WOMEN without a husband need to have a will to properly ensure that her estate will transfer to the persons whom she dictates. If she desires her estate to go to someone other than her immediate and closest relatives, a will allows her to do just that.

MINOR CHILDREN
If an accident occurred where both lives were lost, who would care for the surviving children? One can choose the person that is felt to have the best interest of the surviving children and
not the court.

FAMILY MEMBERS
Sometimes you may desire to provide income or assets to another family member, a brother or sister for example. Perhaps you desire to leave a portion to a friend or a non-profit organization or a charity. This may be someone or some organization that may miss your previous support after you are gone. These people or organizations may have provided you with some special care or attention or even may have provided some special meaning to your life. These people can be provided for with a will.

Providing professional services for your estate may ensure an income for a period of time or until a child reaches a certain age. By naming a trust department or an individual in your will to oversee these transactions, you are guaranteeing that your wishes will be followed.

PROPERTIES
A will ensure that the wife has command of the husband's portion of the family poperty. Without a will, sate law may require the property be placed in a trust or sold thus requiring the spouse to petition the court for additional, non-ordinary expenses.

CHARITIES
Many Charitable organizations that you have supported over the years will miss your financial support if they are not provided for in some fashion. Personal obligations to family and loved ones come first. But a will ensures that a leftover portion can be distributed to those institutions that may have given meaning and pleasure to your life.

The Hastings Catholic Schools Development Office has professional people available to help you with your personal needs. Their code of ethics dictates that your personal wishes will be held in strictest confidence and will be followed as you have so directed.

EXAMPLE A:
Adelaide has considered having a will prepared, but she is sure that it would be very expensive. She does not feel that she has the money to have one prepared. Suggestion:
Most people find wills cost less than they expected them to cost. Adelaide should call a lawyer and get a price quote for a simple will. If the quote sounds high, she should call several other lawyers as well. Generally, the cost of a simple will should be less than $100.00.


EXAMPLE B:
Bonnie assumes that her children will simply 'work everything out' after she is gone. She may not have considered issues such as children with financial difficulties, marital problems, or mental or physical disabilities. She may not be thinking about the possibility that some of her children may not get along with each other after her death. Who will be in charge of handling her affairs? She will not be there to answer any questions after she is gone, so her will can be very important to the children. Comment: Bonnie is doing her children a big favor by preparing a will to provide for orderly distribution of her assets.

EXAMPLE C:
Charlotte does not want to see a lawyer to have a will prepared because she feels "inadequate' Her late husband took care of all of the family business affairs and she feels that she is doing all she can by keeping the monthly bills paid. She fears that she could not even understand what a lawyer would tell her Comment: A lawyer is an advisor who will listen to Charlotte's concerns and prepare a will she needs. Charlotte might consider having a child or a friend accompany her to the lawyer's office so that she is more comfortable with the experience.

EXAMPLE D:
Donna knows she should have a will, but she is a procrastinator. Comment: Donna needs to pick up the phone and make an appointment to have a will prepared. There is no time like the present.

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