Learn About Wills and Bequests
A will, or Last Will and Testament, is a legal document that outlines how your assets and property will be distributed after your death. Having a will in place can make the difference between a smooth transfer of assets to your heirs and other beneficiaries and a long, drawn-out probate process.
Bequests are gifts that are made as part of a will or trust. A bequest can be to a person, or it can be a charitable bequest to a nonprofit organization, trust or foundation.
What are the benefits of making a bequest?
- You leave a lasting legacy to be remembered
- You lessen the burden of taxes on your family
- You may receive estate tax savings
Anyone can make a bequest of any amount to an individual or charity. Bequests can be simple, e.g., "I leave $1,000 to my granddaughter," or more complex, with conditions about how the gifts can be used.
To locate an attorney to assist you with your estate plan, ask for a referral from a trusted friend, family member or financial advisor. With a good plan in place, you can rest easy knowing that your family will be cared for and your property will pass to your intended beneficiaries.