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You’ve heard you need a will – here’s why… it’s either your will or the state’s rules.
A will is your opportunity to help the people and organizations that mean the most to you; to sort out your investments, real estate, and other property; and, to save taxes for your heirs. It’s the most important opportunity you will have to share your wishes with the world. On the other hand, without a will, your property will be taxed and distributed according to the rules and formulas of your state’s laws. Under that law, no provisions can be made to give extra assistance to family members in need; to share your interests and passions with friends who shared in your interests; or to make a gift to your favorite charity. Without a will, you cannot provide more or less to your spouse than what the law says. Without a will, the state will assign a guardian to care for your young children. They will be entitled to a share of your estate as soon as they turn 18, regardless of whether or not they can manage money. A simple trust attached to your will could let you control how much your children receive; when they will receive it; and for what purposes. Finally, with a will, you can direct money to your grandchildren or stepchildren, favorite charities, or assign a representative to your estate.
The good news is that there is still time to make sure your wishes will be taken into account – and it’s easy! Begin to make your plans today and then consult with an attorney to get the job done. You’ll experience real peace of mind when you’re done.
Already have a will? Now is a good time to review it. Tax laws and family circumstances change. When you complete your will, we hope you include a bequest to Redwood. You’ll be building our financial strength and helping ensure Redwood is here for future children, adults, and families in need of our services.
For more information about wills in general and bequests for Redwood, contact Development at 859-331-0880.