Wills

A banker in Nebraska asks two quick questions at the bottom of his customer’s financial statement forms:

“Do you have a will?  Yes / No.”

“If yes, when was it last updated? ______.”

The banker said those simple questions often lead to a good discussion about the value of estate planning and sometimes about local charitable giving ideas. Busy people put off making these important decisions. The banker said most of his customers thank him for the subtle annual reminder.

Life circumstances and donor intentions change over time, so your will should be reviewed at least annually or after a major life change like a marriage, divorce, a child being born, etc.

An attorney in Nebraska was describing a very successful farmer with millions in assets who died suddenly without a will.  His sons who were farming with him had to sell the farm and the equipment and the livestock in order to pay the estate taxes. The neighbors could not understand how such a smart business person had failed to plan for the inevitable.

That unfortunate event has been a wake-up call to other land owners in the area. Several realized their wills were outdated or non-existent. As a result, one landowner made a provision in his will to benefit his community’s affiliated fund of the Nebraska Community Foundation.  Take time to determine how you want your assets to be distributed at your death, and have your attorney put it in writing. 

A bequest, a gift in your will, is an opportunity to make a difference in the quality of life and the economic growth of your hometown. Many people discover that a bequest is a satisfying way for them to provide for future resources in their hometown.  Your bequest can be of a percentage of your estate, or a stated dollar amount. Others prefer to gift a percentage of the “residue” or what remains after paying all inheritances, debts and costs.

There are also special arrangements that allow you to make a gift that can provide income to your family and later be used by your hometown.