#Nch birthplace professional
The cost normally will increase as the complexity of the document increases, but the professional involvement is well worth it: A will must meet the legal requirements of your state. One advantage of a bank is its permanence-an individual could predecease you.įor a simple will, most lawyers would likely charge about $500. Many people prefer to name a bank or trust company that is experienced in handling estates and managing the investment and distribution of property. You can name a spouse, relative, or friend. The executor named in your will has the responsibility of carrying out its directions. Hospital Directory 57 Prospect Street Nantucket, MA 02554 To call or fax us: Phone: (508) 825-8100 Lines are open Monday through Friday, 8:00 a.m. Your attorney can advise you about such tax savings and can also show you how a gift made under your will to a charity such as NCH Healthcare System saves taxes. Trusts of this nature can often be used to save estate taxes. The attorney who prepares your will might suggest that some part of your property be left in a trust: your will, for example, could create a trust to provide income to your spouse for his or her lifetime, with the property then to go to your children. Then you need to decide to whom you want to leave your property and in what manner. You should first make a list of all your property and its approximate value. A carefully thought-out will can minimize the impact of estate taxes and provide more funds for your family, as well as an enduring expression of your charitable wishes. Regardless of your age or your financial circumstances, there is no better time than the present to plan for the disposition of your assets through the means of a will prepared by your attorney. And what happens if you and the joint tenant die in a common accident? More important, if the creation of joint ownership in property creates a gift, then federal and state gift-tax and estate-tax consequences may need to be considered. Myth: “All my property is in joint ownership-why do I need a will?"Ĭomments: It is unlikely that all of your property is jointly owned-for example, retirement benefits, death benefits from your employer, income-tax refunds, etc. Accidents occur, and it is not uncommon for fatal accidents to involve both parents. Wrong again. Every adult is likely to need a will, especially young married people with children. Myth: “Younger people do not need wills.” Friends, worthy charities, and other organizations the person may have wished to support will be left out. Just the opposite. A person without dependents who does not have a will may find that under state law his or her property will go to his or her parents and perhaps brothers and sisters in specified, rigid shares. Myth: “People without dependents do not need wills.” Not to be overlooked is the fact that many people are worth more than they realize-when they take into account their life insurance, retirement benefits, home, savings, and securities. As noted, most state laws provide, in the absence of a will, more adequately for children than for the surviving spouse. Quite the contrary. In fact, the families of those who are not rich are most apt to be hurt by intestacy.
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