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(Part of a series of articles on charitable giving and the Union County Foundation by David Vollrath - Exec. Dir.) The saying goes…"A penny saved is a penny earned" but if those savings cost you in the long run what have you gained? Too many people never invest in a will because they think it costs too much in time, energy, and money. It is our nature to delay purchases that we deem to be unnecessary. Some people erroneously reason that there will be time in the future to work out a will, so why go to the expense now. Others reason that they just don’t have enough assets to even worry about a will. Most people are quite surprised when they actually calculate the total value of their assets. If you list all your "property" including your home, certificates of deposit, retirement savings, life insurance, investments, personal property, personal collections, vehicles, home furnishings, etc. etc. you might be amazed at the total valuation. Also consider that many people inherit substantial assets later in life from a parent, sibling, or other relative. Without a will you will have no control over the distribution of your (possibly substantial) wealth. The reality is that when the 2nd spouse dies and there is no will, the property will transfer into a court administered probate process. The court will appoint an administrator for your estate. The administrator will see to it that all your debts, bills payable and financial affairs are taken care of by your estate. The problem arises that with no will your family members (sons, daughters, nephews, nieces, cousins, etc.) will have to sort out the estate distribution through the probate process. Also your intent to support specific charities upon your death will not occur because you left no written will with such directions. The confusion and dissension over your estate could be considerable and likely very time consuming and costly. All things considered I think you will agree that saving $300 or so dollars by not creating a will is a costly venture indeed. Consulting one of our County’s many qualified attorneys for assistance in preparing a will is certain to be one of the best investments you will ever make! The Union County Foundation is equipped to help you achieve your charitable goals and to answer questions you may have regarding planned giving. Please call us at 937-642-9618, email commfounduc@imetweb.net, reference our website at www.emarysville.com/unioncountyfoundation, or stop by our Marysville office at 126 N. Main St. We are committed to helping you.... “preserve your footprint in time.” |
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