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Do You Need a Will?

Perhaps one of the most important documents you will ever make is a will - your last chance to remember loved ones and make sure your assets are distributed as you want. Through your will you can

  • Provide for your family's security.
  • Name a guardian for minor children.
  • Name an executor or administrator of your estate.
  • Incorporate trusts to reduce estate taxes.
  • Make charitable provisions.

If you don't have a will, the state will claim as your official residence has one waiting. Unfortunately, the state's will may provide sorely inadequate. For example, it can't create a trust for the benefit of others. Nor can it name the executor of your estate. Instead the court will appoint an administrator (maybe someone you would not approve of) to administrator your estate.

If you think your estate is not large enough to require a will, there is even more reason to make sure your assets are distributed in a tax wise and efficient manner. The directions that you supply in your will can save family members and heirs hours, and maybe even days, of frustration, expense of searching for assets and second-guessing.

While contemplating a will can bring up painful and sometimes difficult thoughts, the process offers much more of an opportunity with great rewards than a burden.

Cost and Considerations

What does it cost to create a will? The answer depends on whom you ask and, in many cases, where you live. Costs can range from a few hundred to a couple thousand dollars. You may come across do-it-yourself books, kits and inexpensive or free sources on the Internet. Although tempting, these approaches should serve as nothing more than a starting point. Hire a qualified attorney who knows the laws of your state to prepare your will. The benefits you'll reap by avoiding extra costs and complications at your death should outweigh any legal fees you pay now. The "tangible personal property memo" is an important companion to your will that can be completed yourself without an attorney and changed as often as you like. This document lists who should receive items such as jewelry, furniture, mementos and other personal belongings. Your file should contain a reference to this list.

Questions & Answers

Q. I have a will. Is that all I need?
A. Experts recommend that in addition to a will you have a durable power of attorney, which allows another person to act on your behalf should you become incapacitated. A living will, helpful to your heirs, directs at what point you do not want your life artificially supported.
Q. What about my personal possessions?
A. Personal possessions are best distributed through a tangible personal property memo in which you list the personal items you wish to give to specific people. You must also mention the existence of this memo in your will and keep a copy of it with your will.
Q. Once I make a will, how often do I have to update it?
A. A good rule of thumb is to review your will every three years. It should be reviewed at major life events, such as marriage, births, retirement, etc.

How to Write a Charitable Bequest

Your will is a written testimonial of your concern for family and loved ones. It is a way to show what you value above all in life, being especially generous with the people and organizations that matter the most. There are many ways you can include a favorite charity in your will.

The Simplest Form

You could simply say: "I give to Avera Health Foundation, 3900 W Avera Drive, Suite 301, Sioux Falls, S.D. the sum of [dollar amount]/or percentage of [_____%/residue of my estate to be used at the discretion of its governing board.

This is the easiest and most popular way. It is also the most useful type of gift, as it allows the charity to determine the wisest and most pressing need for the funds at the time of receipt. You can specify how the funds are to be used. Perhaps you can have a special purpose or project in mind. If so, it's best to consult the charity's officials when you make your will to be certain your intent can be carried out.

For additional ways to include the Avera Foundation in your charitable plans, please give us a call.