August Is Make A Will Month

Making a last Will and testament as part of your estate plan is prudent. Some of the reasons to make a will are as follows:

• You can leave nothing to chance when it comes to distribution of your property, investments, and other assets when you are gone;
• You can designate someone you trust to honor your wishes and make sure your estate is distributed just as you wish;
• You can ensure your property is left to the people in your life who mean the most to you;
• You can protect your children and their future needs, especially minor children;
• You can make sure your family, and those who are like family, receive whatever gift you wish to make.

What Happens if You Do Not Have a Will?

If you pass away without a Will, then your estate will be divided according to laws in the state where you live. The resulting transfer of assets may be much different from what you had wished. While certain family members will likely receive part of your estate, close friends or charities that you may have wanted to remember will not be included.

What Can You Include in Your Will?

Only you know the special circumstances of your family members and heirs, which is why it is important to discuss these factors with your attorney. Some questions to consider include how you want to distribute your estate, whom you want to be executor, and what charities you wish to support.

For example, you may want your Will to:

• Name the Executor* of your estate.
• Give your property to people whom you choose.
• Set up Trusts to save on taxes and to provide financial management.
• Name a Guardian for minor children.
• Ensure lifetime care for a child with a disability.
• Pass what you choose to children of a prior marriage.
• Set guidelines for distributions if you and your spouse die at the same time.

*Executor: the person named in a Will to manage the estate, collect the property, pay any debt, and distribute property according to the Will.

Ask your attorney about a Living Will and a Durable Power of Attorney in case you become incapacitated.

Your attorney may suggest other components, but be prepared to talk about these items so that you will be in a position to have a document drafted that accomplishes your wishes.

Why Leave Charitable Gifts in Your Will?

Some individuals plan on leaving gifts to Brother Martin High School, talk about it with us and their friends, and then never get around to properly establishing such gifts in their Wills. If you make this mistake, then your estate will not realize the benefits of the unlimited charitable estate tax deduction, and our ministry will not receive your support.

You Can Revoke Your Will

Note that one of the articles in your Will is "revocation of prior Wills and codicils*." Relationships and situations change, and this guide ensures that you are free to alter your Will with a codicil or to change your Will entirely at any time.

*Codicil: a written and properly witnessed legal change to a will

Typical Components (Articles) of a Will

• Your identification and state of residence
• Revocation of prior Wills and codicils
• Name of Executor
• Payment of taxes and administration of estate
• Payment of debts
• Specific gifts
• Residuary estate*
• Common disaster

*Residuary Estate: the part of an estate left after debts, taxes, and specific bequests have been paid

It is a good idea to keep your old Will but to write on its pages 1) that it has been revoked and replaced by a new Will, and 2) the date of the new Will. This designation may be useful in situations when someone wants to challenge a newer Will.

We want to work with you to create a gift that best fits your circumstances and the needs of students of Brother Martin High School.

If Brother Martin High School has impacted your life and/or the lives of your children or grandchildren, you can make a long-lasting impact on the quality education of future Crusaders through your will, with a gift of any amount, or by naming Brother Martin as a beneficiary of a retirement account, life insurance policy, or an annuity. To learn more about including Brother Martin in your Will and joining the Society of 1869, please contact us in the Advancement and Alumni Relations Office at 504-284-6700 or email alumni@brothermartin.com.