{"id":924,"date":"2018-08-10T16:05:52","date_gmt":"2018-08-10T16:05:52","guid":{"rendered":"https:\/\/scrantonfg.com\/?p=924"},"modified":"2018-08-27T16:43:18","modified_gmt":"2018-08-27T16:43:18","slug":"where-theres-a-will","status":"publish","type":"post","link":"https:\/\/scrantonfg.com\/where-theres-a-will\/","title":{"rendered":"Where There’s a Will…"},"content":{"rendered":"

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A 2017 survey found that only 42% of U.S. adults \u2014 and only 36% of those with children under age 18 \u2014 had a will or a living trust.1<\/sup>\u00a0(A living trust can serve some but not all functions of a will; you should have a will even if you have a trust.)<\/h2>\n

The most common reasons given for not taking this simple step are procrastination and not having enough assets.2<\/sup>\u00a0In fact, creating a will does not have to be difficult or time-consuming, and everyone should have one regardless of his or her assets. Here are three good reasons.<\/p>\n

Distribute property.<\/strong>\u00a0A will enables you to leave your property at your death to anyone you choose: a surviving spouse, a child, other relatives, friends, a trust, or a charity. Transfers through your will take the form of specific bequests (e.g., heirlooms, jewelry, or cash), general bequests (e.g., a percentage of your property), or a residuary bequest of what’s left after your other transfers. It is generally a good practice to name backup beneficiaries.<\/p>\n

Your spouse may have certain rights with respect to your property, regardless of the provisions in your will. Also, assets for which you have already named a beneficiary pass directly to the beneficiary (e.g., life insurance, pension plans, IRAs).<\/p>\n

Appoint a guardian.<\/strong>\u00a0In many states, a will is the only way to specify who you want to act as legal guardian for your minor children if you die. You can name a personal guardian, who takes personal custody of the children, and a property guardian, who manages the children’s assets. This can be the same person or different people.<\/p>\n

Name an executor.<\/strong>\u00a0A will allows you to select an executor to act as your legal representative after your death. An executor carries out many estate settlement tasks, including locating your will, collecting your assets, paying legitimate creditor claims, paying any taxes owed by your estate, and distributing any remaining assets to your beneficiaries.<\/p>\n

Though it is not a legal requirement, a will should generally be drafted by an attorney. There may be costs involved with the creation of a will or a trust, the probate of a will, and the operation of a trust.<\/p>\n

1\u20132) Caring.com, 2017<\/p>\n

This information is not intended as tax, legal, investment, or retirement advice or recommendations, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Broadridge Advisor Solutions. \u00a9 2018 Broadridge Investor Communication Solutions, Inc.<\/p>\n

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[vc_row][vc_column][vc_single_image image=”925″ img_size=”full” alignment=”center”][vc_column_text] A 2017 survey found that only 42% of U.S. adults \u2014 and only 36% of those with children under age 18 \u2014 had a will or […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[14],"tags":[],"_links":{"self":[{"href":"https:\/\/scrantonfg.com\/wp-json\/wp\/v2\/posts\/924"}],"collection":[{"href":"https:\/\/scrantonfg.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/scrantonfg.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/scrantonfg.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/scrantonfg.com\/wp-json\/wp\/v2\/comments?post=924"}],"version-history":[{"count":0,"href":"https:\/\/scrantonfg.com\/wp-json\/wp\/v2\/posts\/924\/revisions"}],"wp:attachment":[{"href":"https:\/\/scrantonfg.com\/wp-json\/wp\/v2\/media?parent=924"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/scrantonfg.com\/wp-json\/wp\/v2\/categories?post=924"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/scrantonfg.com\/wp-json\/wp\/v2\/tags?post=924"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}