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Wills and Bequests
How Important Is Having A Will?
A properly drafted will assures that your wishes will be carried out.
A will is much more than a legal document. It is a testimony of your love and commitment to your family, friends and organizations. Without a valid will, your property may not be given to those you wish to receive it.
Many of us don’t realize that the government already has a plan for how your property will be distributed when you die. The Probate Courts in each state are responsible for making sure that the property you owned is accounted for.
The Federal Government has an interest in the total value of your property. If you owned enough, they want to collect Federal Estate Taxes on the amount over $1,500,000. In some states an “Inheritance Tax” is also due.
If there is anything left over, or if there was no tax due, the property usually goes to the spouse and children in equal shares. This may mean that the court will control the portion designated for your children ‒ not your spouse.
Finally, the charitable organizations we care about aren’t even considered by the courts.
So you can see that by not having a written plan for how your property should be distributed, you are allowing the courts to dictate how your family and friends will be treated.
The conclusion is that each one of us needs to have a will ‒ no matter how much we own.
What are the Benefits of Having a Will?
- A will gives you the opportunity to decide who will receive your property and possessions.
- A will allows you to provide for all those you care for – family, friends and causes you choose.
- A will protects the future of your minor children by insuring the guardian of your choice will be named for their care.
- A will enables you to leave greater assets to your loved ones by taking advantage of estate tax laws which could provide substantial tax savings.
- A will can provide financial support through the establishment of trusts for loved ones and causes you care about.
- A will permits you to insure that your financial support will continue through your bequest by specifying an amount or percentage of your estate to Long Beach Rescue Mission Foundation.
How Do I Know if I Need A Will?
You need a will when you have an estate of any size. Whether your material possessions are many or few, you need a will to ensure proper distribution.
It doesn’t matter whether you are single or married. Married couples can provide for their surviving family members and their future security. Singles without children also need to insure that their wishes will be given proper attention.
You need a will even if you and your spouse have joint ownership. Without a will, assets may not be distributed as you wish. A large portion of your estate could also be used to pay unnecessary taxes at the death of the surviving spouse.
What if I Already Have a Will?
- Review your will every two or three years. Gradual changes in your financial situation or new priorities may lead you to change the distribution of your estate.
- Family changes such as marriage, divorce, the birth of a child or the death of a family member will merit revisions to your will.
- Changing responsibilities for family members who have become disabled or handicapped will cause you to revise the provisions made for their futures.
- Revisions in state or federal laws could effect the plans you have made.
- Never attempt to alter or revise your will from its original form yourself. Changes should always be prepared by a properly drawn codicil or by drafting a new will with your attorney.
Suggested Ways You Can Remember Long Beach Rescue Mission in Your Will
Specific Bequest:
“I give, devise and bequeath $_____________ to Long Beach Rescue Mission, 1430 Pacific Ave. Long Beach, CA 90813, for its corporate uses and purposes.”
Percentage of Estate:
“I give, devise and bequeath _____________ percent of my estate to Long Beach Rescue Mission, 1430 Pacific Ave. Long Beach, CA 90813, for its corporate uses and purposes.”
Rest, Residue and Remainder of Estate:
“All the rest, residue and remainder of my estate both real and personal, wherever situated, I give, devise and bequeath to Long Beach Rescue Mission, 1430 Pacific Ave. Long Beach, CA 90813, for its corporate uses and purposes.”
If You Have Questions . . .
For further information or assistance, please contact us by calling (562) 591-1292 or Contact The Ministry Support Office. Your inquiry places you under no obligation.
If you choose to include Long Beach Rescue Mission Foundation in your will, please notify us by completing the Estate Intention Form PDF. We would like to express our sincere appreciation for your support.
Return to the contact page or to the Ministry Support home page.
Please note, individual financial circumstances will vary click here to read more.