Wills & Bequests
WHAT ARE WILLS & BEQUESTS?
A will is the cornerstone of a wise person’s plans for the future. Yet statistics gathered from the probate courts throughout the United States indicate that seven out of eight people die without a Will. And 80% of the Wills which were drafted do not adequately carry out the intentions of the deceased. Often people forget to adjust their Wills to reflect the changes in their lives.
There are 3 types of Wills
Oral
This kind of Will is usually made during the last illness and under circumstances which make it impossible to draft a Will in any other way. Very risky and easily challenged.
Written
Very expensive because it must meet so many court tests. This type of Will is easily contested by others and is not recognized in most states.
Witnessed
This type of Will is drawn to conform to the laws of the state in which the testator (the person for whom the Will is prepared) lives. This kind is the best and is recommended.
Wills must always conform to local and state laws. If a small technicality is overlooked, the Will can be challenged and can be declared invalid. Competent legal counsel can prevent this from happening.
There are also 3 types of Bequests
Often people forget to adjust their Wills to reflect the changes in their lives.
Why?
Why do so many of us fail to make a Will or take time to update the Will we have? The answer may lie in the way our country has grown and the pace we have set for ourselves. We are preoccupied with staying young and vigorous and, as a result, we fail to plan for the future.
Valid Reasons
Specific
A gift of a specific sum of money paid out of the general assets of the estate or a particular asset, like an automobile, an heirloom or real estate.
Residuary
A gift of property not left in the Will to specifically named individuals. Usually left to a named party or parties.
Contingent
A gift that is dependent on an event or a series of events happening before the gift is realized. “In the event that (primary beneficiary) should not survive me or should die during the administration of my estate within ninety days from the date of my death, then I give, devise, and bequeath to …”
There really are no valid reasons for failing to draw up or update our Wills. If we don’t do so we forfeit our right to plan the distribution of our estate to our loved ones and the causes and institutions we believe in. The plans we make now will alleviate much of the financial trauma our passing could have upon our loved ones.
The Humane Society of Marion County is a nonprofit 501(c) (3) organization funded solely by private donations, bequests, and fund-raising activities. We do not receive funding from the government or from any national animal welfare groups such as the Humane Society of the United States or ASPCA. The only way we are able to continue to care for animals is because of the generous gifts we receive from animal lovers like you! On behalf of the over 200 homeless pets we care for on a daily basis, thank you for your support! The Humane Society faces many challenges as we strive to meet the needs of today’s homeless animals and provide for tomorrow. From all indications, their future needs will only grow. Among the many giving options available, we hope you will find one that offers you some interesting tax and/or income benefits. We encourage you to speak with a professional advisor such as your attorney or accountant with the options you have and how they apply to your own situation. Keep in mind that you do not have to rewrite an existing will. A codicil naming Humane Society of Marion County, Inc is perfectly adequate. Making such a gift deserves time and careful thought. Our Executive Director will also be pleased to consult with you on any questions you may have about these creative giving opportunities. Please help us provide for the abused and homeless animals in our community.
Humane Society of Marion County, Inc. 701 NW 14th Road / Ocala, FL 34475 (352) 387-0737
Our Florida Solicitation Of Contributions Act registration number is CH6I33. A copy of the official registration and financial information may be obtained from the Division Of Consumer Services by calling toll free 1-800-435-7352 within the state. Registration does not imply endorsement, approval, or recommendation by the state.
