| Bequeathing
your estate through a will is an important decision to make. Recognizing
the key components of a will helps in ensuring that your assets
go to the right people for the right purpose. Below are a few elements
that are typically included in a will. Please note that the items
below are not necessarily required in a will to the Foundation.
We recommend that you seek the legal advice from an attorney to
assist you in developing your will.
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Identification and Domicile: Identify the maker
of the will and state your legal residence.
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Revocation of prior wills and codicils: If you
have prior wills, you must state that your current will revokes
all other.
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Naming/Appointing an executor: You may designate
a family member, friend, trusted associate or anyone else to be
the executor of your estate. The person you named will manage
your estate and will abide by your wishes stated in the will despite
pressure from conflicting parties.
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Taxes and administrative expenses: Identifies
the revenue source for paying taxes on the taxable estate, assessed
on assets passing either under the term of the will or outside
its terms.
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Bond: A bond may be used to protect your estate
assets. It may be waived if your executor is your spouse, family
member, or a close and reliable friend.
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Payment of debts: Your debts will be charged
against your estate before any assets are distributed.
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Specific gifts: What specific gifts have you
promised to which loved ones? What items of sentimental value
do you want to leave for whom? You must be very specific so there
is no confusion or feud about who gets what.
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Gifts of real estate: If your house is not held
in joint tenancy, you can will it to your spouse, children or
charitable organization. If it is held in joint tenancy, you still
need to provide what will happen to it should you survive the
joint tenant.
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The residuary estate: This names the beneficiaries,
including charitable organizations, receiving the rest of your
estate.
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Survivorship: In the event of a joint disaster,
this clause will specify whether you will be presumed to have
survived your beneficiary.
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Closing: Includes the date of the will, signature
of the maker and signatures of witnesses.
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