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1. Why is it
important to have a will?
Over 70% of Americans do not have a will. For these individuals, the
state will decide who gains control of their assets, who assumes
guardianship of their minor children and who receives ownership of
their family heirlooms. What the state will not do is remember these
individual’s oldest family friend or favorite charitable
organization in the distribution of their estate. By having a will,
you can:
• Provide for your family’s security
• Name an executor for your estate
• Name a guardian for minor children
• Make charitable provisions
• Incorporate trusts and other giving options to reduce estate taxes
2. What is the legal name and employer identification number
for UMAR’s Guardian Society?
As registered with the IRS, the legal name for The Guardian Society
is the Foundation for United Methodist Agency for the Retarded, ID #
56-2263254.
3. If I already have a will and want to make changes to
include UMAR, how do avoid additional legal fees for the revision?
Additional fees can be avoided by adding a codicil to your will
instead of rewriting the entire document. A codicil is simply an
addition or change to your current will. The codicil is a simple,
easy document that is helpful for simple changes, brought about by a
death, a birth, a divorce, a move, or the addition of a bequest to a
charity (please see “Will Modification” for sample codicil
language.)
4.
What types of bequests can be made to UMAR?
What types of bequests can be made to UMAR?
The simple answer for this question is any type of bequest! Because
there is such a wide variety of bequest options and conditions, it
is advisable to consult an attorney for legal advice on your
individual situation. Sample wording for including a bequest to UMAR
in your will can be found in the document entitled “Bequests to
UMAR’s Guardian Society.”
5. How
often should my will be updated?
On average, most advisors suggest you review your will at least
every three years. Wills should also be reviewed following major
life events such as marriages, births, deaths, retirements, etc. |
