Nearly a quarter of Americans age 65 and above have not created a will. The following example illustrates how failure to adequately prepare can circumvent the best laid plans.

Mary Hill was born, raised and died in the same small town. Her grandchildren picked apples from the very trees she helped her parents plant. She and her husband spent Friday nights each fall on the bleachers of the local stadium, cheering the home team, and warm days each spring planting flowers along Main Street. Her five children never moved farther than an hour's drive from home, returning often to help with their mother's latest charity fundraiser or volunteer effort.

Mary died last year after a long and fruitful life. But of all the people and causes to which she'd dedicated herself, few received the recognition she had hoped to provide. Why? Because Mary died without a will. Despite her hopes of leaving each grandchild a little "dream" money and of creating a memorial fund in her late husband's name to further her charitable work, Mary's wishes never materialized.

Forty-one percent of Mary's estate went straight to the government since she had taken no steps to control estate taxes at her death. The remainder was divided equally among her children, according to state law.

Do You Need a Will?
A will is perhaps the single most important document you can own, although more than half of all Americans die without one. You need a will if you have children or none at all. You need one if you are married, single, widowed or divorced. You need a will if you have a house, a car, a bank account or property of any kind. A properly drafted will can also help you avoid paying unnecessary estate taxes. Perhaps most importantly, only through a will and careful planning can you benefit the people and organizations you care about most in the exact manner you have intended.

Your Will's Expiration Date
Once executed, your will should be updated regularly, especially under these circumstances: A birth, marriage or divorce in the family; a move to another state; a change in tax laws; a change in the status of dependent children; impending retirement; or a change in personal circumstances or needs.

An out-of-date will can be more trouble than having no will at all. Consider this court case involving a man who executed a will in 1992, giving $50,000 to a woman he named as a "friend." A year later, the man and woman were married and remained so until the man's death in 1995. Unfortunately, the man never updated his will. At her husband's death, the woman claimed her elective share as a wife (one-third of the total estate) rather than abiding by the terms of the will. The man's children from his first marriage objected. The court upheld a statute that an omitted spouse couldn't claim his or her elective share if any bequest was left to the spouse at all. So the wife received only the $50,000 bequest.

We Can Help
A properly drafted will is the first step toward making the best use of your assets at your death.

Please contact Erik Showalter at 540-460-1401 or 540-463-1865, or via e-mail at eshowalter@ka-order.org, for more information.