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Show Qogs your nifc need a nill? Did you know that you have a will whether you have made one or not? Sam Smith, in order to provide amply for his wife after he died, put all of his property in her name,. He felt this would also save on Inheritance taxes. Unfortunately Unfortun-ately she died first. She had no wlll directing how her estate should be distributed, and thus it was distributed according to the state laws of intestacy. That is, the "will" which a state leglstates for citizens who die without a will. The result was that Sam had to share his property, which was once his own, with her closest relative, a nephew neither of them had seen for years. This is only one instance where a wife as well as her husBand should have had a will. Although it is usually the husband who dies first, a common disaster could bring about dire results affecting the lives of surviving surviv-ing loved ones. Once a widower with small children married a second time and named his newwlfe the beneficiary of his estate, knowing that she would take care of his children. Later they both were Involved in an automobile accident in which she survived him for a few hours, and thus Inherited his' estate. When she died without a will, her estate according accord-ing to the state law of intestacy in-testacy -- went to her relatives. His children received nothing. Thus we see that legislative legis-lative enactments alone may cause severe problems in seemlrfgly ordinary situations. situa-tions. It does not take into account or provide for special spe-cial needs of any person, no matter how needy or handicapped. handi-capped. If a person does not leave a valid will, the law, other profession is the work of a specialist. Thus the selection of an executor should be an experienced Individual, a bank, or a trust companv. ESTATE TAXES: Federal estate taxes and state inheritance taxes now are so high that unless a property owner utilizes a will or a trust to plan his estate and take advantage of tax savings permitted by law, a large part of his estate may be consumed in taxes. If a person's taxable estate is over $60,000, the taxes on the excels range from 3 to 61 depending-on the tax bracket for the excess. For example, if a man leaves his estate outright to his wife and then she leaves' It outright to their children, there may be two taxes on the same property one at his death and another at hers. Whereas, if he leaves his estate in trust for his wife, for life, the rest with the principal to go to their .children at her death, there may be only one estate tax which is paid upon the husband's death. There are many legal methods for tax savings and estate planning through your will and through trusts. Consulting Con-sulting your bank trust officer or your attorney may be the best investment in time you could make. which is general In its nature, it calculated to serve the average property owner's needs as to the disposition dis-position of his property at his death and very seldom exactly fits particular de sires or needs. There are three main reasons for a person to have a will: 1. To direct the disposition of his property according to his wishes. 2. To designate a Qualified executor for the estate and an appropriate guardian for minor children. 3. To conserve the estate and minimize taxes. THE LAW; The law gives every property pro-perty owner the privilege of disposing of his property by will in the way he thinks will be for the best interests of everyone concerned. Without a will the state intestacy in-testacy laws, as seen above, take over and divide the estate according to a prearranged pre-arranged schedule. LACK OF A WILL: Where there is no will the court is required to appoint an individual to settle the estate. This person maybe a surviving wife, adult child, or some other person, whether properly qualified or not. There is no certainty whatever as to whom the court can or will appoint. iA proper will allows a person to designate or appoint the executor who is usually better qualified. A will may also provide special provisions pro-visions for payment of funeral expenses, claims against the estate, taxes, and other costs to property, as well as final distribution of the property. Under present-day present-day conditions the settlement of an estate is the work of a specialist, just as the practice of medicine or any |