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Federal Government Girls College Owerri • View topic - Do you have a will?

Do you have a will?

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Do you have a will?

Postby weruche » Tue Dec 26, 2006 5:49 pm

Estate Planning - You're Never Too Young
by Ronald E. Hudkins
Money Magazine Newletter (Fall 2006)

Young people just starting out in life may think that estate planning is not a high priority. It's never too early to consider how vital this step is to prudent financial planning.

When just starting out, perhaps there are more worries about the immediate needs. Eventually, goals blossom into actually preparing for the future and a comfortable living standard. The idea of immortality is more the thought than any possibility of death. With the longer life spans enjoyed in these modern days, there just may be some benign measure of reality there. However, writing a will is not just a concern for seniors, the young and everyone in between; it is a legal matter, which must be an important part of financial planning.

The state probate process is one solid reason to complete a will. In rough terms, as much as 6% of an individual’s total (gross) assets (or more) go to probate fees and associated costs.

The last thing someone would want to do is lose control of their assets to the court system. Unfortunately, putting off what you know needs to be done now – planning and implementing an estate plan – could result in just that.

Asset distribution laws vary from state-to-state, but generally a married person’s possessions go first to the spouse and children, should there be any.

If you are single, then most often your possessions would be passed to your parents, if they are still alive. Should your parents be deceased, then the order of succession is usually to the siblings (brothers, sisters), then to other living family (relatives) and finally, to the state. The state is highly capable of absorbing and liquidating assets.

By no means is it being said that various wills are the answer to a complete estate plan. A will alone, specifically will not control who gets ‘joint property’ (such as a home you and a spouse purchased together), or possibly, bank and brokerage accounts and 401(k)s or IRAs (Individual Retirement Accounts) for which you h

Simply put, a last will and testament is the main piece of a basic estate plan that does not require a substantial amount of legal fees for its creation.

Putting together a well-thought-out plan that provides for you during incapacity as well as after your death is essential.

Talk to an estate planning attorney about other legal documents such as a Medical Power of Attorney (proxy) for Health Care, a Living Will (Health Care Declaration), and a Durable Power of Attorney for Financial Affairs.

You are never too young to need a will. If you end up in a hospital in a coma, you need someone in a position to make personal, medical and financial decisions for you. Should you have an untimely death, the key to planning ahead is to have a written plan so your wishes will be carried out exactly as you so designate.

Without a written plan, there is probate, family feuds, extended agonies and other unpleasant possibilities.
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Postby gloria » Tue Mar 20, 2007 3:33 pm

this pre-supposes the fact that you have property for people to squabble over :lol: i dont!
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Postby shaded » Tue Mar 20, 2007 5:48 pm

Please if yiou have children make sure you have life insurance. I know things like these are kinda difficult for us Nigers to face up to and my mum maintains that many husbands would call family meeting if a wife raises this issue. We pray we don't need it, but it is imprtant to have it.
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Postby stellaukaoma » Tue Mar 20, 2007 6:00 pm

@ Shade, u are right about the life insurance thing.
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Postby Prince » Tue Mar 20, 2007 6:41 pm

gloria wrote:this pre-supposes the fact that you have property for people to squabble over :lol: i dont!

I hear you, girl. Said it like it is.

Me? I don't have a will. I don't have wife right now, so whatever I have in the US goes to my kids. Life insurance? That I have. My funeral won't cost much, as I desire to be cremated, and my ashes cast over any large body of water. I, therefore, will not talk about a will until I’m married. When I do, my wife gets 50%, while 50% gets allocated equally to every one of my children. It’s that simple.
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Postby chizor » Wed Mar 21, 2007 2:55 am

What happens to ones propety in the UK If they die without a will? :smt102 Anyone know?

One thing i dont joke with is critical illnes cover sha....but i trust nothing will happen to me by the grace of onye nnwe anyi chineke.
"Commit to the LORD whatever you do, and your plans will succeed."

-Proverbs 16:3
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Postby uluisrare » Wed Mar 21, 2007 5:19 am

d council will take it :)
so even if u don't want to have a will, be sure to include the next of kin clause...
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Postby gloria » Wed Mar 21, 2007 9:53 am

Seriously though for those living in Nigeria or who have property that will fall under jurisdiction of Nigerian law, I advise you make a will when you need to (cos get real why hire a lawyer to draw up a will, when his fees will probably be more than each beneficiary’s individual share) the reason being that if you die intestate, (i.e without a will) then an administrator will need to be appointed by the state before your property can be distributed amongst your dependants. The fee for administration is 10% 8O of the entire assets of the deceased. Pretty steep abi?

So even if you don’t have property right now, it may be advisable to pass on this information to our family members. Another option, which is commonly adopted these days, would be to incorporate a trust company to hold all your assets, the shareholders of the trust company would then be those who would have been named as beneficiaries, had you elected to make a will.

A third option would be to make a gift of the property to the lucky recipient during your lifetime, this does not necessarily mean you have to give the property to the person immediately, you can sign a deed of gift in favour of the recipient, one of the provisions of course would be that the gift would only devolve upon your death.
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