Do I Need A Will?
Yes, you do need a will. A will is a legal document that specifies how your assets will be distributed after your death. If you don't have a will, your assets will be distributed according to the laws of your state, which may not be what you want.
Without a will, the laws of the state of your residence will determine who will receive your assets and who will manage your estate. As a result, the state may not include all of the persons or charities that you would like to benefit. A will allows you to appoint a guardian for your minor children, choose a representative to carry out your wishes, and determine the final destination of your estate assets.
Making a charitable bequest (i.e., giving assets to charity through a will or living trust) is the simplest way to make a planned gift. The donor states in his or her will the amount or percentage of assets that are to pass to a designated charity. The donor receives an estate tax deduction for the amount of the bequest. There is no limit on the amount that can be deducted for estate tax purposes.
