Bequests

A will is the basic building block of good estate planning. It provides the opportunity to direct how the assets of your estate will be distributed and to select a personal representative who will make the distributions.If you die without a will (the legal term is "intestate") the laws of the State in which you resided will govern who gets what.

If you have minor children or other family members with special needs, you can appoint a guardian. And, you can decide if your beneficiaries receive their gifts from you outright or in a trust. A properly drawn will can minimize estate taxes. A will also provides the opportunity to remember your favorite charities through a bequest provision.

There are three types of bequest provisions -- specific bequest, residuary bequest or contingent bequest.