Alva Review-Courier -

“Where there’s a will, Northwestern wants to be in it.” —Dr. Paul Berens, former president.

Inclusion of donations can be a part of a person’s final wishes and can also have tax advantages for the estate. Bequests are an important part of a will or trust and failing to include who-should-have-what can lead to a big mess in the end. Many people leave decisions to the last minute or depend upon someone else to make them.

“Poor planning on your part does not necessitate an emergency on mine.” —Bob Carter.

Procrastination does not slow down the passage of time; some wish to distribute assets while still alive. Alva appreciates the benevolence of the family trusts that have become pillars of community improvements and include scholarship programs at Northwestern. You can list a single person or entity as sole beneficiary, but most attorneys will recommend a trust to manage assets after death.

“Unfettered access to it (an estate) can be imprudent.” —David Handler.

Should we even be concerned about what happens to our “stuff”? Lack of flexibility in final wishes can have unintended consequences. According to Handler, “Write it and forget it” is a common theme for wills, so updating regularly is important. Some documents fail to include the latest born – or newest wife! Fair and equitable distribution based on children’s current financials may leave someone feeling snubbed or unloved.

Our legacies should be how we lived, not what we had.

Note to self: “He who dies with the most cars, still dies.”