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Why Does a Woman Need a Will?

For a variety of reasons, many women fail to make a will (or keep an old one up to date). Unfortunately, this is not in their own best interests, and those they love most also can be deeply hurt. These circumstances show how vitally important it is to have a will.

Married with or without children. Dying without a will means the state dictates the division of your property, perhaps in a way you would find unacceptable.

A common accident where neither spouse survives could cause severe problems—particularly where minor children are involved. A will can create a trust for the children's benefit until they are old enough to manage their own assets. A will also gives you the opportunity to name a guardian for minor children. Otherwise, the law imposes restrictive arrangements you might find undesirable.

Single (divorced, never married or widowed). A will gives you the opportunity to provide for an elderly or ill parent, disabled relative, or a devoted friend, or to assist a worthy charitable institution like Sisters Hospital Foundation. You can indicate who is to receive certain highly prized personal possessions: heirlooms, antiques, jewelry or art objects. You also can name an appropriate executor (personal representative) to settle your estate properly.

If you are widowed or divorced and have children, a will can indicate your exact plans for their welfare and the management of their money.

Take Advantage of Tax Benefits and Charitable Giving Opportunities
Your will is the foundation of an estate plan that can incorporate tax-reducing and cost-cutting methods for managing your estate during your lifetime and after your death. These can include the unlimited marital deduction, a variety of trusts designed to minimize taxes and settlement costs, and plans that result in charitable giving.

You may obtain generous federal tax benefits if you commit funds for a charitable purpose now and follow certain guidelines. You can even receive income from these funds for life. A variety of gifting plans are available, including tax-saving trusts.

We advise that you consult with your competent legal and tax advisors. When considering a gift to Sisters Hospital Foundation, we'll gladly explain how you can secure the greatest benefit for your needs and ours.

Please call Julie Snyder at 716-862-1992, or e-mail us at jsnyder@chsbuffalo.org, for more information.

The information in this Web site is not intended as legal advice. For legal advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income tax include federal taxes only. Individual state taxes and/or state law may impact your results.