Your Will
(Continued from Last Week)
(Ed. note: The first part of a
speech entitled “Your Will” by
A1 Hochberger, vice-president of
the Kodiak Branch. National Bank
of Alaska, was published last
week. The concluding installment
is published herewith.)
Federal Estate taxes and State
Inheritance taxes now are so
high. that, unless a property own
er by his will takes advantage of
the tax saving permitted by law.
a large part of his estate, will be
consumed in the payment of these
taxes
The law gives the property own
er the privilege of reducing his
taxes by the terms of his will.
For example, if he leaves his es
tate outright to his wife, and then
she leaves it outright to their
children, there may be two estate
taxes due on the same property,
one at his death and another at
her's. Where-as if he leaves his
estate in trust for his wife for life,
with the principal to go to their
children at her death, there may
be only one estate tax, which the
law permits and fully approves.
Many times a person’s will is
found among his personal posses
sions after he has been buried, by
which time it would be too late,
of course, to carry out funeral or
burial directions set forth in the
will. Therefore, it is suggested
that the will be left in trust with
instructions that it be opened and
read immediately upon his de
cease.
Many times a will is probated
which was drawn several years
previous, during the intervening
years some of the property had
changed in physical nature as well
as in monetary values, which
made it very difficult for the exec
utor to distribute the property as
originally directed by the maker,
therefore, when a sizable amount
of mixed property is to be distrib
uted, or set up in a trust, it is very
important that the will be review
ed annually’, to keep abreast of
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changing values, as well as chang
es in tax laws.
The wording of a will should be
very exacting and readily under
standable to convey the true in
tention of the maker, and should
be drawn by a lawryer. The law
permits a person to write his own
will, it will be a valid will as to
ail of his property if it meets all
the legal requirements of the
State of which he is a resident.
But for a person, unless he him
self is a lawyer, to write his own
will is almost as unwise as for
him to take a dose of medicine
from an unlabeled bottle, which
also he may do if he is willing to
take the risk.
In view of the facts contained
in the foregoing discussion the im
portance of making a will is very
obvious.
In conclusion, may we concen
trate seriously, upon two very im
portant factors. Number one: be
sure that the wording of your will
is correct, and that it meet the
legal requirements of your State.
Number two: be sure that your
executor will be able to func
tion properly and uninterruptedly
through-out the distribution of
your property.
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