Bequests to Benefit The Summit Country Day School
While there are many ways to establish a lasting legacy with The Summit Country Day School through your estate plan, the most popular method is to simply name The Summit as a beneficiary in your will. The following provides an overview of the nature of a will and its importance to you and your family.
What is a will?
A will is a legal document expressing your final wishes for all property you own upon your passing. Your will should also include your choice of who will be responsible for ensuring that the wishes expressed in your will are fulfilled. This chosen person is commonly referred to as the executor, executrix or personal representative.
For parents/guardians of minor children, a will allows you to direct the individual (or individuals) who will serve as guardians of your children as well as who will be in charge of funds for the benefit of your children in the event of your passing.
What if you don’t have a will?
Every state has legal provisions which, in the absence of a will, direct the distribution of a person’s property upon their passing. This is termed dying “intestate” or without a will, and requires a state court to appoint an administrator to oversee the distribution of your estate.
While these provisions vary from state to state, they generally call for your closest relatives to receive property owned in your name. For example, a state intestacy law may call for a surviving spouse to inherit 50% of his or her spouse’s assets and the children of the decedent to inherit the remaining 50%.
Sometimes, a state intestacy law may accurately reflect your intentions (such as the equal division of your property among your children). Other times, the state laws may call for a distribution that does not reflect your wishes. Only a valid will, accepted by the courts where you reside, will ensure that your final wishes are followed.