Wealth Preservation_Flipbook_2024

Making Bequests You can use your will to leave assets to beneficiaries in two ways: specific bequests and general bequests. • A specific bequest directs a particular piece of property to a particular person. For example, “I leave Aunt Bea’s silverware to my niece, Jennifer.” • A general bequest is typically a percentage of property or property that is left after all specific bequests have been made. Usually, principal heirs receive general bequests. For example, “I leave all the rest of my property to my wife, Melissa.” Maybe Pablo Should Have Painted a Will Pablo Picasso, who died in 1973 at the age of 91, left an estate that included some of the most valuable art of the 20th century, along with five homes, cash, gold, and bonds. What he didn’t leave was a will. His heirs fought a six-year legal battle for his assets at a cost of $30 million. Other famous people who died without a will include Abraham Lincoln, Howard Hughes, and Sonny Bono. Source: LegalZoom.com TIP: Having a will does not avoid the probate process, but it may help probate be more efficient and less expensive.