| Preparation
of your legal Will is important to ensure that your assets
are distributed in the manner you wish after your death
and so you can make financial arrangements for your close
relatives. If you do not make one,
the law could decide what happens to your estate and
it may not be what you would have wanted. Wills can
be quite complex, especially if you have complicated
financial or family situations. However, in most cases
a standard format of legal Will can be appropriate for
the task.
We offer many different, suitable for different family
circumstances and designed for use in estates where
inheritance tax advice is not required and where the
legacies are straightforward. Who should have a will:
Anyone who cares how his/her property is distributed
upon his/her death, or who would handle matters for
those she or he leaves behind, or be guardian for minor
children.
Can a parent disinherit a child? : Normally Yes. It
is necessary to specifically say the omission is intentional.
Often Wills have language along these lines: "I
have previously taken care of my daughter Joan during
my lifetime, and have chosen to leave nothing. Similarly,
I am leaving nothing to my son Michael, for reasons
known to both of us."
Examples of
Famous people Wills.
Linda McCartney Will (1942-1998)
On her death in April 1998, Linda McCartney, a crusader
for animal rights and vegetarianism, left her substantial
fortune to her husband Paul, the former Beatle. Linda
McCartney set up a trust that makes her estate virtually
exempt from taxes.
John F. Kennedy, Jr. Will (1960-1999)
John F. Kennedy, Jr. planned to leave the bulk of his
holdings to his wife, Caroline Bassett-Kennedy, or their
children. But John and Caroline died together in a plane
crash last July without leaving any issue. Therefore,
his property wills go to the children of his sister,
Caroline Kennedy Schlossberg. The bulk of his estate
is left to the beneficiaries of a trust he established
in 1983. Kennedy also left the scrimshaw, or carved
whale ivory, set once owned by his father to nephew
John O.K.. Schlossberg. Kennedy's cousin, Timothy P.
Shriver was named executor of the wills. Kennedy's estate
is reportedly worth $100 million.
Joe DiMaggio Will (1914-1999)
According to his will, "The Yankee Clipper"
set up trusts for Joseph Jr., his grandchildren Katherine
and Paula, and his great-grandchildren, Kendall and
Mitchell Stein, and Valerie and Vanessa Harm. The Steins
wills receive $250,000 each while the Harms wills receive
$500,000 each. The remainder of DiMaggio's estate will
be divided among his son and his two grandchildren.
Diana, Princess of Wales Will (1961-1997)
When Princess Diana died tragically on August 31, 1997
she left behind a 21.5 million pound (approximately
$35 million) fortune, most of which was bequeathed to
her sons, Prince William and Prince Harry. The inheritance
will be held in trust for the two princes until they
reach the age of 30. In her will made public on March
2, 1998, Diana also left 50,000 pounds to her former
butler, Paul Burrell, and set aside personal moment
for her 17 godchildren.
Marilyn Monroe Will (1926-1962)
The legendary sex symbol, who tragically committed suicide
in 1962, left most of her fortune to her friends and
family.
Warren Burger Will (1907-1995)
The former Chief Justice of the Supreme Court left behind
a self-written, 176-word will. He gave his entire estate
to his two children. But he failed to give any power
to his executors and made no provisions for estate taxes.
These apparent oversights will cost the estate thousands
of dollars.
Doris Duke Will (1913-1993)
The tobacco heiress had a $1.2 billion estate that was
the subject of much litigation. A New York judge ordered
the removal of two co-executors of Duke's $1.2 billion
estate. The court found that Duke's butler Bernard Lafferty
was squandering her estate to support his "profligate
life style" and that United States Trust Company
failed to slow down Lafferty's spending.
Jerry Garcia Will (1942-1995)
The leader of the Grateful Dead was a counterculture
icon. In his will, he remembers friends and family,
giving out personal mementos, including his guitars.
Harry Helmsmen Will
The New York billionaire real estate magnate Harry B.
Helmsmen, whose holdings included the Empire State Building
and some of New York City's most posh hotels, died Jan.
4, 1997, leaving an estate estimated at $1.7 billion.
Except for a bequest to his secretary, Helmsmen left
his estate to his wife, Leona Helmsmen, who is also
named as executor of the will.
David Packard Will (1912-1996)
The co-founder of Hewlett-Packard left the majority
of his holdings, estimated at $6.6 billion, to the charitable
foundation named for him and his late wife. The transfer
of assets made the David and Lucille Packard Foundation
one of the wealthiest charities in the world.
"Shoeless" Joe Jackson Will (1889-1951)
The legendary baseball player was permanently banned
from the game for his part in the "Black Six Scandal"
of the 1919 World Series. His will was the subject of
litigation in 1995 when two charities who were beneficiaries
of his wife's estate sued to gain possession of the
original because of its value to sports memorabilia
collectors.
John Lennon Will (1940-1980)
The Beatles' singer, songwriter and guitarist, who sang
"imagine no possessions" in the popular hit
"Imagine," left most of his property to an
estate controlled by his wife, Yoko Ono.
Richard Nixon Will (1913-1994)
The only president to resign from office gave specific
instructions for the handling and disposal of personal
notes and records.
Jacqueline Kennedy Onassis Will (1929-1994)
As first lady, Onassis planned the restoration of the
White House and urged Congress to declare it a national
museum. The art and personal possessions she collected
have fetched large sums in recent years at celebrity
auctions.
Elvis Presley Will (1935-1977)
Known as "The King," Presley sold more than
45 million records and starred in 33 motion pictured.
He left much of his vast fortune to members of his family.
Babe Ruth Will (1895-1948)
"The Sultan of Swat" grew up in an institution
for underprivileged boys. Dominating baseball as a home
run hitter, Ruth became a national celebrity. Famous
for his charitable deeds, he once promised to hit a
homer for a hospitalized boy. A year before he died,
he established and endowed the Babe Ruth Foundation
for destitute children.
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