| Planning of your legal Will is important to guarantee that your assets are meted out in the fashion you wish after your demise and so you can make financial arrangings
for your close relations.
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 self-destruction in
1962, left most of her fortune to her admirers and
family.
Warren Burger Will (1907-1995)
The former Chief Justice of the Supreme Court left behind a self-written, 176-word will. He paid his entire estate to his two children. But he neglected to give any power to his executors and made no provisions for estate taxes. These apparent lapses 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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