RECENT DISCUSSIONS

New Chip Technology Enhances Consumer Security
Author: Crystal Hardy, Vice President and Bank Card Change Coordinator

Retirement Plan is the Key to Confidence, Survey Finds
Author: Jerry Martin, Financial Advisor

My Marriage Misconception
Author: Tawny Browning

Journey from a Cool Kid to the Student Board
Author: Joycelynn Rusk

Social Security Claiming Strategies for Married Couples
Author: Curtis Hinshaw, Financial Advisor

EMV and Merchant Card Services
Author: Leslie Paull

Setting Up a Plan
Author: Bonni Kids

Financial Spring Cleaning with myOFM
Author: Jacob Pepper

Investment Themes for 2015
Author: Kimberly Spinks

Steps for First Time Homebuyers
Author: Lora Hollins

12 Financial Resolutions
Author: Amy Proctor

Making Managing Your Finances Fun!
Author: Chris Davis

Beware the '12 Online Scams of Christmas'
Author: Ken Hartley

Holiday Savings Tips
Author: Sherry Gibbon, Vice President, Community Relations and OMNI Manager

Establishing a Personalized Budget
Author: James Sheridan, Senior Vice President, Lending Officer

I'm a Victim of a Checkcard Breach. Now What?
Author: Sheri Parish

Back to School
Author: Karen Partee

Debit Card Tips for Travel and Large Purchases
Author: Crystal Hardy, Vice President and Bank Card Change Coordinator

Is now the time to purchase the home of your dreams?
Author: Lora Hollins

The End of the Savings Challenge
Author: Tawny Browning

 

How We See It

Craig Chaikin

Craig Chaikin

Posted:
February 3, 2012

What is a Will and Who Needs One?
By: Craig Chaikin, Vice President & Trust Officer

When you hear the word “Will” or the term “Estate Plan,” what do you think of? I know that before I worked in the trust business, my mind conjured up visions of some distant relative passing away and leaving vast sums of money to the family. (Unfortunately, to date, no distant relative has left me so much as a dime, but there’s still hope...) As I’ve progressed in my career, I’ve found that Wills are not just for rich people. Everyone who has a job and/or a family could benefit from preparing a Will. I’m sure not everyone thinks they need one, however, through a Will, you get to choose who gets your “stuff” when you die. If no such document exists, a judge may get to decide for you.

Through a Will, you can give instructions and make bequests from beyond the grave. In my case, I have minor children. Part of my Will dictates who gets custody of the children in the event my wife and I both pass away. My children are my most valuable asset. I want to make sure they are taken care of.

Wills also provide for division of property and serve as a conduit to create trusts to provide for loved ones into the future. Wills are for anyone who has something (or some things) that they wish to pass along to those whom they leave behind. There are those folks who don’t want to prepare a Will due to the expense. I can guarantee that many of you reading this don’t have a Will in place yourselves. You would not be alone. At the time of their deaths, Presidents Lincoln, Grant, Garfield, and Andrew Johnson had no Will. Neither did Pablo Picasso, and he was worth around $260 million when he died. If someone dies without a Will and the Courts need to get involved, then money will be spent after the fact.

I would urge everyone to spend some time and money now and be confident that your families are taken care of…It will give them, and you, one less thing to worry about.

 
 
 
 

Post a Comment

All comments are subject to approval. Read more.

 
 

About TBT

Who We Are Join Our Team People Who Make a Difference TBT Spirit of Giving Contact Us Site-Map

Helpful Links

AnnualCreditReport.com FDIC Consumer News FAQs

Consumer Protection

Fraud Protection Center FDIC Update Privacy / Security Disclosures
Member of FDICAn Equal Housing Lender
 
Powered by Encore Multimedia.
ABOUT SSL CERTIFICATES