Who cares if YOU don’t hae 6 will? (Second in a series on Estate Planning) by Peter Maughan, Development Officer The ruckus over some twenty wills all purported to be the work of Howard Hughes, has had a beneficial effect on the thinking of the American public. Many people are becoming aware that there is an absolute necessity to — do personal estate planning and to keep it current. A will provides the bare bones for this planning. An article from U.S. News and World Report, though several years old, gives a number of excellent do’s and don’ts about wills: *Both husband and wife should each have a will, and should update them periodically. *Wills should be tied to an overall financial plan, including life insurance. *Wills should avoid bequests contingent upon specific conditions or certain kinds of behavior by the beneficiaries. . *Friends or neighbors should not . -be-asked to be executors--it’s too big a job, and an executor should be someone who has some knowledge of the legal, fiduciary, ‘and tax responsiblity of that job. *Wills should be kept where they can be quickly found--make | several copies. Make sure your spouse, your lawyer, the executor | (and anyone else you love or work closely with) knows where copies are kept. *An attorney should be consulted first about any changes in a will. Be aware that property distributed by will may be subject to estate tax and that wills provide an excellent means of making a taxfree gift to the educational institution of your choice. Who cares if you don’t have a will? Your spouse might -- Under laws of intestacy, up to one half of your estate may go to someone other than your spouse or children; your spouse may have to account to the court as to how some portions of your estate are spent; your spouse may have to provide a bond to guarantee your children are being properly cared for; your children may be subject to the supervision of a guardian other than your spouse; an executor, chosen by the court, may be appointed to administer your estate as he deems acceptable. Your children might also care Under laws of intestacy, the possibility exists that they may be taken from your spouse and raised by someone not of your choosing; or that they, after age 18, may withdraw and spend at their disgression, their allocated portion of your estate without answering to anyone. Flying J makes The Government would certainly care-Under laws of intestacy, you will not have taken into account the tax savings you might have made had you properly planned your estate. These taxes could be substantial and are due and payable, in cash, within nine months of your death. Had you planned properly to save on the payment of these taxes your spouse, children, or other beneficiaries may have been able to have a better and more comfortable way of life after your death. Of all considerations, human needs come first: Eighty percent of all life insurance proceeds are spent in the first year. Only one person in eight (including attorneys) has a will. Only one person in twenty does any estate planning beyond a will. The average male American spends over 100,000 hours earning a living to take care of his family during his lifetime, but is reluctant to spend three or four hours in estate planning to take care of his family after his death. A widow lives an average of 12 years after her husband’s death--and has been a widow’ since she was 55. Some of these facts are startling, all are important. A basic spouse’s “Survival Kit”, including a will, could go a long way in providing peace of mind for both husband and wife. After all, your immortality complex won’t last forever. If you would like further information on wills or estate planning--or you would like to consider a tax saving charitable contribution to Weber worth in excess of $40,000 has been presented to Weber State College Development Fund by O. Jay Call, president of Flying J, a © Brigham City-based: petroleum marketing firm. Mr. Call made the gift to Weber State through Ronald H. Parker, vice president in charge of real estate, and Stanley L. Weeks, Flying J president and treasurer. Mr. Parker is a 1969 graduate of WSC, where he was active in student affairs. Dr. Rodney H. Brady, Weber State president, who accepted the gift in behalf of the school, said it includes a dental office building at 1309 16th in Ogden. Dean W. Hurst, assistant to the president at WSC for Page 2 It has since expanded into a multi-million dollar corporation with gross sales in 1978 exceeding $75 million. The firm’s principal activities are petroleum products, marketing and real estate development and construction. | Women's lifestyles | changing _ i, (continued from page 1) a. opportunities we couldn’t have done otherwise. , Dr. Seshachari is state chairman for the American Association of University Women and their concern for the family is so great the the focus for the i ia ky t t i. next two years will be on “Families Facing Change.” A few pointers Dr. Seshachari feels will help families are: 1. Convince pe > % 2 - oe own families of 2. Get rid of fear of success. 3. Encourage children to break Its petroleum outlets are now situated in seven western states, with an emphasis on Washington, Oregon, and California. In addition to owning most of the retail gasoline stations it _ utilizes, the company owns motels, apartments and industrial buildings, restaurants and various pieces of raw real estate. Only about 10 per cent of its activities are in Utah. The firm recently opened the new Flying J motel, truck stop and Tamarack State, we would be glad to help. Please contact the Development Office at Weber State College. benefits of change. real estate gift development, said the WSC Development Fund is the official fund-raising arm of the college which acts as a foundation for the receipt of gifts of all types to the school. The Flying J gift will add substantially to the fund, he said. | | Flying J., Inc., began in the early 1960’s when its founder, Mr. Call, owned and operated two gas stations in Willard and Brigham City. 2 Who cares if you don’t have a will? YOU should. sex-stereotype A gift of real estate with a net Be. restaurant, a $3.5 million complex, near the 21st Street entrance to the freeway on the west side of Ogden. barriers. 4. Sort out own values. 5 Bring professionalism into jobs, 6. Think big. This isa landof opportunities. Become the new ideal woman, successful wife, mother and professional. Weber State College Comment Editor Arlene Wilson Second-class postage paid at Ogden, Utah, published four times a year in October, January, April and June by the Department of College Relations, 316 Administration Building, Ogden, Utah 84408. The COMMENT is mailed to alumni, faculty, staff, business community and friends at no charge. (USPS 791-360) es