Preparing Your Will
Americans are living longer and becoming more affluent, yet statistical reports show that many individuals have failed to prepare a valid will, make any plans for mental incompetence, or devise a strategy to ensure a smooth worry-free transition of wealth from one generation to the next with minimal tax consequences. The preparation of a will may only be one step, and in many cases, not the major one but it is still a crucial element in the overall planning process.
Why a Will is Important
- It allows you, rather than government, to choose who will benefit from your estate, and under what conditions.
- It allows you to choose an executor who will administer your estate.
- It allows you to utilize opportunities to reduce taxation by allocating income and/or capital gains most effectively.
- It avoids delays and may reduce costs in administering your estate.
It is strongly recommended that a lawyer draw up any will. The costs are modest while the financial repercussions of a poorly drafted will can be considerable. A professionally drafted will is also less likely to be challenged in court.
Regular follow up is essential and a planned review schedule is vital to ensure that the document continues to be appropriate in the face of changing personal or financial circumstances and that it is still effective as tax and other laws change. All wills should be reviewed at least every five years, and often more frequently.
Securities and annuities are provided by Registered Representatives and Insurance Agents of HSBC Securities (USA) Inc., member NYSE/FINRA/SIPC, registered Futures Commission Merchant, a wholly-owned subsidiary of HSBC Markets (USA) Inc. and an indirectly wholly-owned subsidiary of HSBC Holdings plc.
Insurance products are offered through Insurance Agents of HSBC Insurance Agency (USA) Inc., a wholly-owned subsidiary of HSBC Bank USA, N.A., an affiliate of HSBC National Bank USA, and an indirectly wholly-owned subsidiary of HSBC Holdings plc. Products and services may vary by state and are not available in all states.
Securities, Annuities and Insurance Products are:
|
NOT A BANK DEPOSIT OR OBLIGATION OF THE BANK OR ANY OF ITS AFFILIATES |
NOT FDIC-INSURED |
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY |
NOT GUARANTEED BY THE BANK OR ANY OF ITS AFFILIATES |
MAY LOSE VALUE |
HSBC Securities (USA) Inc. or any other member of the HSBC Group may from time to time underwrite, perform or seek to perform investment banking services for issuers or make a market or otherwise buy or sell as principal securities or other instruments, or together with the issuers directors, officers and employees may have either a long or short position in securities, commodities, currencies or other instruments or futures or options contracts convertible into securities or other instruments.
All decisions regarding the tax implications of your investment(s) should be made in connection with your independent tax advisor.
