National Estate Planning Awareness
Week – Oct. 15-21
“Estate planning?,” you say. “I
don’t have a columned front portico, outbuildings, or any acreage. I’m
lucky to be keeping up with my mortgage payments and bills.”
Most people have this reaction when
they hear the term “estate planning.” Estate planning is not just for the wealthy. It is for
everyone. So maybe we, as nonprofit estate planning professionals, have the terminology wrong.
Perhaps we should use the phrase: “making your decisions about your assets,” whatever size or type they may be. Your estate
consists of everything you own, including your home and its contents, business,
financial accounts, real estate, and other personal possessions. Estate
planning is the process of deciding what happens to these items after your
death, and describing those plans in the appropriate legal documents such as a
Last Will and Testament.
Most people have some assets and, even
if they have only one family member who should receive
them, it really helps to have that spelled
out – just in case – in a Will.
When
there are no family members and you want the
assets to go to charity, the need to craft a Will is even more important because state law won’t know (or
care) which is your favorite charity.
When
there’s more than one family member, a Will can
clearly describe your wishes for distributing your assets, and you can avoid
leaving quarrels behind you.
According to the National
Association of Estate Planners and Councils (www.naepc.org),
more than 120 million Americans do not have up-to-date estate plans to protect
their families. Many people procrastinate thinking that by doing so will
bring upon their demise sooner rather than later. This, of course,
simply is not true. What it will bring on, however, is peace of mind.
The message is that everyone should have a will. You have worked hard for what you have so you want to ensure that
it ends up going to people and/or charities of your
choice.
Beyond a simple will, of course,
there are myriad ways to deal with one’s assets.
You can put them in trusts to avoid estate taxes. You can even gain better retirement income now by
naming a charity as a beneficiary. There are many methods available that
can benefit you, your survivors, and charities, if you choose, and the role of
an estate-planning professional is to help you put a plan together.
Through a well-crafted plan, you
will discover ways to reduce your taxes and still provide for those people and causes you love. And, as your life
circumstances change, you may need to update your estate plans to make sure
they still describe your wishes for your family or others in the
foreseeable future.
So here’s a suggestion: Gain
peace of mind for yourself and your family. Make your Will, update your estate plan, and review it at least once a year.
Next time, when you hear the term estate planning, you’ll be
able to say, “Yes, we’ve got that under
control; in fact, we just updated everything since [insert life-change
here]. I feel so much better, having taken care of it.” You’ll be able to claim better peace of mind. So mark this
week with your action to make plans for your estate.
Better now, then never.
Learn more by calling Hospice Foundation today at
(831) 333-9023 or visiting our website at www.hospicegiving.org.
-- Lisa Bennett, Director of Development
-- Jennifer Pettley, Director of Communications
-- Jennifer Pettley, Director of Communications
