Ever thought estate planning was just for the wealthy? Ever considered how your assets would be distributed after your lifetime? Through estate planning, you can provide for those you love and support charitable mission causes in a way that becomes your own personal song. You may be surprised how even a small asset can support an organization of your choice in perpetuity. Proper planning can also minimize taxes.

Wills and Estate Planning Workshop … Watch for date and time of an upcoming Workshop. This will be a wonderful opportunity to learn more about this process and to have your questions answered in an informal and informative setting. For additional information, please contact Nancy Young, Business Administrator.

Review and Revise Your Will as Needed
Are your goals the same now as they were twenty years ago? Probably not. Life is filled with changes, and your will can always be modified to respond to those changes. Your will can be updated by a simple amendment called a codicil. Consult your attorney for further details. Take a look at the checklist below to get a start on planning your estate.

Do you have a current will? The assets that pass through your will make up your probate estate. Not all assets pass through probate, life insurance benefits and retirement accounts are paid to designated beneficiaries. Without a current will, your estate will be distributed according to the laws of your state.

Do you have a durable power of attorney and a health care proxy? Your durable power of attorney acts as your agent in financial matters when you become unable to manage your own affairs. The health care proxy is your agent who can generally make health care decisions for you if you are unable to make them for yourself.

If you have a will, have you reviewed it within the last five years? Change in net worth, a move to another state, deaths and births, changes in the law, changes in marital or financial status, assets newly-acquired or sold, changing residence to another state, changes in charitable giving plans, the choice of a new executor, etc. are all events that may cause your will to be out-of-date. Reviewing your will every few years will assure that your plans are kept up-to-date.

Have you made a list of all your assets and liabilities? The difference between your assets and liabilities, minus administrative, taxes, and other costs is what your beneficiaries will receive. How your property is held, for example joint or single, will also make a difference in your planning. It's up to you to decide “who” gets “what.”

Have you named charitable beneficiaries to receive a gift from your estate? This is your opportunity to make a charitable gift that reflects your charitable intentions. You may designate a specific amount for your church or a percentage of the estate. Another option is to designate the residue of your estate; the amount remaining after all specific bequests and expenses have been paid. A gift can also be used to establish a charitable remainder trust for a loved one, providing a source of income for his or her lifetime and passing to the charity at death.

Have you considered naming a charitable beneficiary of a life insurance policy, excess retirement funds, or remaining bank and investment accounts? These gifts would pass outside of probate if the beneficiary designation names an individual or charity to receive these assets instead of the “estate.” Using these assets for a charitable gift may potentially provide more for the charity.