In recognition of National Make a Will Month this August, we would like to share a few words about estate planning and being prepared. You never know what life has in store and not being prepared for the future without an estate plan—a will and possibly a living trust—is a mistake that can have serious financial and emotional consequences for those you care about. But the reality is that anticipating life events—expected and unexpected—can be challenging, and planning is easy to put off. However, if you don’t have a will, the state decides who receives your assets. This means your long-term wishes may not be carried out, and your loved ones and the organizations you care about may be left out.
Making effective plans can result in significant savings in both time and unnecessary expenses that could reduce the value of your estate. And they bring peace of mind by ensuring that your intentions will be fulfilled. Here are some of the advantages of having an estate plan:
- You can ensure your documents are up to date, in order and, most importantly, easily accessible.
- A will can take care of children or adult family members and manage property left to them through a will.
- People in your life for whom you feel responsible and/or wish to remember can be gifted property you own, including homes, automobiles, securities, jewelry and other assets.
- You can name an executor to manage your estate rather than leave the decision to the probate court.
- Gifts can be made in the most tax-efficient manner. Certain assets in your estate may have different tax consequences for loved ones.
- Gifts to charity in your will can continue the support given during your lifetime.
It is important that all your assets, including your life insurance, retirement benefits and jointly owned property, be coordinated in your single, overall estate plan. Your will alone cannot do the job because it controls the disposition of only certain assets. Your life insurance will pass to your named beneficiary. Your retirement benefits will go to the named beneficiary and, of course, jointly owned property will go automatically to the survivor.
If you would like more information on estate planning and making or revising your will, we have several free brochures we could send you at no cost to help in your preparations. Just call or email us at info@maysmission.org and let us know.
Thank you for your support!
