Estate planning is essential to ensure your wishes are honored in the future.
Life is full of changes, from exciting milestones like getting married, welcoming a new baby, or even the tough times like going through a divorce or the death of a loved one. These significant moments don’t just change our daily routines—they can also affect our plans for the future, including what happens with our assets when we’re no longer here. That’s why it’s important to keep our estate plans—like wills, trusts, and who gets what—up to date.
As we quickly approach the holiday season, it’s the perfect opportunity to give your estate plan a little refresh. Updating your estate plan makes sure that your wishes—the ones you’ve carefully thought about—are the ones that will be followed. It’s all about making life as easy as possible for the people we care about the most, even when we can’t be there with them.
Did you know? A surprising 68% of US adults have not gotten around to creating a will or living trust yet. Many feel they don’t have enough assets to bother making a will.
But estate planning isn’t just for the wealthy. It’s for anyone who’s managed to accumulate any asset(s) over the years. It’s all about being smart and thoughtful with what we’ve got. And as life rolls on and things change—maybe your family grows, or you do well for yourself—getting your estate and finances in order becomes even more crucial.
Ensuring the future
Crafting a solid estate plan is key to ensuring that everything you’ve worked hard for goes exactly where you want it—to your family, friends and the charities you’ve supported. Let’s make sure your legacy reflects your values and helps those you care about the most. The most fundamental way to help ensure the future of Sisters of Notre Dame de Namur is to make a provision in your will directing a percentage or specific amount of the estate to the Sisters. Proper planning ensures that family and charitable priorities are realized.
Begin with a will
If you prefer not to rely on the state’s default distribution method for your assets, it’s crucial to draft a valid will that reflects your own personal wishes.
Alongside a will, many choose to establish a revocable living trust. This tool outlines your estate plan and details how your assets should be distributed upon your passing. As the trust creator, you typically act as the trustee throughout your lifetime. A living trust offers several benefits, including maintaining your privacy and bypassing probate court for the assets placed in the trust during your life. It also circumvents the need for court-appointed guardianship if you become incapacitated. Throughout the discussion that follows, when we mention “will,” it also refers to living trusts.
The cornerstone of any estate plan is a valid will. Crafting a will is a process that merits careful consideration and the expertise of an experienced attorney who can ensure your wishes are fulfilled while minimizing complications for your loved ones. Without a will, the laws of the state in which you reside will prescribe how your estate is distributed.
It is imperative that you prepare your own valid will to ensure that your wishes are carried out. Once your will is in place, treat it as a dynamic document that should be reviewed and updated annually.
In conclusion
Be mindful that estate and tax laws, both federal and state, evolve over time. Your state might have specific laws impacting your estate plans. Changes in your assets, such as business ventures or real estate transactions, could affect your estate. Other life events, like receiving an inheritance or changes in your family’s circumstances, might also prompt you to make adjustments to your will. Regularly consulting with your attorney ensures your estate plan remains aligned with your current situation and your wishes.