Want to ensure that your legacy lives on after you?
Make Your Final Wishes Clear
Active volunteers in their community, Kelly and Juan believed the time, talent and treasure they gave to local organizations would leave a lasting impact. To ensure their work live on, they updated their estate plan to include favorite charities.
One Step at a Time
Reviewing your estate plan doesn’t have to be complicated. Start the process by following these six simple suggestions:
Meet with an attorney to update your will or trust so that it reflects your current situation as well as any tax law changes. Decide if including a percentage of your estate to a charitable organization such as United Way makes sense to you at this point in your life.
Evaluate your life insurance policies to make sure there is adequate coverage for your loved ones. If you no longer need a policy, consider using it to make a gift to United Way.
Review the beneficiary designations of any life insurance policies and retirement plan assets so that they coordinate with your overall estate plan. Retirement assets are the most highly taxed assets to leave your family, making them excellent charitable gifts to support our work.
If retirement is on the horizon, talk with a financial advisor to map out strategies for maximizing your savings. Discuss how making a gift to a charity such as United Way can also provide you with tax benefits.
Update your living will, and health care and financial powers of attorney to ensure that someone you trust makes medical and financial decisions on your behalf should you become unable to do so.
Encourage your adult children or siblings to create their own estate plan if they don’t already have one. Remind any older family members to review their plans so that their financial intentions are followed when they pass.