Many Options For Leaving Your Legacy
Your gift tells the Y story to future generations by showing that planned giving creates opportunities where they are most needed: through enrichment of the Y right here in Erie. Before making any decision, please consult with an attorney and/or financial planner. Choose a variety of gift options:
- Outright gift of cash, securities or property
- Charitable Reminder Trust
- Gift Annuity or Pooled Income Fund
- Will bequest
- Life insurance policy beneficiary or owner
- IRA or retirement plan contribution
- Memorial gift honoring a loved one
Your gift gives endless possibilities.
Revealing your estate plans to family members
Talking about your estate planning isn’t always easy, but it’s probably a good idea to let your family in on your estate plans. To make the discussion easier, determine the “need to know” items in advance. And, to prepare yourself for your family’s inevitable questions, review the following areas.
Your will
Plan to have a general discussion about your will’s provisions, with a reminder that changes may be made in the future. Explain any charitable inclinations you have that are reflected in your will. Be sure to point out where your will and other important papers can be found, and give the names of your executor and attorney.
Durable power of attorney
This instrument authorizes a person you choose to sign your name to checks, legal papers, tax returns, and other documents. If you become incapacitated, this person can manage your finances. If you’ve already designated someone, decide if your family should be informed of your choice.
Trust plans
Assets you put in a trust can avoid probate and benefit your spouse, your children, and a charitable organization such as ours after your lifetime. You may find it beneficial to discuss any trust arrangements with your family.
The importance of a current will
If you’re among the 70 percent who don’t have a will, state law will divide your estate according to a rigid formula that likely will not reflect your wishes. On the other hand, look at the good things you can accomplish by having a will.
- Direct the division of your property the way you choose
- Make special financial arrangements for family members who are minors, disabled, or unfamiliar with money management
- Minimize the taxes on your estate by creating trusts
- Provide support for your favorite charitable organizations, such as the YMCA – and gain recognition for your benevolence if you desire it.
Relocation
The laws among the states vary. If you have moved to another state, the terms of your will may not conform to the new state’s laws.
Benevolent desires
A new will allows you to perpetuate annual support to your chosen philanthropic cause and gain a special kind of immortality.
Don’t lose out
No will – or even an old will-means your wishes may not be carried out when your property is distributed. Dependence on state law or will substitutes can result in heavy taxes and legal expenses. A new will may also help your family avoid unnecessary conflicts. For assistance with your will, see an attorney who specializes in estate planning.
Is your executor qualified?
You may be asked to be someone’s executor, and you may ask your spouse, child or other relative to be yours. You can also name a corporate executor from an institution that specializes in estate settlement. Usually, a family member is selected in the belief that the job is simple. But this impression could not be further from the truth. For example, will your executor be:
- Prompt and firm in collecting amounts due to your estate?
- Experienced in resolving questionable claims against your estate?
- Skilled in managing and protecting your investments?
- Knowledgeable about ways to minimize estate taxes?
- Liable for any errors in estate administration?
- Sure to treat your beneficiaries fairly and impartially?
- Mentally and physically vigorous – and always available?
Your executor should expect your attorney’s wise counsel about the legal aspects of estate settlement, but the ultimate responsibility for financial and administrative decisions will rest upon the shoulders of your executor. This is why choosing an executor is a very important decision that should be carefully considered.