‘Tis the season and a reminder about how you can give the ultimate gift to loved ones now and in the future.
70% of Americans don’t have an updated will (that’s a lot of people)! And as we near the end of 2023, this marks a good time to set a resolution to get your financial plans in order.
To avoid heartache, unnecessary stress and confusion, here are a couple of tips for making sure the people and causes you care about most are taken care:
Life changes, so do your plans. If you don’t have an up-to-date will, consider using online will to save you time and money – We get it, life happens fast and things change…it’s inevitable! Having an up-to-date Last Will & Testament and other estate planning documents like an Advance Healthcare Directive and Financial Power of Attorney are all valuable tools to ensure you are in charge of end-of-life decisions. Whether your kids are out of the house, you recently got married or divorced, or you simply haven’t had time to update, consider using LifeLegacy online estate planning tools. As part of the season of giving, we’re offering our tools for free until January 15th.
Identify beneficiaries on your life insurance, investments, savings and other financial accounts – These accounts are not usually mentioned in a Last will & Testament, because they offer beneficiary designations that bypass probate and are quickly distributed. You can identify the family members, friends and organizations that will receive the proceeds from these accounts when you pass away. As life changes, so may your wishes. Make sure these designations are up to date and thorough.
Here’s to ending the year in a better, more organized place. The peace of mind that comes from financial organization is priceless! And LifeLegacy makes it easy so your legacy can live on forever. Happy New Year!
One way that donors can support your organization is through planned giving, which involves leaving a gift through specific financial vehicles or legal documents such as wills or trusts, or by using beneficiary designations on certain financial accounts.
Both wills and beneficiary designations are integral parts of an estate plan. It doesn’t matter if you have $50,000 of property and assets or $5 million, understanding the difference between these “pass-along” vehicles is important.
A legacy is important to just about everyone, but especially so in Hispanic households.
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