If you are reading this, there’s a good chance you’re among the millions of Americans who have been avoiding an important to-do…but you are not alone.
Last year, a survey conducted by American Association of Retired Persons (AARP) revealed that only 51 percent of adults aged 50 and older have a legal will.
Have you ever thought about writing a will as an act of hope, love, and lasting impact?
August is National Make-a-Will Month, so I am writing to encourage my fellow community members to take advantage of this opportunity to create or update their wills.
One of the most powerful elements of legacy planning is the opportunity it provides for giving through charitable bequests (gifts of personal property made through a will). Many people who feel they do not have the ability to make significant charitable contributions during their lifetimes discover that they can leave meaningful gifts through their estates. A bequest allows you to support causes close to your heart with funds that won't affect your current financial security or your family's immediate needs.
The beauty of charitable bequests lies in their flexibility. You can designate specific dollar amounts, percentages of your estate, or even particular assets like stocks or property. You can also structure your bequest to provide for your loved ones first, with charitable gifts coming from the remainder. This approach ensures your family's security while still enabling you to make a difference.
Community foundations offer the perfect vehicle for legacy giving because they combine professional investment management with deep local knowledge, ensuring your charitable dollars are deployed effectively and efficiently. Your fund can be designed to support specific causes you care about or address changing community needs. In fact, many of the Washington County Community Foundation’s successful community investments have been the direct result of giving by bequest.
Everyone should have a will. Beyond charitable giving, having a will protects your family from unnecessary stress and potential disputes during an already difficult time. Without a will, state laws determine how your assets are distributed, and those outcomes may not align with your wishes or your family's needs.
Some may be surprised to learn that creating a will does not require great expense or complexity. Professional advisors, including attorneys and financial planners, can help to navigate the process. These professionals understand how to structure bequests in tax-advantaged ways and ensure your intentions are carried out exactly as you envision.
This August, I urge you to reframe your perspective on legacy planning and, if necessary, tackle that important to-do. A will can be much more than a legal document – it can be a love letter to those you care about most and a bridge that carries your values into the future. Through thoughtful legacy planning, you can provide security for your family while creating lasting support for the causes that have shaped your life.