A last will and testament can provide you with peace of mind, knowing that you are providing written, legal guidance as to your wishes for settling your affairs. It can include instructions on how to handle final bills, taxes owed, other expenses and, most importantly, how you want to provide for your family, other loved ones and perhaps charities that are meaningful to you.
The will often serves as the cornerstone of your overall estate plan and should always be considered in light of other arrangements that you may use to transfer assets. These can include:
· Joint ownership arrangements.
· Retirement plan beneficiaries.
· Life insurance beneficiaries.
· Various trusts for family or charities.
Any property you have not made legal arrangements to transfer will be governed by state laws of distribution, which can create delays and potentially increase expenses.
Your will also allows you to decide who will settle any estate assets that are not transferred by these other arrangements. Through your will, you can provide for minor children or create a trust to manage assets for them and suggest a guardian. You can also provide access to your digital assets and accounts.
In addition to family and other loved ones, you can even provide for pets, but if you do so, it is important to have your will professionally drafted.
Once you have written a will, it should be reviewed regularly (e.g., every few years), taking into consideration life events, like the death of a spouse or other beneficiaries, the birth of grandchildren, a move to another state or a change in your financial circumstances (like winning the lottery or receiving an inheritance).
A growing number of people are including charities, like the Boys and Girls Clubs of East County Foundation, in their wills or other plans. These thoughtful and heartfelt legacies ensure we can continue serving young people in our community today and tomorrow.
Contact Us
If you have already included us in your plans, please consider letting us know so we can thank and acknowledge you! Our Executive Director, Forrest Higgins, can be reached at 619-440-1600 or forrest@bgcec.org if you would like more information about leaving the BGCEC Foundation in your estate plans. Thank you!