3 minute read
Creating a Legacy
Sarah Hinshaw, Delta Nu
One Sister’s Experience with Estate Planning and Planned Giving: Creating a Legacy
For Sarah Hinshaw, Delta Nu, donating to nonprofits isn’t just about furthering the causes she supports. It’s about continuing her life’s mission and creating a legacy that lasts well after she’s gone.
However, legacy and estate planning have not always been at the forefront of Sarah's mind. When she started her career, her attention was focused on other financial matters like insurance and retirement savings. Eventually, her parents encouraged her to also create a will, which today includes planned giving to the Alpha Sigma Tau Foundation and her alma mater Beloit College, among other organizations. Here are some insights she picked up along the way.
HAVE THE RIGHT MINDSET
Death is a part of life and planning for it is important. Estate planning ensures that your wishes are carried out. It also leaves clear instructions for your loved ones during a difficult time.
“It’s not a comfortable topic to talk about with family or anyone else,” Sarah says. “But it forced me to think about what will be done in my name after I am gone.”
FOR PLANNED GIVING, IDENTIFY THE CAUSES YOU CARE ABOUT THE MOST
When deciding which organizations to include in her will, Sarah asked herself two critical questions: “What organizations have I consistently supported with donations? What organizations’ missions resonate with me personally?”
For this, Sarah factored the impact her dollars would have at different organizations she supports in her will. “Making an impact is important to me and my values,” she says. “So I asked myself, ‘how big of an impact would my donation have at a given organization?’ I donate the most to Alpha Sigma Tau and Beloit College. Beloit is a large institution with lots of resources, so my money goes further with Alpha Sigma Tau. It will have the most impact there.”
OTHER CONSIDERATIONS
Estate planning doesn’t only enshrine your values after you pass away. It can also ensure that your wishes are carried out during an incapacitating illness or injury – a time when you are unable to make your desires known. This includes legal, financial, and medical decisions, some of which may need to be made in an emergency.
For Sarah, this was a significant concern. Her family is in Indiana and California, far away from her home in Virginia. “I had to think about becoming ill,” she shares. “What would I want to happen? Who would I trust to make the best decisions for me until my family could arrive?”
Sarah established powers of attorney to address her concerns. Powers of attorney are legal documents that empower a specific individual or individuals to make financial, legal, and medical decisions on your behalf, if you are unable. Often, powers of attorney are accompanied by a living will, a written statement detailing a person’s wishes regarding their medical treatment if they are incapacitated and unable to make important medical or end-of-life decisions.
SEEK PROFESSIONAL HELP
There are numerous laws and regulations that govern estate planning and planned giving. These vary from state-to-state and sometimes county-to-county. Engage the services of a lawyer or other certified professional who has expertise in estate planning where you live to ensure you have the best options for you and your loved ones.
FOCUS ON WHAT IS IMPORTANT
Living your values is not only about what happens in life, but also about your legacy and what you leave behind. When estate planning, there are a lot of details that require attention. It is easy to lose sight of why you are doing it in the first place.
You should always keep the why in mind. “After I pass, I want my money to still do what it does while I’m alive – to support causes I care about," Sarah says. "I have worked hard to build a legacy that continues my mission after I am gone.”
To answer these questions, Sarah took an analytical look at her donation history. She reviewed her tax documents to find organizations she has supported long-term. This data told Sarah a story. “I saw what was important to me,” she recalls. “It gave me all the information I needed when deciding where my money should go.” Determining where to give is important, but so is deciding how much.
