The Importance of Estate Planning

by Peg Andrews ’85

Estate planning is of the utmost importance if you have a family. I am the perfect example of that. I was the second generation of family members to lose a spouse under the age of 44. My father died at 40, and I watched my mother struggle to raise five kids by herself. I lost my own husband when he was 44. With three kids (one with special needs) at home, thank goodness I had hired a lawyer and established an estate plan a month prior to my husband’s passing.

Planning is really important because it makes sure that you cross all your t’s and dot all your i’s. It lets you sleep at night knowing that your kids will be provided for if something happens to you. You want to make sure you have a plan to carry out your wishes as well as to have financial stability no matter how young you are.

As a planned giving officer at Colby-Sawyer College, it is my job to let donors know that they should be sitting down with their CPAs and attorneys to come up with the best plan that works for them. Everyone has their own situation and that needs to be looked at in that snapshot in time. Estate plans can always be updated later, depending on where you are in life. One month after my plans were in place, I had re-do my health care proxy and power of attorney after my husband’s sudden passing.

There are several ways to include Colby-Sawyer in your estate planning. The most common way is a bequest in a will or trust. This is a personal choice your attorney will go over with you and can be named as a dollar amount or percentage of your estate designated to something specific, i.e., endowment or scholarships, or left unrestricted. Another great option to include Colby-Sawyer in your estate planning is to gift IRAs. Making an IRA gift to a charity/non-profit organization is a great way to make a gift up to $100,000 with no tax consequences. Some other ways to include gifts in your estate planning include life insurance plans, charitable remainder unitrust (CRUT), charitable annuity trusts, charitable gift annuities, gifts of real estate, stocks and art work.

Planned giving is all about education. With the right planning involving your attorney and CPA, you can provide for your family and those organizations that are close to your heart, like Colby-Sawyer College.