4 minute read
Protect Your Loved Ones and Create Your Legacy
By Nicole R. Bruning, MBA, CFRE Executive Director Bishop O’Gorman Catholic Schools Foundation
We all desire significance, but what kind of legacy do you want to leave?
For many of us, there is a longing, even a feeling of being called, to make a difference with our lives. This leads us to think about what we will leave behind after we are gone. A current estate plan, also known as a will, is vital to making sure your final wishes are carried out, your loved ones are protected, and the charities that are important to you are remembered. In short, an estate plan can help you leave a lasting personal legacy for future generations.
While estate planning is important for people from all walks of life, it is estimated that 60% of adults do not have a current will. There are several factors why people put off this important, but often neglected task. Death is an uncomfortable topic; many tend to avoid thinking about it all together. Others believe planning for the future is a time-consuming, expensive process that is only necessary for wealthy individuals. Still others are unsure about how to even begin the process. Unfortunately, failing to plan can have some serious and unintended consequences.
An absence of a will can mean accidentally disinheriting those you love and the causes that are special to you. Without an estate plan, depending on your state’s intestate succession laws, you essentially surrender control of your assets and the care of your children and medical decisions made on your behalf. This places a tremendous burden on your loved ones during a difficult time. Often the courts will intervene to determine who gets your property, which is typically a long and costly process. It is important to give yourself and your family the comfort of knowing your personal affairs, including medical decisions and final wishes, are in order.
The good news is that protecting your loved ones and creating your legacy is easier than you think. Creating a plan is less about form and procedure and more about considering all the people and charities that are important to you. In fact, a well-written will can be just a couple of pages long. In addition to unparalleled peace of mind, creating your plan provides advantages that begin now and continue forever.
Here are some of the many ways a plan can benefit you and your loved ones:
• You can avoid or limit taxes for your heirs
• You can include healthcare and end-of-life instructions so if you cannot speak for yourself, others will clearly know your wishes
• You can appoint a guardian to care for your minor children
• You can live every day knowing the good works you do today with continue tomorrow
At the Bishop O’Gorman Catholic Schools Foundation, we offer a variety of free tools and resources to assist you with the estate planning process. Our planned giving website, www.BishopOGLegacy.org, provides a wealth of information including a downloadable estate-planning guide, planned giving calculators, personal gift illustrations, regularly updated articles, engaging videos, and more.
While confronting our own mortality can be overwhelming, it is prudent for all of us to plan for the inevitable. Estate planning can be intimidating at first, but seeking out trustworthy resources through an estate planner, attorney or organization such as the Bishop O’Gorman Catholic Schools Foundation can help you get the ball rolling. With simple preparation, you can ensure your values and your lifetime’s work create a legacy that lasts for generations.
We also host free virtual estate-planning seminars throughout the year which feature representatives from PhilanthroCorp, a nationally recognized Christian will and estate-planning firm. During these sessions, we talk more about the estate planning process and the free resources available through the Bishop O’Gorman Catholic Schools Foundation.
“...We thought that this would be an overwhelming process. There were many things that we had not previously considered, and it was important that we had time to discuss and agree upon our wishes. PhilanthroCorp provided a very reasonable timeline and excellent tools to get this accomplished...”
