Friday, January 31, 2014

Considerations For Your Will

From time to time our Covenant Trust Company Representative provides us with some short, but great little article about how you can increase your giving and impact to camp (or other nonprofits) through planned giving. Here is his most recent submission.

Considerations for your will

A will is an essential estate planning document. However, a 2013 survey reported that 61% of Americans don’t have a will. If you are interested in creating a will, here are a few things to consider.

Who will be guardians of your children?

Decide who you would like to care for your children should you and your spouse pass. By naming guardians (and alternate guardians) in a will, you can ensure that your children are cared for by the people you trust most.

Who will be in charge of managing your estate?

The executor of a will is the person in charge of the management and distribution of an estate. A successor executor should also be named should the first executor not be able to perform the duty for any reason.

Who will receive your assets?

Have the names and current contact information of the people to whom you plan on leaving your assets. Also be sure to include any ministries like Covenant Heights that you would like to support through your will.

Do the beneficiaries of financial accounts and investments correspond with the beneficiaries in your will?

To ensure that your assets are passed along according to your wishes, coordinate the beneficiaries on your financial accounts and investments with your estate plans.

Who should have a will?

In a word: everyone! No matter where you are in your life journey, it’s important to plan ahead, be prepared and build a legacy.

Contact me toll free at 877-768-1763 to learn more about wills and discuss all your estate planning options.

Lavern R. Holdeman, CFP®
Financial Services Representative

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