Planned Giving: 3 Simple Ways to Get Your Will in Order
Get Started on Creating or Updating Your Estate Without Leaving Home
Your will is one of the most meaningful gifts you can give those you care about. This critical legal document is a road map for your loved ones that reflects who you are and what you value.
That said, will planning can feel overwhelming. Even if you created a will years ago, updating it can feel like a daunting challenge. Here’s the good news: There are simple steps you can take now to ensure your plan is solid, whether you have a will or not.
If You Don’t Have a Will:
1. Reflect on who and what has shaped your life and inspired your values. Think about the people and causes that matter most to you — thoseyou’d like to help even after you’re gone. Your will is the perfect vehicle to make that happen. And when it comes to nonprofits, consider this: A gift in your will does not affect your current finances, making it a popular giving choice for ELCA members and supporters.
2. Take inventory of your estate, because it’s likely larger than you think. Assets such as your home, investment accounts, retirement plan assets, and life insurance can quickly add up. Important note: Some of these assets pass through a beneficiary designation, not in your will. It’s smart to update your beneficiaries at the same time you prepare your will.
3. Consider how you’d like to begin the actual will-writing process. If you’d like a professional to lead you, ask family and friends for an estateplanning attorney they can recommend. Or contact your local bar association for a referral. If you have a simple estate, you may find Giving Docs, an online estate planning tool, useful.
If You Already Have a Will:
1. Reflect on what has changed in your life over time. Families grow, people move, priorities shift. When changes happen, it’s important that your estate plan reflects them.
2. Think about how any of these changes will affect your will. Consider the following:
Relationship status: A change in your marital or long-term relationship is a critical trigger for changing a will.
Children or grandchildren: Perhaps your family has grown since you wrote your will, and you want to ensure your newest members are covered.
Family and friends: Our connections with people sometimes shift over time. You may want to increase or decrease the amount left to certain individuals, or add or remove them.
Pets: Ensure that your pets are taken care of after you’re gone. Name a guardian you trust and assign any assets to provide for your pet’s care.
Charitable causes: If you have formed connections with certain nonprofits like the ELCA Foundation and want to take your support to the next level, you can set up gifts in your estate plan to ensure your values endure after your lifetime.
3. Consider whether to simply amend your will with a codicil or completely redo it. A codicil is a legal amendment to your existing will. It's typically shorter and less expensive than rewriting your entire will. It is best used for small changes, such as updating the guardian of a minor childor adding a new beneficiary. If your life and/or intentions have changed significantly, a new will may be the better route. An estate planning attorney can help you decide which is best.
Ready to Take These First Steps?
Wonderful! When you create or revise your will, you remove all guesswork about your final wishes. Your estate documents become a comforting guide for those whom you care about the most.
We Are Walking Together: We would be honored to discuss how your kindness can become your legacy. Please contact your GCS Director for Generosity and Mission Support, Rev. Dan Potaznick, or your regional gift planner, Lisa Higginbotham.