August is National Make-A-Will month, and while this may seem an odd thing to celebrate, it does serve an important purpose. According to Caring.com, 1 in 3 (67%) of all Americans don’t have a will or living will, yet most people agree that estate planning is important. It’s easy to see why people might procrastinate on something most of us agree is important. Planning for a time when you are not here can be difficult and emotional, but being proactive is one of the best gifts you can give your loved ones.
Freewill offers three reasons why making your will is so important:
1. A will is an important legal document. It spells out your intentions with regard to your property, loved ones, and charitable goals.
As a start, make a list of everyone you want to provide for upon your passing, including children, grandchildren, pets, and charities. Consider who you would want to care for your children, serve as guardian for any family members with disabilities, take in your pets, and administer your will.
Consult with your trusted legal and tax advisors to explore any tax consequences (for better or worse) and have conversations with loved ones, so they are aware of your intentions.
2. A will provides peace of mind to you and your family.
Talking about death is never easy, but leaving decisions to your family at a time they are mourning is a burden and can lead to conflict. Making a will preserves your intentions and makes a difficult time easier for those you love.
3. A will lets you create a legacy!
Like all your other directives, you can provide for a charity(ies) in your will, subject to your terms. For example, you can provide for your family first, with charities benefitting from any residuary, or you can leave a specific percentage of your estate to charity (sample bequest language is offered below). Your legal or tax advisor can help to ensure your intentions are carried out and let you know about any important tax benefits. If you already have a will and would like to amend it in any way, usually a simple “codicil” can be attached. Your attorney can assist you with this. And, be sure to communicate your decision to your selected charity(ies). At Black Hills Works, we love to recognize those who have made this heartfelt decision by inclusion in our Evergreen Society!
For more information, check out the Black Hills Works Foundation’s Legacy Giving guide. This guide includes helpful planning guidance on how to provide safety for adults with disabilities during their lifetime and upon your passing, along with several charitable giving strategies. If you would like us to mail you this free guide, or have questions about our Evergreen Society, please contact Tamie at [email protected] or call 605-718-6272.
There’s no better time than National Make-A-Will month to get started! You will be giving yourself and your family the priceless gift of peace of mind.
Sample Will Bequest Language
Specific Bequest: I give, devise, and bequeath ___ (insert dollar amount or item of property to be donated or percentage of estate) to the Black Hills Works Foundation, or its successor organization, a nonprofit corporation located at 514 Mt. Rushmore Road in Rapid City, SD 57701, Federal Tax ID #46-0363653, to be used in support of the organization’s mission on behalf of people with disabilities.
Residuary Bequest: I give, devise, and bequeath ___ (insert % amount) of all the rest, residue, and remainder of my estate to the Black Hills Works Foundation, or its successor organization, a nonprofit corporation located at 514 Mt. Rushmore Road in Rapid City, SD 57701, Federal Tax ID #46-0363653, to be used in support of the organization’s mission on behalf of people with disabilities…
Restricted Gift (Specific or Residuary) Bequest: I give, devise, and bequeath ___ (insert dollar amount, item of property, or % of residue) to the Black Hills Works Foundation, or its successor organization, a nonprofit corporation located at 514 Mt. Rushmore Road in Rapid City, SD 57701, Federal Tax ID #46-0363653, to be used exclusively [insert restricted use language here, such as specific program or impact area].
Contingency Gift (takes effect only if a primary intention can’t be met): If (name of beneficiary) does not survive me or shall die during the administration of my estate, or as a result of a common disaster, then I give to the Black Hills Works Foundation, or its successor organization, a nonprofit corporation located at 514 Mt. Rushmore Road in Rapid City, SD 57701, Federal Tax ID #46-0363653, all of the rest, residue, and the remainder of my estate to be used in support of the organization’s mission on behalf of people with disabilities.
