Three Questions to Ask Before Making Your Legacy Plan
Did you know that nearly 70% of Americans don’t have a will or living trust? With August being National Make-A-Will Month, there’s no better time to change that surprising statistic from Caring.com’s 2024 Wills and Estate Planning Survey.
Like with any task, getting started is usually the hardest part, but were you aware of the resources you have access to through the Church? To help you pass on a legacy of love and avoid making common planning mistakes, The Orange Catholic Foundation (OCF) recommends you consider these three questions.
How am I going to include God into my planning?
Creating or updating your will, trust and estate plan tends to be very secular but it doesn’t have to be that way. OCF Advisor and Trust and Estate Planning Attorney, Joshua Meier, said, “God gives us so many graces and wisdom. Why not bring in the gift of the Holy Spirit to give us guidance and wisdom on what are the best choices for our kids, for our assets and for everything going on in our life?”
The next time you are at Mass or adoration, consider reflecting on the attributes, life lessons and values you want to pass on to your children and grandchildren. When you spend time with God, ask for His help on identifying guardians for your children, an executor for your estate and beneficiaries who embody what is important to you.
How will a trust save my family from possible heartache and extra expenses?
A will, trust and estate plan are for everyone, not just the wealthy. The legal documents list who you are and what your wishes are but each one works differently. The biggest contrast is that a will does not keep your loved ones from probate court. A trust, however, transfers your money, property and investments faster and more privately, as well as saves your family from California’s default estate plan.
Although, Meier stressed that simply setting up a trust isn’t enough: “Every single asset that you have needs to be connected to your trust in some way. If it’s with property, there needs to be a deed. If it is with an investment account or checking account, there is some documentation at the banks.” To help you count the blessings the Lord has entrusted to you, OCF has created a FREE estate planning guide at ocfpg.org.
How often should I review and update my legacy plan?
“When you set something up, it’s like a snapshot in time. And when plans get out of date, that can cause just as many problems as having nothing in place at all,” said Meier, who is also a parishioner from Our Lady Queen of Angels Catholic Church in Newport Beach.
Many of the Catholic attorneys who partner with The Orange Catholic Foundation recommend reviewing your plan every three to five years or after major life changes, such as births, deaths, retirement, etc.
Some of those changes may also include how you want to cultivate a legacy of generosity. Is there a parish, Catholic school or other Catholic ministry that aligns with your values? OCF’s philanthropy team is available to work with you and your advisors on bequests, beneficiary designations or other alternative giving strategies at (714) 282-3021 or info@OrangeCatholicFoundation.org
Please note that The Orange Catholic Foundation does not provide tax, legal or accounting advice. This material is prepared and made available for informational purposes only. Every donor should always consult personal counsel about the financial, tax and legal implications.
