August is Make-A-Will Month — the perfect time to tackle a task many of us tend to put off. While estate planning can feel overwhelming, a little preparation and clear intention can make the process far smoother than you might expect.
At the IOCDF, we’re reminded during this month how important estate planning can be — not only for peace of mind, but also for ensuring the causes you care about most continue to thrive.
Did you know that the IOCDF has a Legacy Society? This special group celebrates those who have pledged to support the IOCDF in their legacy plans. These pledges make a lasting impact on our ability to serve the OCD and related disorder community well into the future.
Whether or not you choose to leave a legacy gift, estate planning is an important step for everyone. That’s why we spoke with Geoffrey Wistow, Esq., who shared the top things you need to know when getting started.
Want to learn more about the IOCDF Legacy Society and how you can be part of it? Learn more at: iocdf.org/legacy .
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By Geoffrey Wistow, Esq.
Take a breath, estate planning is simple. You just need to think about (1) who gets your stuff and (2) who you want to help with the whole process. Your will is the most critical document you should have in place to dictate your wishes, but there are many things you can do to make the entire process easier.
Here are some basic tips for estate planning:
1. Be Efficient. Wills are an essential document for most people, but remember that many of your assets can be passed on to your heirs while also avoiding probate, the often costly and time consuming court process of recording a will. Your best bet is to check the beneficiary designations on your important assets.
- Assets passing by beneficiary designation generally bypass probate completely, saving your family time and money. There are some exceptions in certain states for certain assets, so always be sure to check your local laws. Retirement accounts such as 401(k)s and IRAs, investment brokerage accounts, and life insurance should always have beneficiaries listed. Check these documents to make sure you’re still including the right people.
- Charitable gifting is another strategy that can be a powerful way to make a lasting impact on a cause you believe in and can often be done directly with the organizations.
- Finally, revocable (living) trusts can also be implemented to avoid probate. This is a more advanced planning tool that often works as a substitute for a will. You should consult with an attorney to see if these documents make sense for you.
2. Communicate Your Wishes.
- Figure out who your trusted people are. Choose close family or friends who can handle looking at financials, know their way around a spreadsheet, and feel comfortable calling the courthouse to schedule that first meeting with a clerk.
- Talk to the people you want involved in your plan. If you expect someone to serve as your executor, let them know your plan, show or share with them the document, and consider letting them know where your accounts are. You can pay for the best estate plan from the smartest lawyer in the country, but if no one can find your documents or locate your accounts, it will all be for naught.
3. Check Your Plan After Major Life Changes.
- Your estate plan can be beautifully constructed, but it’s likely that it may not work for you after major life changes. Births, deaths, marriages, divorces, incapacitation, and moving to a new state can complicate or change everything. Be sure to check your will and other documents to make sure your plan still makes sense with your current realities.
4. Remember the other basics.
- Wills are important, but consider implementing some other basic documents: (1) powers of attorney allow someone to act on your behalf during life and during incapacitation, and (2) advance medical directives/health care powers of attorneys allow you to appoint someone to help out with certain medical decisions and also provide a place for you to state your end-of-life-care wishes.
Disclaimer: This is not legal advice. The contents of this post are intended only to be illustrative of general information applicable to many jurisdictions in the United States. Please consult with an attorney in your state or jurisdiction to determine the best estate planning strategies available to you.
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If you’re interested in including IOCDF in your legacy, you can learn more and find helpful tools and templates here: iocdf.org/legacy
Ready to join the IOCDF Legacy Society? When you complete the Legacy Giving Declaration form, you’ll be welcomed into our Legacy Society and receive a welcome letter, commemorative pin, exclusive quarterly updates, and recognition in our annual report (with the option to remain anonymous).
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