A Last Will and Testament may be the last thing you want to think about. Yet it is one of the most important ways to protect the future of those we love and leave the legacy that we desire.
Having a will puts you in control of the answers to these important questions:
- Who would be the guardian of your children if something happened to both you and your spouse?
- Who would be the trustee of funds for your children if something happened to both you and your spouse?
- Who would be in charge of the distribution of your estate?
- Who will inherit your personal property?
- Who will inherit the rest of your accumulated assets?
- What special provisions (e.g. trusts) might you want to establish to provide for certain individuals?
- How much do you want to gift to charitable causes after your death?
- How can you minimize the possibility of estate and/or state inheritance taxes?
If you don’t have a will, the state where you live will decide the answers to these questions. A will is the foundation of any estate plan. It’s not that expensive and no matter how large or small your net worth, it’s important to have one!
Here’s something else to think about: if you do not have a will and your assets pass by probate to your heirs according to the laws of your home state, you are guaranteed that no assets will be distributed to the charities you loved and supported during your lifetime.
Covenant Trust Company® recommends that everyone have a will. We will share the cost of document preparation for those who include a bequest for Covenant ministries of their choice. Your local Covenant Trust Company Financial Services Representative is available to help you get started. [view Directory]
Your Legacy: a guide to planning your will