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The Elements of an Estate Plan
The term “estate planning” could be defined as accumulating and managing assets while you are living, and providing for the transfer of those assets to other persons or entities, both during your lifetime and afterwards. Thus, it concerns the remainder of your life as well as beyond your life. This booklet describes nine things, in varying detail, that constitute an estate plan.
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Your Estate Planning Checklist
Most people understand that having an estate plan entails executing a will, but they may not know what else is required to have a complete plan. This checklist well help you determine what remains unfinished.
How to Support a Charity with your Estate Plans
Most people have been beneficiaries of charitable organizations in the course of their lives. Those who are able often leave legacies to such organizations as an expression of gratitude for benefits received. Other individuals leave legacies to charitable organizations, not because they received services from them, but because of the good work those organizations do in the community. This booklet will be of particular interest to you if you are open to the possibility of making a legacy gift to one or more charities. It will address three practical questions:
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Where will you make your legacy gifts?
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What will be the purpose of those gifts?
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How will you make them?
Record of Estate Administration
The culmination of your estate plan is the distribution of your assets according to your desires in the manner, time, and amounts that you prescribe. By taking pen in hand to complete this information about your estate, you provide a source of vital information to those individuals who will be charged with the task of carrying out your wishes.
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Sample Will Wording
If you have made the thoughtful and meaningful choice to leave a charitable gift in your will, your lawyer may ask for some sample wording to ensure that the intent of your gift is fulfilled and that the full legal name of the charity is included. If you are making a charitable bequest, you will want to show this information to your lawyer when the time comes to structure your will.