Making A Positive Impact Through Your Will
Contemplating your own mortality and discussing estate planning is something most people do not look forward to, but it is an important part of making sure those you care about are provided for. Regardless of the amount of money or property you possess, it is vitally important to have a legal, valid will in place.
Your will helps to communicate your wishes regarding those who are to inherit from your estate. It can also convey your preferences in regards to funeral planning, while eliminating potential disputes among heirs and the need for costly and time consuming probate court proceedings. While writing out your will may seem like a grim process, there are things you can do now to ensure it has a positive impact in the future.
Using A Will To Benefit Others
Generally, your will should provide for your spouse, children, friends, or other relatives in the event of your passing. In addition to distributing stocks, the proceeds from any businesses, and money in financial accounts, there may be certain items, such as jewelry, furniture, or properties, that you wish to go to a particular individual. Depending on the size of your estate, the number of people in your life, and your own personal preferences and priorities, you may wish to consider including a charitable bequest.
These can be made to a non-profit social service agency or to arts, culture, or environmental groups. The Humane Society of the United States (HSUS) is just one of many groups that regularly receive bequests on behalf of supporters, and they advise that there are several options to choose from in terms of how you give:
- Specific amounts: Through your will, you may give a specific dollar amount to charity;
- Percentages: You can also specify that a certain group or non-profit is to receive a percentage of your overall estate;
- Contingent bequest: This directs money to go to a certain charity, but only if a primary beneficiary is deceased or consents to the gift;
- Restricted bequest: This allocates a certain amount of money which is to be used for a specific purpose, such as funding a spay/neuter program or outreach efforts.
Special Provisions To Include In Your Will
In addition to charitable bequests, Caring.com advises that the following are additional ways you can have a positive impact on others through your will:
- Forgiving personal loans made to friends or family members;
- Providing for your pets by allocating money for their care;
- Leaving money to younger friends or family members, which you can specify be used for a specific purpose, such as paying for college or putting a down payment on a home.
To discuss some of the positive impacts you can have on others through your will, contact Hancock & Associates, P.A. We will be happy to arrange a free consultation for you with our Orlando estate planning attorney to discuss the specific details in your situation. Call or contact us online today.