Everyone should have a Will and an Estate Plan.
It’s not uncommon for Will preparation to feel like a daunting or even taboo task when you first approach it. But preparing a Will is an important, necessary part of everyone's life. When you have an effective Will in place, you can rest easy knowing that you’ve set up your family and loved ones with the protection they need when they’ll need it most - when you’re no longer there to protect them yourself.
Reasons to prepare a Will and Estate Plan:
- You'd like your property distributed according to your wishes after your death.
- You'd like to specify the people, non-profits or organizations that will and will not receive your property after your death.
- You'd like to select the person or company who will carry out the terms of the last Will.
- You'd like to name who's responsible for minor children and provide for their care and support.
- You want to ensure certain people can access your digital assets, such as saved documents, photos, email accounts, social media websites, online backup services, file sharing websites, domain names and other accounts or digital property.
- You want to provide care for your pet(s).
- You want to reduce the burden on your family at the time of your death.
- You want to reduce the stress on your family at the time of your death by providing the information needed.
- You want to reduce estate taxes or tax consequences for your beneficiaries.
- You want to reduce legal complications and costs dealing with probate after your death.
- You do not want the State to determine what happens to your belongings, children, pets, etc. when you die.
- You need to make a new Will because circumstances have changed.
- You need to update your Estate Plan because circumstances have changed.
When should you make a Will and Estate Plan?
You should do it as soon as possible; you never know what is going to happen. Don't put it off.
How to make a Will or Estate Plan?
You can contact your attorney, tax advisor, or financial planner for help or you can do it online. The costs can vary widely depending on many factors, from free to many thousands of dollars. Compare options, shop around, research online. Get help if you need to. The most important thing is to do it for your family and loved ones.
What is legacy giving?
A legacy gift is a donation made by an individual through their Will or other formal estate planning designation.
But why do people want to leave legacy gifts? As the name suggests, most donors want to leave a legacy or memory of their life through their posthumous giving. Helping sustain the good work of a favorite charity for years can be a powerful motivator for some. Plus, planned gifts can bring various tax benefits, particularly reduced estate taxes for a donor’s heirs, making them a meaningful and practical choice for many donors.
You can name Tree Lafayette as a beneficiary in your Will.
You can also name Tree Lafayette as a beneficiary of your life insurance, trust, IRA, retirement plan, financial account, etc.
If you wish to name Tree Lafayette in your Will or Estate Plan, we should be named as: Lafayette Tree Fund dba Tree Lafayette. Our tax identification number is: 35-1896066. Tree Lafayette is a non-profit organization that is tax exempt under section 501(c)(3) of the Internal Revenue Code. Address is 1915 Scott Street, Lafayette, IN 47904.
A few Helpful links:
- See https://trustandwill.com/learn/will-preparation for a Will preparation checklist.
- See https://www.freewill.com/our-products for estate planning tools.
- See https://smartasset.com/estate-planning/how-to-make-a-will-for-free for information on how to make a Will for free.
- See https://www.rocketlawyer.com/family-and-personal/estate-planning/make-a-will/document/last-will-and-testament for information on how to make a Will for free online.
- See https://www.free-legal-document.com/free-will-form.html for a free Will template form.
Note: Estate planning may implicate both state and federal laws, and estate planning needs will differ based on personal circumstance and applicable law. The information on this page is general in nature and is not intended to serve as the primary or sole basis for Will development or tax-planning decisions. Tree Lafayette is not making recommendations nor affiliated with any of the links on this page. Contact your attorney, tax adviser, and/or financial planner for more information.