August is National Make-A-Will Month
Did you know that August is “National Make-a-Will Month”?
It is the perfect time to be reminded of the importance of creating or updating your last will and testament (will).
Along with assuring your assets are distributed as you choose, you can also support the charities that have impacted your life by giving cash, stock, real estate property, and more. Leaving gifts for charities in your will costs nothing during your lifetime and ensures that you can make a positive impact on causes close to your heart for years to come.The following are ways to designate a charity, such as Rocky River United Methodist Church:
List the amounts to be distributed to non-profit organizations in a codicil (addendum to your will), which is easier and less expensive to update than the entire will itself.
Designate a defined percentage of your overall estate to your favorite charities.
Name non-profit organizations as full or partial beneficiaries of your retirement accounts or life insurance policies. Using charities as beneficiaries on retirement accounts is a way to potentially minimize future taxes owed by loved ones who inherit such accounts.
Lisa P. Sierk, Director of Endowment Ministries
It is important to keep your will updated. Estate attorneys recommend reviewing your will at least every three to five years, or whenever you experience a life event.
This August, if you have a will, consider reviewing it to ensure it is updated with your current wishes. It also is a suitable time to review and update the beneficiary designations on non-probate assets, like life insurance policies and retirement accounts.
Please don’t hesitate to contact me, or any member of the Endowment Committee, with questions or thoughts.
Thank you,
Lisa P. Sierk, Director of Endowment Ministries
LSierk@RRUMC.org or 216.926.1702
Endowment Committee: Andy Henton, Gary Lanzen, Cindy Schafer, Karen Weger, and Rev. Dan Bogre, Senior Pastor