Buscar

August is National Make-a-Will Month. We talked to Abbey Stephenson, Planned Giving Officer at Renown Health Foundation, to learn more about wills, trusts and estate plans and why you should feel motivated this month to get started. Why Make a Will There are so many reasons why it is difficult to make a will or put an estate plan in place. These include: Lack of time or money to prepare a plan The misperception that “only rich people need an ‘estate plan’” How intimidating legal documents can be General discomfort with planning for the future Given the barriers to making a plan, it’s not surprising that only 32% of Americans have a will or trust in place. But having a will or trust matters because these are the documents where you can say who will inherit your assets, who will manage your assets and estate, and who should be guardian of a minor or a child with a disability. Where to Begin If you have been thinking about putting together a will and don’t know where to begin, here are some next steps you can take. 1.  Learn the terms. If you have never created a will, trust, or an estate plan, the language can be hard to get used to. A few important terms to know include: Last will and testament (also known as a will): a legal document that describes how you would like your property and other assets to be distributed after your death. This is also the document where you can nominate a guardian for a minor or disabled child. Personal representative (also known as an executor): a person named in a will responsible for collecting your assets, paying your debts and final taxes, and distributing the remaining assets to those stated in your will. Personal representatives must be formally appointed by a judge and report certain information to the judge for review and approval. Living trust (also known as a revocable or family trust): a legal arrangement set up through a document called a trust instrument or a declaration of trust that gives someone called the trustee power to make decisions about the trust creator’s money or property held in the trust. Estate plan: a collection of documents that help organize what happens to you and your assets upon your disability and death. Your estate plan is comprised of documents such as a will, trust, and advance health care directive. If you want to learn more about these terms and estate planning in general, you are invited to attend a free one-hour estate planning education session on Aug. 22, 2024, at 10 a.m. or Oct. 21, 2024, at 11 a.m., hosted by Renown Health Foundation. Click here for more information and to register. 2.  Create a list of assets. Start by creating a list of your assets including real estate, investments, bank accounts, retirement accounts, business ownership interests, vehicles, life insurance, valuable personal property like jewelry or artwork, and any other significant assets. Click here and read our free estate planning guide. 3.  Put together a list of 2-3 people you trust. When you create your will, you need to name a personal representative who will collect all your assets, pay your debts, and work with the probate court to distribute the balance to the people and charities you name in your will. If you create a trust, you need to name a trustee to manage the trust assets under the terms of the trust document. It is a good idea to include at least two people who can take on these roles in case the first person becomes unavailable. If you do not have anyone you would trust as a personal representative or trustee, there are trust companies, banks, and other professionals and institutions who may be able to assist you. If you are the parent of a child who is under 18 or has a disability, you will also nominate a guardian in your will to care for that child if you and the other parent are gone.  4.  Start a list of who you would like to inherit your assets. Which people and organizations would you like to inherit the assets you own at the time of your passing? And which assets or how much would you like them to receive? You might want to consider who relies on you for support such as family members or charities, individuals and organizations that have made a difference in your life, or those you have a special fondness for. It is important to use the legal names of individuals you include as beneficiaries and the Tax ID number for any charity you include.  If you decide to make a gift to Renown as part of your will or estate plan and notify us, you will be included in the Renown Legacy Society. Legacy Society members enjoy invitations to exclusive events, special acknowledgments, and other unique benefits. Click here to learn more about the Renown Legacy Society. 5.  Put together a list of your professional advisors and enlist their help. Write down the names and contact details for any professional advisors you work with such as your accountant, financial advisor, investment manager, attorney, insurance agent, and planned giving officer.  You may want to seek their advice on how best to proceed and which assets are best gifted to which individuals and organizations from a tax standpoint. Collaboration among the professionals with whom you work can help your plan to run more smoothly when it is needed. Depending on your circumstances, it may make sense for you to introduce your trusted individuals to these professionals. 6.  Start drafting. Once you have these items in place, you will be in a good position to begin the drafting process. There are many capable estate planning attorneys in our community who can help you with drafting. There are other drafting resources available as well, but only a licensed attorney can provide you with legal advice. Click here to attend the free Family Estate Planning Series sponsored by Renown and presented by PBS Reno and the Community Foundation of Northern Nevada.

Read More About How to Get Started and Make Updates to Your Will

It doesn’t take long to feel at ease when you sit down with Michael and Lorraine Henson. They are the kind of people you immediately know you can count on and want to be friends with. They have had more than their fair share of hard knocks and yet they still maintain an air of warmth and gratitude. That sense of gratitude towards Renown and connection to this community is what led them to make a generous gift in their family trust to Renown Health Foundation. Home Means Nevada Michael and Lorraine met as students at the University of Nevada, Reno (UNR) and they’ve been together ever since. Lorraine moved from Las Vegas to attend UNR and never left. They have deep roots in Reno and deep roots with Renown going back to its Washoe Medical Center (Washoe Med) days. As Michael put it, he is “Reno born and Reno proud.” Michael’s mother was born at Washoe Med in 1937, but it was his personal experiences with Renown that formed his bond with the organization. When Michael was a teenager, his brother was diagnosed with brain cancer. He was treated over the course of the next six years at Renown before passing away at the tragically young age of 24. The impact on his family was life altering. Michael is an Eagle Scout and turned down a spot at the Air Force Academy to stay close and be with his brother. Renown provided support to Michael and his family during this incredibly difficult time as well as other times such as when his father was in hospice and when Lorraine had a health scare. The Ties That Bind A few years after his brother’s death, Michael joined the Renown team and has now been an employee for 31 years! Lorraine too has many connections to Renown. She was an employee for several years, volunteers for Renown Children’s Hospital and is a grateful patient. Making Their Mark Through Renown’s employee giving program Michael and Lorraine have given over $6,500 to support Renown’s mission to make a genuine difference in the health and well-being of the people and communities we serve. “These two are a wonderful example of how small gifts over time really add up and their decision to include Renown Health Foundation in their estate plans can be an inspiration to us all this month in particular, as August is Make a Will Month,” said Greg Walaitis, Chief Development Officer at Renown Health Foundation. “Michael and Lorraine have supported Renown in every way imaginable over the years, including with their time, their talents and their treasure. It is an honor to have them as part of our Renown family.” We are also incredibly grateful to have Michael and Lorraine as members of the Renown Legacy Society, which recognizes donors who have provided for Renown Health Foundation in their estate plans, and we look forward to celebrating them at the Inaugural Renown Legacy Society Celebration taking place on August 30.

Read More About Gratitude and Generosity: The Henson's Journey with Renown Health Foundation