Use Your Voice: Leaving Your Legacy with Estate Planning

It’s easy to put your will on the back burner, putting it off for another day. But your will is easier to create than you might think. It’s your chance to use your voice, even after you’re gone, ensuring you leave the legacy you want. Kristen Jones, a planned giving expert, takes us through the steps to create a will, explains what happens without one, and suggests other important elements for your estate plan. Plus, she’s sharing resources for how you can create, or update, your will online for FREE. 

Start your will online at https://www.givingdocs.com/omcfoundation/

Learn more about leaving a legacy through planned giving at https://omcfoundation.planmylegacy.org/

Chapters

• 1:06 Why is having a will so important?
• 1:58 Is a will more than just who gets what?
• 2:42 A will provides peace of mind for yourself and loved ones
• 3:14 What does creating a will involve? How does the process work?
• 4:11 What information do you need to begin the process of creating their will?
• 4:36 What should you consider before writing their will?
• 5:03 Choosing an executor of your estate
• 5:33 What do you need to do after your will is written?
• 6:11 How can I use Giving Docs to create my will?
• 6:57 Essential documents related to your will
• 9:22 Words of encouragement as you start writing your will

Transcript

0:00

<i>(music)</i> Hi everyone. Welcome back to another episode of Senior Living Today. Today we're honored to welcome someone new to the podcast, but certainly not new to this field. Kristin Jones, who serves with the Ohio Masonic Communities Foundation. Oh, thanks so much for having me. I'm really excited to be here. We're very excited you were able to join us today. So, Kristin, before we dive in, since it is your first time joining us on the podcast, could you share a little bit about your background and how you found your way into this work? Sure. Well, I, I work in the philanthropy world my entire career pretty much. And for the past 20 years I've really had the privilege of leading in the senior living space. In 2022, I joined the Ohio Masonic Communities Foundation, where I've really gotten to combine my passion for older adults with my experience in fundraising. I'm a certified fundraising executive, and one of my favorite parts of this work is helping people create legacy plans that reflect their values and leave a lasting impact. Well, you are going to be the perfect guest for today's topic because we will be talking about National Make a Will Month, which is observed each August. It's a great time to reflect, plan and start taking action on something that many of us tend to put off, which is writing or updating a will. So, Kristen, let's start with the big picture. Why is having a will so critical? Well, you know, writing a will is an easy thing to put on the back burner. You know, everyone knows that they need to do it, but it's really a natural thing to put it way down on your priority list. But while it's it's normal to put off a will, planning your estate takes less time than you would really expect. And it really ensures that your family, your friends, causes you care about, are all taken care of. And it's more than just who gets what correct. I mean, it can be the key, I think, to preventing a lot of family stress. Oh, absolutely. Now, the main point to remember is that your will is your voice when you're no longer here. So it allows you to clearly say who gets what. From treasured keepsakes to financial assets. And it can also help name guardians for minor children and dependents. So while there's no when there is no will, then it's often up to the court and that can lead to delays, legal fees, and unfortunately sometimes disputes as well. So a will removes the guesswork and really helps preserve family relationships. And I feel like that probably really gives peace of mind just knowing that your wishes are known and your loved ones are protected. That really is a gift in itself. Oh, that's so true. It really is. You know, having a will is really one of the easiest ways that you can protect what matters most to your loved ones, and also to the causes and things that are close to your heart. So a will can really also help you leave a legacy, and it can help you support causes and organizations that matter and that really reflect your own personal values. Now, I know that creating a will can be overwhelming. So let's talk about the practical side. And Kristen, can you walk us through what creating a will involves and how that process works? Oh, sure. So to make it easy and accessible for everyone to have a will, because, you know, that's always a big question. How do I even begin? Or even if you have a will and you want to update it. The Foundation has partnered with a platform called Giving Docs, and it provides you with complimentary access to our Foundation's online estate planning tools that are free for everyone to use. So, using our Giving Docs platform, you can create all of your estate documents from the comfort and privacy of your own home. So what you do is you can create a free account and that's private and it's yours to keep for life. But we always recommend that it's a good idea to consult with an estate planning attorney, and financial planners as well. And what sort of information does someone need to begin the process? Right. Well, you just want to kind of start to gather information and prepare ahead of time. So start bringing things together like a list of your assets, things like property and bank accounts, retirement accounts, and maybe family valuables as well. And most importantly, your intended beneficiaries. Besides knowing what you own and who you would like to receive it, what else should people consider before writing a will? Yeah, you want to think about things like you know, your debts that you have, any assets, charitable gifts that are on your mind, and instructions for your personal items. The more detail that you can include in the will the better. Clear communication is what's going to prevent the confusion, and it will also honor your values. Now let's talk about choosing an executor. That's a big responsibility, isn't it, Kristen? It is. You want to think about who you trust to carry out your wishes. Your executor will serve as the person who is organized, trustworthy, and ideally impartial in helping to to finalize your estate. They don't have to be a family member. They can be a friend or an advisor, or even a financial planner or an attorney. And once your will is written, what's the next step? You just kind of want to make sure that you follow instructions, so you'll make sure that it's legally signed and witnessed based on your own state laws. Little known fact-in Ohio, you do not have to have a will notarized to make it a legal document. So we always suggest you consult with an estate planning attorney or a financial planner just to ensure that all your ducks are in a row, and then you're going to want to store it safely. So think about a fireproof box or a safe, and make sure that you tell someone where it is. So earlier you had mentioned the Giving Docs platform. How would one go about creating an account and getting started with that? Oh, it's it's really very simple. And the platform really walks you through the process step by step. So it's very easy. So you'll just head to our Giving Docs website which is located within our own Foundation www.givingdocs.com/OMCFoundation. And you can also find numerous resources and planning tools at OMCFoundation.org. But for more complex needs or if you have a blended family, I always recommend it's it's really best to work with an attorney. And for our listeners, we will be sure to put those website links in the description of this episode so you can reference them later. Kristen, let's shift to the documents that often go hand in hand with a will. Can you walk us through what the essentials are? Definitely. So a will is really just one part of a strong estate plan. So one, you should think about a durable power of attorney. This document gives someone the authority to manage your finances if you're ever unable. Without it, the court could appoint someone, and that might not be who you would want to have been chosen. Your advanced health care directives are also important. This would include a living will and a health care power of attorney. And this guides your medical care and appoints someone to make decisions if you can't. And that is truly a gift to your family during difficult times. And then your financial planner or attorney may also suggest a living trust. So this is a legal structure that holds your assets, and it can help, it can help really avoid probate. It's especially useful if you have property in multiple states or a more complex estate. And then beneficiary designations. These are the people and the causes that you want to remember. They apply to life insurance, retirement accounts, and more. They really bypass probate and go straight to whoever you name. So review them regularly. And yes, organizations and charities can be beneficiaries. And then a letter of instruction or final wishes. This is not legally binding but it's deeply personal. It could include funeral plans, messages to your family, details about where your important documents are stored. And this is what really brings heart to your process. And then one more thing to consider depending on your own situation guardianship designations. This can be crucial if you have minor children, but also consider it for adult children with special needs and even pets. Planning ahead avoids the court making those decisions for you. Well, Kristen, all of this information has been so helpful. Do you have any final words of encouragement for our listeners who are beginning the will making process? Yeah, so don't feel overwhelmed by the process and don't wait for the perfect time, because we all know life happens and creating a will is one of the most caring things you can do for the people that you love. It's okay to start small and you can always update it later. Visit our website at www.givingdocs.com/OMCFoundation. And again, we also are happy to provide numerous resources and planning tools at the Foundation website. And of course, you're always welcome to give us a call if you have questions. And just as a reminder again for our listeners, we will include all the links mentioned in this episode in the description and phone numbers as well. Kristen, that was such great advice and I want everyone to remember that Make a Will month is a great time to take that first step in the process. If you'd like to learn more, the Ohio Masonic Communities Foundation is here to help you with resources and helpful tools, and can even connect you with helpful tools or estate planning guidance. Kristen, thank you again for joining us today, and thank you to our listeners for spending part of your day with us. As always, be sure to like and subscribe to the Senior Living Today podcast so you never miss a new episode, and we will be back again in two weeks.<i>(music)</i>