August is National "Make-a-Will Month"

August is nearly over, and it’s time for all of us to get our wills done! If you’ve been on the fence, or trying to make time to get yours written, believe me I’m in this boat too! 

If probate court statistics are any measure at all, the pandemic was a good indicator of what can happen when people pass away without leaving wills. It’s not pleasant to think about, but a little more than half of those who have died from COVID-19 have passed without a legal directive for their estates. That means thousands have died during the pandemic without wills. Many of those estates end up in probate court, and, according to marketplace.org, some caseloads have grown recently by as much as 300%. 

Avoiding probate court has long been considered advantageous. This is true for both the inheritance you wish to leave your children or family and also for charitable gifts you make. Getting your will done (or started) this month can help ease the transition of your estate to your heirs and make sure that the courts are not bogged down with more cases than they can process quickly. 

A charitable bequest can be made either through a will or a trust, and it’s a wise way to make sure your legacy remains intact, especially if you use it to create an endowment fund like those offered through the Community Foundation. 

Planned gifts are a wonderful way to support your favorite causes after you pass away, and can be quite tax-efficient when they come from a qualified retirement plan by naming the Community Foundation as a beneficiary. When the money is transferred directly from a retirement plan after death, it will not be subject to income tax and is deductible from estate taxes. You can let us know your intention for this gift – whether it is to add to an existing fund or to start a new one. This type of transaction can create a much more impactful gift than if the money comes from some other source. The Community Foundation is not in the business of rendering legal, accounting, or financial advice. Always discuss your plans with your accountant, attorney, or financial advisor. 

When we pass away everyone wants to leave their children something, if possible, right? The unfortunate truth is that often our children have left the area, which means that much of the wealth earned in our communities is then transferred away through their inheritances. 

You can do right by your children and your community! Your Community Foundation has a few unique fund vehicles that can help keep some of the wealth earned locally in our counties here forever. Ask us about our County Endowment Funds! Adding a bequest in your will to one of our County Endowment Funds will strengthen these endowments, ensuring support for non-profit work in your local area for years to come. What a great way to keep our region strong!

The Community Foundation welcomes the opportunity to work with you. We can work with you and your attorney to make sure your wishes for community support are carried out. We will help provide bequest language to keep your will aligned with your intentions and keep documentation on file at the Community Foundation which further outlines your charitable goals. Then, when we ultimately receive the gift, we know exactly what to do with it. The beauty of our endowments is that they can serve perpetually into the future leaving a lasting legacy for you and your family.

Let’s all work to get those wills done! If you are unsure about charitable giving options, please reach out to us. There are so many ways we support the organizations in this region through endowments from people just like you. We want to help you realize your vision and legacy by connecting people who care with causes that matter!

On a mission,

Kent A. Embree

Program Officer