A Gift in Your Will or Trust
Direct Your Assets to the People and Causes You Care About Most.
A Guide to Making Your Will
Making a will or a living trust goes beyond just legal steps. It’s a meaningful way to show your love, care, and generosity to your loved ones. Plus, it’s a great opportunity to contribute to Airway Science’s mission.
According to a study by caring.com in 2021, a whopping 67% of U.S. adults haven’t created a will. Maybe it feels like a hassle, or it’s just not clear how to start. To tackle these challenges, check out this handy guide that provides straightforward answers to your questions.
What’s the Role of a Will?
Nobody understands the unique situations of your family members and beneficiaries like you do. That’s why it’s crucial to have a chat about these details with your estate planning lawyer. Still, there are some common tasks that a will takes care of:
- Appoints the executor or personal representative of your estate
- Allocates your belongings to your chosen recipients, including donations to nonprofit organizations
- Establishes trusts to reduce taxes and manage finances
- Chooses a guardian for minor kids or caretakers for your pets
- Secures ongoing care for a child with special needs
- Sets out the guidelines for distributions if both you and your spouse pass away simultaneously
Give to Nonprofit Organizations
Making a contribution to Airway Science can as easy as a single sentence in your will or living trust. For instance, you can discuss this example with your attorney: “I give to Airway Science for Kids, located at 3710 N Mississippi Ave. Portland, OR, 97227 (the sum of $___ or ___ percent of the rest, residue, and remainder of my estate/trust) for its general objectives.”
Your lawyer might propose additional aspects to consider. It’s a good idea to discuss these points so that you can finalize a document that reflects your intentions.
What Does a Will Overlook?
Although a will encompasses most of your assets, there are elements that must bypass it. Instances such as proceeds from life insurance policies, funds from retirement accounts, financial accounts designated as payable or transfer on death, or commercial annuities. It’s advisable to consult a financial expert to determine which of your assets may require separate consideration apart from your will.
What Occurs Without a Will?
In the event of passing away without a will, your estate will be distributed in accordance with the laws of the state where you resided. This outcome may significantly differ from your desired allocation of assets. While specific family members may inherit portions of your estate, close friends or causes that you wished to support will not be accounted for.
Next Steps
Including a gift in your estate plan offers a versatile approach to extending your backing for Airway Science into the years ahead. If you have inquiries about contributing from your estate or have already taken this step, please don’t hesitate to reach out. We’re eager to express our gratitude. Rest assured, we honor your choice for anonymity if desired.
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. State law may further impact your individual results.
