Last month, we introduced the importance of establishing a legacy by leaving a gift in your Will to a meaningful organization or cause. Givers are often motivated to do so for four primary reasons: (1) it impacts lives for good beyond their own lifetime, (2) it brings their life a deeper sense of meaning, (3) it models generosity and compassion for their children or grandchildren, and (4) financial considerations and tax benefits.
Even though most of us know a Will is important, less than half of adults in the US have one in place. For some, it just doesn’t come to mind while others are hesitant to create or update their Will for a variety of reasons. Here are a few of those reasons and a different way to think about each one!
My estate won’t be big enough to make an impact. You don’t need to be wealthy to have an impact! Sources suggest that the average size of an estate gift is around $50,000. And it’s not all about money! Estate gifts can include real estate, stocks, or even naming an organization as the beneficiary of an insurance policy. Regardless of your gift’s size or type, it can make a big difference for the cause(s) you care about.
I can’t leave an estate gift before knowing what the final value of my assets will be. Some people leave specific dollar amounts in their Will, but others choose to leave a percentage of their estate known as a “residual gift” after other commitments are settled. Even a small percentage can make a big difference!
Estate plans are just for older people. The average age for a first Will is only 44. Anyone getting married, becoming a parent, traveling, or buying a house should consider a Will. Not only will it protect your assets and provide security for your loved ones, but conversations about a charitable gift in your Will are great opportunities to express your most deeply held values. It’s also a powerful way to model generosity to children and grandchildren.You might even allow them to share the joy of giving by helping pick the charity and the gift’s structure!
Creating a will is complicated. It doesn’t have to be! A trusted lawyer or financial planner can help make the process simple. Depending on the complexity of your estate, there are even a number of easy and inexpensive online options for creating a legal will.
I can’t take care of my loved ones and leave a legacy gift. This is the most common barrier to leaving a gift in a Will. It’s a natural concern, and we fully support the notion that your loved ones come first. Most likely, however, after working through the numbers with a financial advisor, you will find that you can leave a percentage of your estate to charity while still having enough to support your loved ones.
Finally, some people put off their Will because they would rather not think about death at all! While this is natural and completely understandable, the reality is that a Will is much more about actively choosing what matters to us in life! In fact, Russell James, Professor of Charitable Financial Planning at Texas Tech University, compares the consideration of one’s Will to “visualizing the final chapter in one’s own biography.” What an empowering way to think about life and what really matters!
A beautiful example of this manner of thinking is reflected in this testimonial from a longtime Friend of Fortress:
“My mom and I sat down recently to work out the details of her estate planning. At 72, she's clear on how she'd like to distribute her assets, and that includes Fortress! With help from her attorneys, she was able to choose how to leave a legacy of support. She's included instructions in her will allocating specific funds to be given tax-free. It was easy to do and she feels much better knowing she had control of the process.”
Fortress would be grateful should you choose to leave a gift to our ministry in your estate plan. This “gift of a lifetime” is a beautiful way to lovingly impact lives in Historic Southside and to equip kids and families with the tools needed to build their own bridge from poverty to promise. If you do remember Fortress in your Will, we would be grateful if you would let us know (although doing so is not required). While it would be an honor to recognize your generosity, we promise to be respectful of your privacy, and will only do so with your permission and in a way that is meaningful to you and your family.
If you have further questions about an estate gift to Fortress, please don’t hesitate to contact our Executive Director Stacy Agee Martin (stacy@fortressfw.org) or Development Coordinator, Mike Skaggs (mike@fortressfw.org). Thanks for reading, and thanks for remembering Fortress as you consider the gift of a lifetime!
IS YOUR WILL UP TO DATE? Many people allow their Will to become out of date and inapplicable to their situation in life. Perhaps you made your Will when your children were born…and then left it untouched for many years. As time passes, circumstances change, so it is a good idea to review your Will every three to four years to make sure it’s up to date.
DO YOU NEED ADVICE? We encourage you to seek professional advice when preparing your Will. Estate planning may be a straightforward process for some, but it can be more complex for others. Your financial advisor or lawyer can help you navigate this process with ease. There are also tax considerations for you and your loved ones when making a Will, so it’s always a good idea to take full advantage of expert advice!