Estate planning is the process of caring for yourself and your assets while you are living, and planning for the orderly transfer of assets to other persons and organizations—both during your life and afterwards.
If you’ve ever wondered about the ins and outs of estate planning, or how to get started, and why, the university’s Office of Strategic Giving has provided some useful tips to help you better understand the process:
What comes to mind when you hear the term "estate planning?"
If you are like most of us, you associate “estate planning” with having a will. But you would also be correct in thinking that effective planning also involves making arrangements that affect what happens once your life has ended.
A good estate plan should address your current situation, as well as how to thrive in the years to come. Consider this definition of estate planning:
Estate planning is the process of caring for yourself and your assets while you are living, and planning for the orderly transfer of assets to other persons and organizations– both during your life and afterwards.
Why should I create an estate plan?
Very few people wake up in the morning and wish they could spend the day working with their attorney to create an ‘estate plan.’ However, creating (or updating) a plan is among the most important things you can do. Effective estate planning:
- Helps ensure the wealth you have accumulated goes exactly where you want it to go and when. If you don’t have a will or living trust, the state could impose a distribution plan for you, which may or may not match your wishes.
- Gives directions to be followed in case you become incapacitated and can’t make decisions for yourself.
- Assists in organizing your affairs and designates who will handle them when you are gone.
- Can appoint a guardian for minor-aged children.
- Provides for any special needs your loved ones may have.
- Minimizes possible estate taxes and probate fees.
- Specifies the type of funeral arrangements you would like.
- Remembers and provides for friends, pets, and organizations you care about.
What if I change my mind?
While there are certainly different types of bequests that can be included in a will, your will can always be changed during your lifetime.
Do I get to choose where my estate gift will go or how it will be used?
You can, and we hope that you do! If the organization of your choice, like CWRU, has been advised of your future estate gift, we can memorialize this in a Letter of Intent or a Gift Agreement which details how you would like the future gift to be used to the benefit of the university (an example might be scholarships, or for a specific school program, research, etc.). If CWRU is in your will or you want to explore how a gift might be needed or put to use, please email us at strategicgiving@case.edu and our team would be happy to give you a call!
For more information about estate planning or making a planned gift to Case Western Reserve, contact the Office of Strategic Giving at 216.368.4460 or visit plannedgiving.case.edu