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If you don't have a will, your state has one
for you.
If you have not prepared your will, your state
of residency at death will distribute your estate according to its laws. Your estate will
be divided according to a formula, without taking into account any special needs of your
family or your personal wishes. Without a will, you lose the power to control the
disposition of your property. Furthermore, your state has no charitable intent.
Only
Through a Will Can You
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...distribute your property
as you choose;
-
...appoint your own
executor;
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...minimize certain estate
costs;
-
...suggest a guardian for
any surviving minor children;
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...provide for trusts;
-
...exercise testamentary
powers of appointment;
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...provide for your church
or favorite ministry.
Everyone
Needs A Will
Everyone who owns property, has investments or
savings, has dependents, and wants to remember the work of the church or other charities
needs a will.
What About
Jointly Owned Property?
Jointly owned property does not eliminate the
need for a will. Although joint tenancy with right of survivorship property, such as bank
accounts, real estate, and stocks, will automatically pass to the survivor, it is possible
for both joint owners to die in a common accident. The only way to insure that your final
wishes are carried out is to prepare separate wills.
What Does
A Will Do?
A will provides a plan for the distribution of
your estate. It expresses your final wishes to family and heirs. It is the final witness
to your Christian faith.
When
Should You Make a Will?
It is never too early to consider how you would
like your property dispersed. When you have made a plan, visit your attorney and have your
will prepared. Important decisions will be made which require professional advice. Without
a legal will, your desire to benefit your family, your congregation, and other ELCA
ministries may not be achieved.
Changing
Your Will
Your will does not become final until your
death or incompetency. Changes in circumstances may suggest changes in a will.
If you already have a will, consider the
following questions:
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Is your will up-to-date?
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Do you have any minor children?
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Have you moved to a different
state?
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Has the size of your estate
changed since my will was written?
-
Have any of the individuals
(executor, beneficiary, ministry) named in your will died or ceased operation? Moved?
Changed names?
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Is the church or other ELCA
ministry included in your will?
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Should you learn more about life
income gifts?
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Have you provided a means to pay
for probate and estate taxes?
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Has any tax law changed which
will have an impact on your planned disposition of property?
-
Have you considered a Christian Preamble to
your will?
Remember
The Church In Your Will
As a Christian, you are the caretaker of the
unique God-given gift of life. You have rejoiced in your talents by being a lifelong
steward. The distribution of your estate is the last witness of your life. You can
continue your Christian stewardship by providing for the work of the Church in your will.
There are
many ways to express your stewardship through your will.
-
You may give the church a certain
percent of your estate.
-
Leave a bequest for your favorite
ELCA ministry.
-
Establish an ELCA Foundation
endowment fund that will continue to support your favorite ministry forever.
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Create a life income plan to
provide an income for a survivor and designate the church as final beneficiary.
The above examples are only a few of the
options available. Please contact your ELCA
Foundation Regional Gift
Planner or the ELCA Foundation
in Chicago for assistance in establishing your
life goals as well as providing for your legacy.
Forms of
Bequests
When leaving a
bequest to an ELCA
ministry, include its legal name and address. All gifts to ELCA
ministries can be left to "the Evangelical Lutheran Church in
America, in c/o the ELCA Foundation, a Minnesota nonprofit corporation, located at 8765 W. Higgins
Road, Chicago, Illinois 60631." You can name your congregation,
synod, a churchwide ministry, or other ELCA affiliated ministry to
receive a bequest.
All the ministries of the church are and will
be as strong as our interest and support. The examples and information in this brochure
are for illustrative and educational purposes only and should not be considered tax or
legal advise. Please consult with your tax or legal advisor about proceeding with your
estate plan.
Testamentary Trusts
A growing number of donors are finding a testamentary
charitable remainder trust an attractive way to designate funds from their qualified
retirement plans (QRP) to avoid the consequences of hefty income taxes associated with
passing on these tax-deferred savings vehicles to their heirs. The legal documents
required for this charitable trust can be prepared by the ELCA Foundation at no expense to
the donor. Donors are encouraged to have their personal attorney or accountant
review the document.
For more information in ELCA Foundation
charitable remainder trusts.
Contact the
ELCA Foundation or your ELCA Foundation
regional gift planner for more information
and instructions. |
