When people think about estate planning, a Will is usually the first thing that comes to mind and for good reason. A Last Will and Testament is the foundational building block of any estate plan, ensuring your wishes are honored and your loved ones are protected.
What does a Will actually do?
- Distributes Your Assets: Clearly designates who receives your property, accounts, and personal belongings.
- Names Guardians: Appoints trusted individuals to care for minor children.
- Selects an Executor: Designates a trusted person to carry out your legal and financial instructions smoothly.
How does a will reflect your Catholic faith? Through a simple bequest in your will, you can leave a gift, whether a specific dollar amount, a percentage of your estate, or the residual balance to the Foundation of the Roman Catholic Diocese of Raleigh. This ensures your lifelong commitment to your parish, Catholic school, or favorite ministry continues for generations.
Taking time to write or update your will is one of the greatest acts of love and stewardship you can offer your family and faith community.
Dawn M. Stark, Executive Director of The Foundation, reflects on her own planning that she has been working through.
“I am working on updating my will, health care directive and establishing a revocable trust. Working with an estate planning attorney prompted reflection on things I hadn’t thought about before, for example:
- If I die and my parents are still living, what do I want done with my estate since currently my four beneficiaries include my nephews and my best friends’ children?
- If my beneficiaries are under the age of 30, do I want them receiving a lump sum of money?
- Where will my funeral be and where will I be laid to rest, since I am no longer in Georgia where I spent 26 years?”
The exercise of meeting with an attorney and working on plans may prompt prayer time and reflection, which is a perfect step for this week of national estate planning.