Your estate plan is a love letter to those you care most about. It is also the legacy that you leave to the world: your opportunity to express gratitude, create impact and support the causes and institutions that are an important part of your personal story and matter most to you.
At the heart of estate planning are the people you cherish and the legacy you wish to create. Designating an executor and heirs in your estate plan ensures that your loved ones are cared for and your wishes are respected. Your will becomes a love letter, outlining who receives what and when they are to receive it, and providing security and peace of mind for the ones you hold dear.
If you already have a will, give it a touch-up; if not, consider drafting one. Our Will Planning Wizard can help! Your will is your legacy of love to those you cherish. Ensure it resonates across the chapters of your life by reviewing it regularly, especially after life events like births, marriages or divorces.
Beneficiary designations are another opportunity for you to update your planning. Beneficiary designations you make in 401(k)s, insurance policies, retirement accounts and investments can override your will. Take a moment to review which loved ones and institutions you have included in this part of your legacy. Give some thought to choosing both primary and contingent beneficiaries. Doing so can prevent your funds from reverting to your estate in case of unforeseen circumstances.
Your estate plan can make philanthropy an enduring part of your legacy. Naming a qualified charity, like Drexel University, as a beneficiary of your retirement assets is also a tax-smart move. Apart from a surviving spouse, individuals named as beneficiaries of your retirement account will have to pay income taxes on any distributions they receive. As a qualified charity, Drexel University is tax-exempt and will not pay taxes on the withdrawal, thereby increasing the value and impact of your gift.
This Valentine's Day, let love inspire the legacy you leave behind. Share your plans and important documents with the ones you love and the charities you choose to remember. To receive a free Estate Information Organizer, where you can record all the most important information for your survivors, please contact Julie Karavan in Drexel University’s Office of Gift Planning at jak452@drexel.edu or 215.895.2604.