No Question is a Dumb Question
Thinking about documenting your estate, creating your will, or making a meaningful gift to BC can feel like a lot. Fortunately, getting started is actually pretty simple! Below are answers to some of the questions we hear most often.
Start small. You don't have to solve your entire estate plan in one sitting. A good first step is to make a list of what you have, such as savings, retirement accounts, property, and life insurance, and who you would want to look after it. Many people find it helps to break the process into three pieces: deciding who gets what, deciding who’s in charge (e.g., executor, guardian for minors), and putting it in writing. You can always update it later. Nothing has to be final on day one.
In most cases, working with an attorney is a good idea. An estate planning attorney can make sure your documents clearly reflect your wishes and meet your state's legal requirements, which can save your loved ones real stress down the road. This is especially helpful if you have children, own a home or other property, have several types of assets, or have specific wishes about who receives what. Some people with very simple situations use an online will-writing service or template, but even then, having an attorney review your documents can give you peace of mind.
If you pass away without a valid will (known as dying “intestate”), your state’s laws decide who inherits your assets. Those rules follow a set formula and don’t account for your relationships, your wishes, or your family’s circumstances. For parents of young children, the stakes are even higher. Without a will naming a guardian, a court will decide who raises your kids, and it may not be the person you would have chosen. Even a simple will that names a guardian and spells out your wishes is far better than having none at all.
Letting BC know about your plans, even informally, and even if you’d rather keep the amount private, helps in several ways:
- You can feel confident your gift will be carried out the way you picture it. We can check that the language and paperwork line up with your intentions so that your gift goes where you want.
- We get to thank you personally and recognize your generosity during your lifetime, in ways that feel meaningful to you.
- Your loved ones will have an easier time later. When we know your plans ahead of time, we can work with your family and executor to execute your wishes with efficiency and compassion, simplifying the process for everyone.
On average, Americans write their first will around age 42, though many advisors suggest starting in your 30s. Even later in life, plenty of people still don't have one. Only about 46 percent of Americans in their 60s have a will, and that rises to 66 percent in their 70s. In other words, most of us plan later than we should.
Yes. A gift through your will, or naming BC as a beneficiary of a retirement account or life insurance policy, can generally be changed at any time. Life changes, and your plans should be able to change with it. Many people revisit their estate plans every few years or after a big milestone, like a marriage, a new child, a move, or a shift in finances.
A note on giving
For many people, a gift through their will or a beneficiary designation becomes the largest gift they ever make. Much of what we build over a lifetime, like a home or a retirement account, isn’t something we can easily give away today, but it can be shared later. A gift like this costs nothing now, can generally be changed if your circumstances do, and can make a lasting difference for BC students.
Key takeaways
- If you haven’t started, you’re not alone.
- One step today matters more than having it all figured out.
- A simple will beats no will, especially if you have children under age 18.
- Gifts through your estate are flexible and can be changed.
How Can We Help?
We're here to partner with you if you have any questions. Feel free to reach out to us directly or fill out the form.
