Dispelling Myths About Wills and Charitable Bequests
Surveys have revealed that anywhere from 58 percent to 70 percent of American adults do not have a will in place for distributing their financial and other assets after their passing.
"I'd place some of the reluctance on the long-standing myths surrounding wills. People just accept them as fact, and they never look into the ways wills can protect their loved ones and establish their legacy," said Jane Woodbury, RN, vice president of business and fund development for VNA Care Network & Hospice.
Woodbury has encountered many of these myths during the agency's estate planning talks and working with individuals who have chosen to leave a charitable gift in their will, known as a bequest, to VNA Care Network or VNA Care Hospice.
Among the top myths —
Myth: Only the wealthy have estates and need wills.
Fact: An estate is the total of a person's assets. Cash, investments, real estate, and other property are among the assets that make up your estate. A will declares your
instructions about how these assets should be distributed after your passing. It's an opportunity to take care of loved ones, meet personal obligations, and leave a legacy
through a charitable gift.
Myth: If you die without a will, your survivors can decide how to distribute your assets based on wishes you expressed during your lifetime.
Fact: If you die without a will, your estate will be distributed according to state law, which may not be in accordance with your wishes. Additionally, your estate is more
likely to incur many unnecessary expenses.
Myth: Once you create a will, you're stuck with it.
Fact: A will is meant to protect your wishes, and changes may be made at any time either with a new will or a codicil, an amendment, to an existing will. You should always
review your will after major life changes, like the birth of a child, marriage, divorce, or change in residency to another state.
Myth: You can only include a donation to charity in your will if you can leave a huge sum of money.
Fact: Every gift, no matter the amount, helps support VNA Care Network & Hospice's mission of caring in local communities. A bequest allows you to give a specific
dollar amount, a percentage, an asset such as real estate, or residual of your estate.
Myth: A bequest won't be recognized during your lifetime.
Fact: VNA Care Network & Hospice established the Caring Connection Bequest Society as a way to honor individuals who include a bequest to the agency in their wills.
To be named to the society, simply include VNA Care Network or VNA Care Hospice in your will and notify Jane Woodbury at 888-663-3688, ext. 1360 or
jwoodbury@vnacarenetwork.org.
Woodbury recommends consulting a lawyer or financial advisor when preparing a will or making updates to ensure the document is valid under state law.
Guidelines for Making a Bequest
For more information about making a bequest and joining the Caring Connection Bequest Society, contact Jane Woodbury at 888-663-3688, ext. 1360 or jwoodbury@vnacarenetwork.org.
This information is intended for educational purposes only. For legal, tax, or financial advice, please contact your professional advisors.