Do you have questions about estate planning? Planned giving? Your will? Each month, we feature new articles and interactive features. We also share news about the charitable endowments under the umbrella of Hindu Heritage Endowment. Read more.
The Murugan Temple of North America Puja Fund, fund #70, was created to insure the continuation of the daily pujas in this Maryland, USA temple
Life Moves Fast: Keep Your Plans Up to Speed
Life changes – sometimes suddenly and unexpectedly, sometimes with careful preparation. Read on to learn when and how to make sure your estate plans are up to par.
Update your plan.Through a new will or revocable living trust – or a codicil or amendment modifying your old documents – you can address changes in your life, save estate taxes and leave a legacy for the future. Some examples:
Your family. With births, deaths, marriages or divorces, you may want to add or delete beneficiaries or increase or decrease their shares of your estate.
Your property. Events such as growth (or decline) in the value of your estate, the acquisition of a new home, or the sale or gift of property may necessitate changes to bequest provisions.
Your new location.Your will should be updated if you move to a new state. Different requirements for the execution of a will as well as different state inheritance taxes and probate laws may make revisions necessary. Contact an estate planning attorney in your new state.
Your charitable interests.Will your good works continue after your lifetime? Consider including a bequest to us by designating a percentage of your estate to us. Give us a call for sample bequest language to use in your will.
Review your choice of executor.Recognizing the intricacies of estate settlement, you may want to consider a professional fiduciary for the role as co-executor to serve with your individual executor. A professional fiduciary is an individual or institution that acts as a representative for the assets of others. A fiduciary’s experience in saving taxes and prudently managing investments can be invaluable.
Look over the beneficiary designations of your life insurance, retirement plans and IRAs.These should be coordinated with your overall estate plan to make sure your entire estate is left the way you intend. If you want to remember us in your plans, retirement assets are the most highly taxed assets to leave to your family, making them excellent charitable gifts to support our mission.
Create a durable power of attorney. This authorizes someone you choose – perhaps your spouse or another trusted family member – to handle your financial affairs during your lifetime when you are unable to do so.
Execute a power of attorney for health care. This empowers someone you choose to make health care decisions on your behalf if you are unable to make them yourself.
Sign a living will. This tells people what life-sustaining medical treatment you want to receive, if any, if you become terminally ill and can no longer communicate your own decisions.