National Estate Planning Awareness Week is October 19 through 25, making this a good time to think about something many of us tend to put off: planning for the future.

Creating a will is an important first step, but a thoughtful estate plan usually involves much more than a single document. It is an opportunity to consider the people you care about, the assets you have worked hard to build, and the organizations and causes that have made a difference in your life and community.

For those who want to learn more, we are hosting a free Estate Planning: What You Need to Know seminar on Wednesday, September 30, from 3:30 to 5:00 p.m. at the Grand Rapids Area Library.

Local professionals will walk participants through the basics of estate planning, including wills, trusts, probate avoidance, powers of attorney, financial planning, and ways charitable giving can become part of a lasting legacy. Whether you are creating an estate plan for the first time or revisiting one you already have, the seminar is designed to provide practical information and an opportunity to ask questions.

Looking at the whole picture

One reason estate planning can feel complicated is that not everything you own is necessarily distributed through your will.

Some assets may pass according to your will or the terms of a revocable trust. Others—including IRAs, retirement accounts, life insurance policies, and certain financial accounts—may pass directly to the beneficiaries you have named.

That means creating the legacy you envision requires thinking not only about who and what you want to support, but also about how your assets will ultimately get there.

For people who have supported charitable organizations throughout their lives, estate planning can also provide an opportunity to continue that generosity long into the future.

At the Grand Rapids Area Community Foundation, we help individuals and families explore ways to create a charitable legacy that reflects what matters most to them and strengthens the Greater Itasca Area for generations to come.

Depending on your circumstances and goals, you and your professional advisors might consider options such as:

Naming a fund at the Community Foundation as a beneficiary of an IRA or other retirement account. You can generally designate a charitable beneficiary to receive all or a percentage of an IRA or retirement account while leaving other assets to family members or other beneficiaries. Traditional retirement accounts can be particularly worth discussing with your advisors because distributions that may be taxable to individual beneficiaries generally can be received by a qualified charitable organization without the same income tax burden.

Leaving a specific dollar amount through your will or trust. You may choose to leave a specific amount to establish a new charitable fund or add to an existing fund at the Grand Rapids Area Community Foundation. Your attorney can help incorporate the appropriate language into your estate planning documents.

Leaving a percentage of your estate through your will or trust. Rather than choosing a specific dollar amount, you can direct a percentage of your estate to charitable purposes. Because the gift is based on a percentage, it can adjust as the value of your estate changes over time.

Creating a fund to support organizations or causes you care about. An estate gift can establish or add to a designated fund benefiting a particular nonprofit organization, or create a field-of-interest fund supporting an area that is meaningful to you—such as youth, education, the arts, the environment, health and human services, or another community priority.

Leaving a gift to respond to our community’s changing needs. An unrestricted gift to the Grand Rapids Area Community Foundation allows your generosity to continue responding to the Greater Itasca Area’s most pressing needs and promising opportunities, even as those needs change over time.

These approaches do not necessarily have to stand alone. The charitable components of an estate plan may incorporate more than one document, beneficiary designation, asset, or type of fund. Establishing a charitable giving strategy can also be especially important for business owners anticipating the eventual sale or transition of a business.

Your legacy can continue here

National Estate Planning Awareness Week is about more than checking “make a will” off your to-do list. It is an opportunity to look at your entire estate plan and consider whether your documents and beneficiary designations reflect the people, organizations, and community you want to support.

For many people in our area, charitable giving is already part of how they care for their community. Including philanthropy in an estate plan can extend that commitment well beyond a lifetime—supporting the places, organizations, and causes that helped make the Greater Itasca Area home.

The Grand Rapids Area Community Foundation can work alongside your attorney, CPA, and financial advisor to explore charitable options and determine what type of fund may best carry out your intentions for years—and perhaps generations—to come.

Start the conversation now.

Join us for Estate Planning: What You Need to Know on Wednesday, September 30, from 3:30 to 5:00 p.m. at the Grand Rapids Area Library. The seminar is free, but space is limited.

Learn more and register through the Grand Rapids Area Community Foundation’s event registration page.

Planning today can provide peace of mind for your family—and create a legacy that continues making a difference in the community you call home.