5 Steps to Protect Your Family and Your Assets

If you have put off writing your will or naming beneficiaries of your other assets, you are not alone. Understandably, estate planning can seem like a chore, but—as with other necessary household tasks—it feels great when it’s done.

Getting started is often the hardest part, so we have put together a plan to help. Go step by step at your own pace, and soon you will feel the peace of mind that comes from ensuring your priorities for your family and community are honored in the future.

And your plan can help protect organizations you care about, such as WAMU. (See Step 5.)

Simple Steps, Big Impact

Step 1: Tally your assets.

First, your personal data. A solid estate plan should include the following:

• A list of your assets that shows current value as well as title (whether held in your name, jointly, or, in certain states, as community property)
• If you are married, a list of your spouse’s assets
• Specifics about any debts and other liabilities
• A list of retirement plan assets and life insurance policies that indicates the owner, and the beneficiary of each
• Names and contact information of your beneficiaries, including relatives and charitable organizations
• The location of your will, powers of attorney and other valuable papers

Step 2: Make decisions about your estate plan.

Your estate plan paints a picture of your values and the important people and charitable causes in your life. An up-to-date will serves as the foundation of your plan, but also important are asset titling and beneficiary naming for retirement plan accounts and life insurance policies.

In this step, you will list each person and nonprofit you would like to benefit. For each recipient, include the gift or percentage you would like each to receive.

Step 3: Pick your team.

Who should fill these roles?

• An executor or personal representative. This is the person who carries out the terms of your will. Choose someone trustworthy who will be comfortable dealing with your finances, investments, taxes, and record keeping. Also consider this person’s availability, general health, and diplomacy.
• If you have minor children, name a guardian of each child.
• Agent for your durable power of attorney for finances. Choose someone to act on your behalf in financial matters if you become unable to make such decisions.
• Agent for your durable power of attorney for health care. This person makes choices on your behalf regarding medical care if you cannot make them.

Step 4: Extend your legacy.

You can have a meaningful impact on your community through supporting charities such as WAMU in your estate plan. For example, you can designate WAMU as the recipient of a percentage of an item or your estate. There are tax advantages for many planned gifts that extend your caring nature beyond your lifetime.

If you are considering including WAMU in your will or through your estate plan, we would be happy to speak or meet with you to help answer any questions you might have, with no obligation.

Step 5: Share the good news.

Ensure that any recipient of your generosity knows of your plans. This will help them in their own planning and allow them the opportunity to express their gratitude to you.

Congratulations! You have taken the time to ensure that your family and favorite causes are cared for far into the future. Remember to continually review your estate plan whenever major life changes or tax law changes occur, to ensure it is still the best plan for you and your family.

Contact Eliza Saunders at esaunders@wamu.org or 202-885-8904 to learn how you can support our mission with a gift in your long-term plans.