A good estate plan has the bones to hand down the things you’ve worked hard for in life and to plan a proper funeral. A great estate plan has the brains to consider how your affairs are handled and how assets are distributed. But a Catholic estate plan ensures your legacy lives on — it has a heart. A Catholic estate plan ensures that not only are your assets passed on, but so, too, are your values.
The bones of a good estate plan
A will or trust will give your estate plan the structure it needs to express what you want done with your estate. If you don’t have a will or trust in place, state law determines who inherits your property.
Including funeral directions in your estate plan ensures that your celebration of life has structure, too. Plus, it lets your loved ones know where you’d like your sacred resting place to be.
The brains of a great estate plan
It’s smart to have a power of attorney (POA) in place with your estate plan. A POA is a legal document that permits someone to handle financial and legal matters and to make decisions in the event that you are incapacitated.
Another way to make your estate plan smart is to strategically assign beneficiaries for your funds and assets. Some assets are more tax-efficient for heirs than others.
The heart of a Catholic estate plan
A Catholic estate plan ensures that the end of your life is as faith-filled as all the years before. One important component that conveys your faith is a medical directive. This document helps your loved ones and healthcare providers understand the end-of-life and palliative care you’d prefer.
An ethical will or legacy letter is one way to pass on the intangible things you hold dear: your faith and values. This is typically something you personally write to your children, godchildren, or close friends, detailing stories that demonstrate how you lived your values.
Another way people choose to pass on their faith and values is through a charitable legacy. By naming your parish or favorite charity as a beneficiary of your estate, you can continue to support its mission in death as you did in life. And, with a gift to a permanent endowment, you can support that cause perpetually — forever.
Talk to an expert
To ensure your estate plan has all the right parts, work with your legal advisor. If you already have a good estate plan, you can always update it to make it great!
And to give your estate plan a Catholic heart, talk to the experts at the Catholic Community Foundation of Minnesota. We’re happy to provide options that will ensure your faith and values live on forever.
We advise you to seek your own legal, tax, and financial advice in connection with gift and planning matters. The Catholic Community Foundation of Minnesota and its staff do not provide legal, tax, or financial advice.