You may think there is no need to go to the trouble of writing a will or creating an estate plan, but that simply isn’t true. In fact, everyone needs a will. No matter the value of your assets or the number of heirs, and even if your affairs are simple and straightforward, your will legally expresses your wishes about how you want your estate distributed and your affairs managed. 

Your will provides other opportunities beyond just making sure your wishes are clear. With a will you can:

• designate who will care for your minor children
• document other detailed arrangements, including leaving specific items to certain people
• manage or avoid probate, the legal process of distributing your assets appoint a guardian for loved ones or even your pets
• include charitable contributions to organizations, like the Red Cross, that have been meaningful to you

Writing a will can give you the peace of mind that comes from knowing your affairs are in order. Writing a will can be relatively simple and need not be expensive. You may be able to create a basic will on your own using a do-it-yourself kit or online service. The Red Cross has partnered with FreeWill to provide free services in helping individuals create a legal will in their state. However, it is important to make certain that your will is in proper form to be legally binding in your state and meets your specific needs. If you are unsure whether or not you need a will, “It is best to contact an attorney to discuss your individual circumstances and to ensure your will is properly executed. 

While you are working on your will you may also want to consider a living will or a medical power of attorney. These specialized documents allow you to specify your wishes for medical care if you are unable to make decisions for yourself. 

No matter the extent of your assets, it is important to have an estate plan in place. A will is an essential part of your estate plan and can help to ensure that your wishes are carried out.

No matter the vagaries of the financial markets or the economy, a gift annuity is an excellent way for you to make a generous contribution to the American Red Cross while securing a lifetime of payments for yourself or others. The gift annuity is now even more attractive because the amount the Red Cross can promise to pay you has increased. 

A gift annuity is a simple agreement between you and the Red Cross. You, or someone you choose, will receive payments from the Red Cross for life. The amount we can promise to pay you will depend upon your age at the time of your contribution. For example, if you are age 70 when you make your contribution, we could pay you the specified rate of the value of your contribution each year for the rest of your lifetime. Payments can be made to you or to someone else, or we can make payments for two lives, for example to you and then to your spouse. The rate for two lives will be based on the ages of both individuals. 

You can receive an income tax charitable deduction now for the charitable value of your contribution. In addition, a part of each payment you receive can be tax free and, if you contribute appreciated investments like stocks or mutual funds, only a portion of the capital gain will be taxed, and that portion can usually be spread over your life expectancy. 

 

For example, here are the results of a $25,000 charitable gift annuity for various ages: Best of all, your gift annuity will provide future support to help ensure that the Red Cross will be ready, serving our communities in times of need.