3 Things to Review Before the End of the Year: Your Estate Plan, Beneficiaries, and Your Pets
As the year comes to a close, many of us review our finances, make charitable gifts, and think about plans for the year ahead. It can also be a good time to make sure the plans you already have in place still reflect what matters most to you.
Estate planning does not have to mean creating something new every year. Often, it simply means taking a few minutes to review your documents, beneficiary designations, and plans for the people, pets, and causes you care about.
Here are three things worth checking before the end of the year.
If you already have a will or trust, when was the last time you looked at it?
Major life changes can affect whether an estate plan still reflects your wishes. A marriage, divorce, move, retirement, change in finances, death of a loved one, or the addition of a new family member or pet can all be good reasons to revisit your plans.
You may also want to consider whether the people and organizations named in your documents still reflect your priorities.
For those who choose to include charitable giving in their estate plans, a gift through a will or trust can provide meaningful support to an organization without affecting your finances today. Some people leave a specific amount, while others choose a percentage of their estate or a portion of what remains after loved ones have been provided for.
If True Companions is already included in your plans, we would be grateful to know. Our Future Gift Intention Form allows you to share as much information as you are comfortable providing so we can thank you, understand your wishes, and recognize your commitment if you would like us to do so.
The form is voluntary and is not legally binding.
Not everything in an estate is distributed through a will.
Retirement accounts, life insurance policies, bank accounts, and certain investment accounts may allow you to name beneficiaries directly. Because these designations can sometimes remain unchanged for many years, the end of the year can be a useful reminder to make sure they still match your intentions.
You may want to ask:
Some supporters choose to name True Companions as a beneficiary of a retirement account, life insurance policy, or other financial account. Depending on the type of asset and your individual circumstances, there may also be financial or tax considerations to discuss with your attorney, financial advisor, or tax professional.
A simple beneficiary review can help ensure that the plans you made years ago still reflect what is important to you today.
For many of us, our pets are family. Yet plans for their future can sometimes be overlooked when preparing estate documents.
Consider what would happen if you were no longer able to care for your pets.
Who would you want to care for them? Have you spoken with that person? Is there a backup plan if your first choice is unable to help?
It can also be useful to document information about your pets, including:
True Companions' Peace of Mind Pet Guardianship Program was created to help people plan for the future care of their pets if they pass away or can no longer provide care themselves.
Participants can share detailed information about their pets and their wishes in advance. If the program is ever needed, True Companions can welcome the animals into our care, provide needed veterinary and supportive services, and work to find an appropriate loving home.
For some people, Peace of Mind serves as their primary plan. For others, it provides an important backup if a friend or family member is ultimately unable to care for their pets.
Whether that means updating a beneficiary, reviewing your will, documenting plans for your pets, or including a favorite charitable organization in your future plans, a small amount of preparation today can make things much easier for the people who will carry out your wishes later.
If you would like to learn more about estate giving to True Companions, document an existing future gift, or receive information about our Peace of Mind Pet Guardianship Program, please contact our Philanthropy team at giving@truecompanions.org or at (303) 407-6678.
We would be happy to answer questions, share resources, or simply start a conversation.
True Companions does not provide legal, tax, or financial advice. We encourage you to consult with your attorney, financial advisor, or tax professional when making decisions about your estate or charitable plans.
Go Back Estate planning does not have to mean creating something new every year. Often, it simply means taking a few minutes to review your documents, beneficiary designations, and plans for the people, pets, and causes you care about.
Here are three things worth checking before the end of the year.
1. Review Your Estate Plan
If you already have a will or trust, when was the last time you looked at it?
Major life changes can affect whether an estate plan still reflects your wishes. A marriage, divorce, move, retirement, change in finances, death of a loved one, or the addition of a new family member or pet can all be good reasons to revisit your plans.
You may also want to consider whether the people and organizations named in your documents still reflect your priorities.
For those who choose to include charitable giving in their estate plans, a gift through a will or trust can provide meaningful support to an organization without affecting your finances today. Some people leave a specific amount, while others choose a percentage of their estate or a portion of what remains after loved ones have been provided for.
If True Companions is already included in your plans, we would be grateful to know. Our Future Gift Intention Form allows you to share as much information as you are comfortable providing so we can thank you, understand your wishes, and recognize your commitment if you would like us to do so.
The form is voluntary and is not legally binding.
2. Check Your Beneficiary Designations
Not everything in an estate is distributed through a will.
Retirement accounts, life insurance policies, bank accounts, and certain investment accounts may allow you to name beneficiaries directly. Because these designations can sometimes remain unchanged for many years, the end of the year can be a useful reminder to make sure they still match your intentions.
You may want to ask:
- Are my beneficiaries still the people or organizations I want to support?
- Is my contact information current?
- Have there been major changes in my family or circumstances?
- Are there charitable organizations I would like to include?
Some supporters choose to name True Companions as a beneficiary of a retirement account, life insurance policy, or other financial account. Depending on the type of asset and your individual circumstances, there may also be financial or tax considerations to discuss with your attorney, financial advisor, or tax professional.
A simple beneficiary review can help ensure that the plans you made years ago still reflect what is important to you today.
3. Make a Plan for Your Pets
For many of us, our pets are family. Yet plans for their future can sometimes be overlooked when preparing estate documents.
Consider what would happen if you were no longer able to care for your pets.
Who would you want to care for them? Have you spoken with that person? Is there a backup plan if your first choice is unable to help?
It can also be useful to document information about your pets, including:
- Medications and veterinary needs
- Feeding schedules and routines
- Behavior and personality
- Likes and dislikes
- Relationships with other animals
- Your preferences for their future home
True Companions' Peace of Mind Pet Guardianship Program was created to help people plan for the future care of their pets if they pass away or can no longer provide care themselves.
Participants can share detailed information about their pets and their wishes in advance. If the program is ever needed, True Companions can welcome the animals into our care, provide needed veterinary and supportive services, and work to find an appropriate loving home.
For some people, Peace of Mind serves as their primary plan. For others, it provides an important backup if a friend or family member is ultimately unable to care for their pets.
A Few Minutes Today Can Provide Peace of Mind Tomorrow
Estate planning is ultimately about making your wishes known.Whether that means updating a beneficiary, reviewing your will, documenting plans for your pets, or including a favorite charitable organization in your future plans, a small amount of preparation today can make things much easier for the people who will carry out your wishes later.
If you would like to learn more about estate giving to True Companions, document an existing future gift, or receive information about our Peace of Mind Pet Guardianship Program, please contact our Philanthropy team at giving@truecompanions.org or at (303) 407-6678.
We would be happy to answer questions, share resources, or simply start a conversation.
True Companions does not provide legal, tax, or financial advice. We encourage you to consult with your attorney, financial advisor, or tax professional when making decisions about your estate or charitable plans.
