It’s a New Year - Craft a Meaningful Resolution

It’s a new year and many of us find ourselves reflecting on the past and setting goals for the days ahead. While these goals often address our health, our families, or our careers, one resolution tends to be overshadowed or quickly set aside as the busyness of our lives continues on – creating or updating estate plans.

This year, consider making a resolution that not only checks off this important task but also positively impacts the causes you care about most.

Why create an estate plan?

The process of creating an estate plan is far more than just a legal formality; it’s a way to ensure that your loved ones are provided for after you are gone and that the assets you have worked hard to accumulate throughout your life are distributed the way you want. During what can be a very challenging time, a well-thought-out plan can provide a clear path for your friends and family. And while it may seem daunting, it does not have to be complex to be effective. In many cases, a will, power of attorney, advance healthcare directive, and updated beneficiary designations will be more than enough.

Why update your estate plans?

If you already have a plan in place, when is the last time you’ve reviewed and updated it? As time passes and our lives change, so do our circumstances and priorities. Here are a few key reasons that may prompt a need to revisit your plans:

• Marriage or divorce
• Birth of children
• Career promotion, sale of a business, inheritance, or other financial change
• Medical challenges
• Tax law changes
• Changes in personal views or values

Even outside of these life events, experts generally recommend reviewing your plans every three to five years to ensure that they still meet your needs.

Adding purpose to your plans

One way to make your estate planning resolution even more meaningful is by incorporating philanthropy, and amplifying your plans with a sense of purpose. Leaving a legacy isn’t just about passing along your possessions; your plans can create a lasting impact on the world. Making an estate gift to a charitable organization, such as Notre Dame, is a powerful way to support causes you are passionate about and can be as simple as making a gift through your estate or trust documents or including the organization as a full or partial beneficiary of your retirement account. Doing so may also yield substantial estate tax savings, offering an added incentive.

Consider adding “create or update estate plans” as you look over this year’s resolutions and let 2024 be the year you create a plan and legacy you are proud of.

Please reach out to our Office of Gift Planning if you would like to learn more about maximizing your impact through an estate gift to Notre Dame.