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Planning your legacy of faith A Believers Guide to Wills & Trusts 901 Commerce Street, Suite 600 Nashville, TN 37203 toll-free (800 2458183 www.sbfdn.org Planning for the Future A Believers Guide

How to fill out planning your legacy of

How to Fill Out Planning Your Legacy:

1. Start by assessing your assets and liabilities: Take stock of everything you own, including property, investments, bank accounts, and any outstanding debts or liabilities. This will give you a clear picture of your financial situation.
2. Identify your beneficiaries: Determine who you want to inherit your assets after you pass away. This may include family members, friends, or charitable organizations. Be specific about how you want your assets distributed among them.
3. Choose an executor: Select a reliable and trustworthy person to be the executor of your estate. This person will be responsible for carrying out your wishes and overseeing the distribution of your assets.
4. Create a will: A will is a legal document that outlines how you want your assets distributed and who will be responsible for the process. Consult with a lawyer to ensure your will is valid and complies with the laws of your jurisdiction.
5. Consider establishing trusts: Trusts can provide added protection and control over your assets. They can be used to manage assets for minor children, individuals with special needs, or to protect your wealth from excessive taxes or creditors.
6. Plan for incapacity: Include provisions in your legacy planning for situations when you may become incapacitated or unable to make important decisions. This may involve creating a power of attorney or appointing a healthcare proxy to make decisions on your behalf.
7. Review and update regularly: It's important to periodically review and update your legacy plan to reflect any changes in your life circumstances, such as marriage, divorce, birth of children, or changes in financial situation. Regularly reviewing your plan ensures it remains up-to-date and aligned with your current wishes.

Who Needs Planning Your Legacy:

1. Individuals with significant assets: If you have substantial wealth or valuable assets, it is important to have a comprehensive legacy plan in place to ensure the smooth transfer of assets to your chosen beneficiaries.
2. Families with minor children: Planning your legacy is crucial for parents with young children. It allows you to designate guardians, establish trusts, and ensure the financial well-being of your children should something happen to you.
3. Business owners: If you own a business, legacy planning is essential to ensure a smooth transition of ownership and management after your passing. This can help protect the financial stability and continuity of your business.
4. Individuals with specific philanthropic goals: For those who wish to leave a lasting impact or support charitable causes, legacy planning provides the opportunity to direct their assets towards philanthropic endeavors.
5. Anyone concerned about their end-of-life decisions: Legacy planning goes beyond financial considerations. It allows individuals to plan for healthcare decisions, funeral arrangements, and other end-of-life choices, providing peace of mind for themselves and their loved ones.

It is recommended to consult with a financial advisor or estate planning attorney to get personalized guidance for your specific situation.

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What is planning your legacy of?

Planning your legacy is a process of organizing and documenting your wishes for your assets and personal affairs after you pass away.

Who is required to file planning your legacy of?

Anyone who wants to ensure their final wishes are carried out as they intended is encouraged to create a plan for their legacy.

How to fill out planning your legacy of?

You can fill out planning your legacy by gathering all relevant information about your assets, debts, beneficiaries, and wishes, and documenting them in a legal document such as a will or trust.

What is the purpose of planning your legacy of?

The purpose of planning your legacy is to ensure that your assets are distributed according to your wishes, minimize potential conflicts among beneficiaries, and protect your loved ones.

What information must be reported on planning your legacy of?

You must report information such as your assets, debts, beneficiaries, executor of your estate, and any specific instructions you have for the distribution of your assets.