Your estate plan tells a story about the people and charitable organizations that matter most to you.
While legal documents transfer property, they can also reflect your values and the legacy you hope to leave. Thoughtful estate planning doesn’t have to be complicated, regardless of your financial circumstances. It can provide peace of mind for you, clear guidance for loved ones, and the opportunity to support charitable causes close to your heart.
Even a well-crafted estate plan should be reviewed periodically to ensure it reflects changes in your family, finances, or priorities. Whether you are creating a new plan or updating your existing plan, the following considerations can help clarify your priorities and prepare you for meaningful conversations with your advisors. By thinking about each question, you can begin building or refining a plan that reflects your wishes, provides for the people you love, and puts your values into action. Denver Health Foundation can also help you explore ways to make a charitable gift part of your plans.
1. What do I want to accomplish?
Imagine the legacy you want to leave and make notes about what it might look like. Before your advisors can help you with the details, it’s important to think about your goals and priorities. Consider which oved ones and organizations you want to provide for and how you want your assets distributed (whether all at once, or over time). Consider any unique care and financial needs among minor children, members of a blended family, or dependents with special needs.
2. Who can help me build my estate plan?
You don’t need to have every detail figured out before contacting Denver Health Foundation. A planned giving officer can help you clarify your goals, explore charitable giving options, and develop a strategy that works for you. When needed, you can then work with legal, financial, or tax advisors to implement parts of your plan.
3. Who will carry out my plans?
You can choose trusted people or qualified organizations like Denver Health Foundation to carry out your wishes after your lifetime or during a period of incapacity. Depending on your situation, you may want to name:
- An executor to administer your estate
- A trustee to manage trust assets, if applicable
- An agent to handle financial or medical decisions upon incapacity
- Guardians for minor children or dependents
- Choosing the right people or organizations to carry out your wishes provides clarity and support for your loved ones during an important time.
4. Are my beneficiary designations and estate documents aligned?
Certain assets, such as life insurance policies and retirement accounts, allow you to name beneficiaries through a designation form. These designations often override instructions in a will or trust, making it important to coordinate them with your estate planning documents. Outdated forms or beneficiary designations that conflict with your will can result in your assets passing to unintended recipients. Regularly reviewing these designations helps ensure they remain accurate and reflect your current plans and priorities. Your legal and financial advisors can help you review and coordinate these documents.
5. Have I accounted for my digital assets?
Digital assets include your online accounts, electronic files, digital photographs, website domains, cryptocurrency, cloud storage, and social media accounts — all of which may have financial or personal value. Without clear instructions and proper authorization, valuable assets may become inaccessible and lost after your lifetime or during a period of incapacity. Take time to inventory your digital assets, outline how they should be managed and by whom, and seek legal advice on how to incorporate them into your overall estate plan.
6. How should I carry my values forward beyond my lifetime?
Including a charitable gift in your estate plan is a way to leave a legacy and support organizations like Denver Health Foundation that are close to your heart. When considering a charitable gift, reflect on which organizations have been meaningful in your life and the impact you would like to create. Consider how you would like your gift to be structured. Options may include a percentage of your estate, a beneficiary designation on your retirement account, or other giving arrangements. Charitable giving also does not have to come at the expense of providing for loved ones; many estate plans effectively accomplish both. When thoughtfully planned, these gifts can create an enduring difference while offering potential tax benefits.
Taking time to consider these questions and talking with a DHF planned giving officer can help ensure your estate plan reflects the people, purposes, and values that matter most to you.
To learn more, contact:
Tina Kvitek
Planned and Annual Giving Manager
Denver Health Foundation
303-602-1410
Tina.Kvitek@dhha.org
