Planned Giving Spotlight: Mary Verstraete
“I have always been a saver, waiting on that rainy day. I don’t expect the worst to happen, but I do like to be prepared in case something does. It’s like buying a car or home or health insurance, you don’t like paying that money, but boy are you relieved it is there when you do get into an accident, have a fire, or need surgery. Financial planning for the future is also like that, trying to predict what will happen to you in the future.
I started thinking about preparation for the future when I was in my 40s and wish I’d done it sooner. I hired a financial planner and together we charted out what I might need after I retired. Finances were planned for everyday living as well as other issues that might arise; long-term care, health issues, etc. I felt comfortable with our plan and still do now that I am retired. When my parents passed away, their wills and the trust they had in place made life so easy for my sister and I to distribute their wealth as they wanted. I soon realized I needed to have plans of my own for after death and as such, needed to determine where my remaining finances might be distributed. These are times when you need to dig deep and decide what type of legacy you want to leave behind and who you would like to support financially.
For me personally, my career as an academic made my first choice an easy decision. I wanted to support college students through their academic careers and so-named endowed scholarships have been set up to take advantage of my remaining finances and to leave a legacy at the institutions I support. Next, I wanted to ensure that charitable organizations I felt passionate about received a portion of my estate. My immediate thoughts went to Habitat for Humanity of Summit County (HFHSC). I have been a long-time supporter of HFHSC and I can’t think of another organization I feel quite so passionate about. I don’t want my passing to end my commitment to supporting them, so I have made arrangements for HFHSC to also receive a percentage of my estate.
As important as setting up a will or trust, is making sure you have someone who will distribute your estate according to your wishes. Using an estate attorney and/or setting up a Power of Attorney will ensure your wishes are met. However, many people forget to inform the organizations listed in their estate of their wishes. Even if the thought of being an anonymous donor is appealing; it is still important to notify the organization. This is so important for the organizations so they can make plans accordingly. I am comfortable that I have finances available to me during my retirement and as I age, but I am also very happy that if I do not need to use these resources, I will leave a legacy to continue my philanthropy.”
Learn more about planned giving here: https://myhabitatlegacy.org/
Visit our Donate page for more information: https://www.hfhsummitcounty.org/joinus/donate/