What If You Die Without a Will?

 

Do you know what happens at death if you have no will? Generally state law dictates what happens to your remaining wealth – your investments, house, vacation property, etc. If you live in Wisconsin then Wisconsin law dictates what happens, but if you own a second residence out-of-state, then that state’s laws may be relevant as well. An exception exists where you have already dictated where certain assets go – for example, the beneficiary of an IRA or an insurance product.

Without a will several unintended results can occur:

There may be no direction as to who will raise minor children and who will manage the remaining assets on their behalf.
Final distribution of estate assets is greatly delayed when handled by the courts.
Sizeable wealth may be left to young adults who are unable to responsibly manage the wealth.
Legal costs of administering the estate are higher.
There is no legacy – nothing goes to your church or to other charitable causes that may be dear to your heart.

So with all these negative consequences why do people die without a will? Younger people think they’re too young to worry about such matters. Others don’t want to incur the legal costs, while others simply don’t want to think about this unpleasant event. Many don’t realize the amount of wealth they have accumulated. Yet we all know death can occur at any time and we need to be prepared. Others are relying on us.

1impact Community Endowment Fund is a permanent fund established to provide financial assistance to others in our community and church body in purposeful and enriching ways. This fund is separate from the operating fund used to run daily and normal operations of the Church. The purpose of the 1impact Community Endowment Fund is to receive gifts and bequests for the further growth of our church and the mission and ministry of the Church – to connect people to life in Jesus!

An Endowment fund is designed to preserve the principal and use the earnings to fulfill our mission. The Fund provides a permanent source of support. Please consider including our endowment fund in your will.

Part of making a charitable bequest is demonstrating your values and beliefs to your family, reinforcing what you have done during life and setting an example of kindness to people you may never know, but wish to assist. You become an immortal philanthropist.

Interested in hearing more? Contact anyone on the 1impact Endowment Fund committee: Rich Frohmader, Peter or Candi Huebner, Cindy Simon, Jim Haas, Brian Wilmot, or Pastor Jeff. Your conversations and decisions always are kept in confidence. We can refer you to attorneys in the area or help your existing attorney add the endowment fund to your will. We also have a gift planner on retainer who provides free advice. Please feel free to call any of us.

The good man brings good things out of the good stored up in his heart. Luke 6:45

Rich Frohmader, Partner with Baker Tilly Virchow Krause, LLP, has been with the firm since 1989. He is a Manufacturing/Distribution Services Group Tax Partner and a member of the Baker Tilly Renewable Team. Rich previously served as the Firm’s Tax Director. He has over 30 years of public accounting experience, including over ten years with an international firm.

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