Planning for the future is something many people intend to do “someday.” Yet for many families, that day keeps getting pushed further down the road until an unexpected life event makes planning far more difficult.
That’s why August’s Make-A-Will Month serves as an important reminder to create, or review, your estate plan.
Daniel Esparza, Esq., Secretary of the Sun Health Foundation Board of Trustees and Chair of the Foundation’s Council of Professional Advisors, encourages individuals and families to view estate planning as an act of care for the people and causes they value most.
A will is more than a legal document. It is a way to ensure your wishes are honored, your loved ones are cared for, and your legacy reflects the values that matter most to you.
Why a Will Matters
A will outlines how you want your assets distributed after your passing. Without one, state law determines how your estate is divided, which may not align with your personal wishes.
“A will is saying what you want to have happen instead of allowing the default to happen,” Esparza said. “One of the biggest misconceptions is that wills are only for wealthy people. The reality is that estate planning can benefit nearly everyone, regardless of the size of their estate.”
Having a current will can help simplify the estate administration process, reduce uncertainty for family members, and provide clear direction during an already emotional time.
Estate Planning Is About More Than Assets
While many people think of estate planning as simply deciding who receives their belongings, a comprehensive estate plan can include much more.
It may also address healthcare decisions, powers of attorney, beneficiary designations, and other important legal documents that help protect you and your loved ones throughout your lifetime.
Most importantly, estate planning gives you the opportunity to make intentional decisions rather than leaving those decisions to state law.
Creating a Lasting Legacy
Estate planning also offers an opportunity to make a meaningful difference through charitable giving.
For many individuals, leaving a charitable gift through a will or estate plan is a way to support causes that have made an impact on their lives while creating a legacy that extends well beyond their lifetime.
“Leaving a charitable gift provides an opportunity to support an organization you’re passionate about,” Esparza said. “It allows you to be part of something lasting and helps ensure your values continue making a difference for future generations.”
The size of the gift is less important than the intention behind it.
Whether you choose to leave a specific dollar amount, a percentage of your estate, or another planned gift, every contribution can help strengthen the organizations and communities you care about.
Giving While You’re Living
Estate planning can also create opportunities to support charitable organizations during your lifetime.
“Using required minimum distributions or other planned giving strategies may provide an opportunity to support an organization while also offering potential tax benefits,” Esparza explained. “Perhaps even more rewarding, you have the chance to see the impact of your generosity firsthand.”
Working with an experienced estate planning attorney and financial advisor can help you determine which giving options best align with your financial goals and charitable interests.
Depending on your situation, options may include:
- Charitable bequests through your will
- Beneficiary designations
- Charitable endowments
- Donor-advised funds
- Qualified charitable distributions from retirement accounts
Each approach offers different benefits, making professional guidance an important part of the planning process.
Review Your Estate Plan Regularly
Creating a will isn’t a one-time task.
Life changes and your estate plan should change with it.
Esparza recommends reviewing your estate plan every three to five years, or sooner if you experience a significant life event, such as:
- Marriage or divorce
- The birth or adoption of a child or grandchild
- The death of a spouse or beneficiary
- Purchasing or selling significant assets
- Retirement
- Changes in tax laws
- A desire to support new charitable causes
Keeping your documents current helps ensure your wishes continue to reflect your life today.
Planning Today Provides Peace of Mind Tomorrow
Estate planning isn’t simply about distributing assets, it’s about protecting the people and causes you care about most.
By taking the time to create or update your will, you can provide clarity for your loved ones, preserve your legacy, and ensure your values continue to make a positive impact for years to come.
For more than 60 years, Sun Health Foundation has helped advance healthcare, wellness, education, and innovation throughout the West Valley. Through planned giving, many generous supporters have chosen to leave a lasting legacy that helps strengthen the health and well-being of future generations.
To learn more about estate planning, planned giving opportunities, and creating a charitable legacy, visit our Planning Your Legacy page. To request a complimentary Estate Planning Kit and/or a confidential conversation with our planned giving team, call (623) 471-8470.
