We're Glad You Asked

As you move through the process of estate planning, questions may arise.
Here are a few frequently asked questions and answers.

Why should I make a Will?
A Will gives you options. It allows you to determine how you want your property (estate) distributed, name a trusted
individual as an Executor (Personal Representative) to distribute your property, name a Guardian for minor children, handle other business affairs to settle your estate (including paying any debts and taxes), set up trust funds, AND provide for
your favorite charities.

Does a Will distribute all of my property?
Some property passes to heirs outside your Will. For example, property owned jointly with another person who has rights of survivorship will pass directly to the surviving owner. Life insurance proceeds, Individual Retirement Accounts (IRAs), and pension plan proceeds go directly to the person(s) named as beneficiaries. If you placed property in a Living Trust during your lifetime, it is controlled by the provisions of the Trust and your Will has no power over the Trust.

If I have a Living Trust, do I still need a Will?
Yes. The Living Trust provisions affect assets placed in the Trust. A Will controls other assets that may not be included in the Trust, such as household furniture, clothing, etc. A Living Trust should include a “Pour-Over Will” so that any assets not specifically named in the Trust “pour over” to the Trust by virtue of the Will.

Can I change my Will or Trust once I sign the documents?
Yes. To change the provisions of a Will or Trust, have your attorney prepare a “Codicil” (amendment) to your Will or Trust. A Codicil must be witnessed following the same formalities that were used in the signing of your Will or Trust.

What is Probate?
Probate describes the court-supervised legal procedure that determines the validity of a Will and supervises:

  • The gathering and inventory of all estate assets.
  • Payment of debt, taxes, and administrative costs.
  • Distribution of remaining assets to beneficiaries. If no Will is in place, the Probate Court will follow state law in the dissolution of an estate.
Can Probate be avoided?
Yes, but to do so requires careful, thoughtful estate planning. Assets placed in a Living Trust avoid Probate, as do proceeds from life insurance policies, IRAs, and pension plans. Jointly owned assets with rights of survivorship are not subject to Probate.

What are the main responsibilities of an Executor (Personal Representative)?
An Executor’s duties include collecting and providing an inventory of all estate assets, paying debts, taxes, and other costs associated with estate administration, and supervising the distribution of the remaining assets to the named beneficiaries. This important role should be assigned to someone who is trustworthy and honest.

How can I benefit a charity through my Will or Living Trust?
You can state the amount or percentage value of your estate you wish to provide to Bethany or another favorite charity in your Will or Living Trust. It is important that correct language and the legal name of the charity be used. See the “Sample Gift Wording” section below for the correct language regarding Bethany.

Sample Gift Wording
Specific Bequest
I give, devise, and bequeath $_____________ to Bethany* Christian Services, Inc., 901 Eastern Ave NE, PO Box 294, Grand Rapids, MI 49501-0294, for its general uses.

Percentage of Estate
I give, devise, and bequeath ________% of my estate to Bethany* Christian Services, Inc., 901 Eastern Ave NE, PO Box 294, Grand Rapids, MI 49501-0294, for its general uses.

Rest, Residue, and Remainder of Estate
All the rest, residue, and remainder of my estate, both real and personal, wherever situated, I give, devise, and bequeath to Bethany* Christian Services, Inc., 901 Eastern Ave, NE, PO Box 294, Grand Rapids, MI 49501-0294, for its general uses.

Specific Property
Please contact Bethany Christian Services’ Office of Planned Giving about how to best accomplish your desire to give specific property.

Beneficiary Designation
Bethany Christian Services may be named as a beneficiary in your life insurance, IRA, or other retirement plans. Consult your qualified agent or representative concerning completion of a beneficiary designation form.

*Your gifts can be designated to the Bethany Christian Services branch of your choice.
In the language of your bequest simply state: “Bethany Christian Services of [location].”