Preventive health care is a helpful way to maintain well-being or uncover and treat issues before they become serious. The same is true for financial health. A current estate plan is an important part of financial wellness, but more than half of Americans don’t have one.
August is Make-A-Will Month, which serves as a reminder to create, review, or update your personal legal documents. This is also a great time to consider your legacy and the philanthropic impact you can make on charitable organizations, like Holland Hospital.
JoAnne Vander Velde Brooks was deeply devoted to her family, her faith, her friends, and the Holland community where she spent most of her life. Believing in the vital role Holland Hospital plays in the well-being of the community, she named the hospital as one of the beneficiaries of her IRA. After JoAnne’s passing in 2019, an endowed fund was established at Holland Hospital in her memory to support the Holland Community Health Center—continuing her legacy of care and compassion for others.
JoAnne's thoughtful planning is a perfect example of how a well-structured estate plan can extend one's impact far beyond their lifetime. It also highlights the various ways individuals can contribute to causes they care about, as Abby Reeg, Holland Hospital executive director of fund development, explains.
“Leaving a bequest in a will or trust, or a beneficiary designation from your retirement account to Holland Hospital, is an easy way to improve the future health of the community,” says Abby Reeg, Holland Hospital executive director of fund development. “We recently had a Holland Hospital retiree create a beneficiary designation from his IRA to the Holland Community Health Center, and that entitled him to join the Holland Hospital Legacy Society.”
If you die without a will, the state will distribute your assets according to its laws. This could result in the sale of the family home or other assets. There can also be big tax consequences. These issues can impact surviving family members. There are several reasons why people put off creating estate planning documents. One is time. People often procrastinate until there is a health crisis or another life transition.
Personal Legal Documents & Designations
- Will – Specifies how your assets should be distributed after death.
- Living Trust – Helps avoid probate and manage assets during incapacity.
- Power of Attorney – Appoints someone to handle your finances if you are unable to.
- Health care Power of Attorney – Appoints someone to make medical decisions on your behalf. This is an important document for anyone 18 years and older.
- Advance Healthcare Directive (Living Will) – Outlines your medical treatment preferences.
- Guardianship Designation – Names guardians for minor children.
Plan with a Purpose: Does Your Estate Plan Need a Check-Up?
Just as preventive care keeps your body healthy, maintaining a current estate plan is an essential part of financial wellness. Estate planning is crucial for people of all ages and income levels. Updated documents protect you, your loved ones, and your life’s work, and it's also an impactful way to create a lasting charitable legacy.
If you need to create personal legal documents, check if your employer offers this as a benefit, find a local professional advisor, seek out reputable online resources, or attend Holland Hospital’s upcoming Plan with a Purpose workshop.
- Thurs, Sept 25 from 6-7 PM | Holland Hospital – Conference Room B
- Presented by Haans Mulder, Cunningham Dalman PC, Attorneys at Law.
Enjoy complimentary refreshments at this free event. Space is limited. Register online by Mon, Sept 22. With any questions, contact give@hollandhospital.org or call (616) 355-3916.
Access to local, quality health care is important. By making or updating your will and including a gift of any size to Holland Hospital, you can join the Holland Hospital Legacy Society and help improve the health of our community for generations to come.
For more information about leaving a charitable legacy at Holland Hospital, contact Abby Reeg, executive director of fund development at (616) 355-3916.