Should Estate Planning Be Called Life Planning?

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When you hear the phrase "estate planning," what comes to mind? Something that's done by railroad and hotel tycoons, perhaps? Maybe that reference is a bit dated. Today, a social network founder or reality star may come to mind.

The truth is, distributing your assets after your lifetime is called estate settlement. Deciding in advance how you want this done is estate planning. So now what comes to mind when I say "estate planning"? Maybe your home, car or retirement account?

Perhaps a better term for estate planning is "life planning" or even "in-case-of-emergency planning." When you don't plan your estate, you are taking a risk by not having your paperwork in order. After all, many of us never get around to it. Most estimates show that half of all Americans die without a will, and that means the state in which you live will dictate how your property is distributed.

That's why Gustavus Adolphus College is reminding you to take the first step in planning your estate by learning how to create or update your will. It is the single most important legal document you can own, and with the help of a good estate planning attorney, it may be easier to set up than you think.

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Find tips for creating your will in our free guide.

The official legal bequest language for Gustavus Adolphus College is: "I, [name], of [city, state, ZIP] give, devise and bequeath to Gustavus Adolphus College [written amount or percentage of the estate or description of property] for its unrestricted use and purpose [or specify purpose]."

A will not only protects your family's future, but it can also protect our future if you decide to give a portion of your assets to Gustavus. Please contact Jackie Peterson at 507-933-7543 or jpeters9@gustavus.edu for more information.