By Jim Bennett, Vice President of Philanthropy, Montana Community Foundation

Think about the places and people in Montana that have shaped your life. Perhaps it’s the town where you raised your family, the local rodeo or fair that makes summer special, or a local nonprofit you’ve supported for years.

As you plan for your family’s future, you can also help those parts of Montana thrive for the next generation.

That begins with making your wishes clear. National Estate Planning Awareness Week is October 19 through 25. This comes on the heels of August’s Make-A-Will Month. A reminder to make a will is good advice, but a thoughtful estate plan usually involves more than a single document. Taking a little time to understand how a will and estate plan work together can help you care for your loved ones and continue supporting the causes you value.

Look beyond your will

Your estate includes the things you own, such as your home, savings, investments, and other property. An estate plan provides instructions for what happens to those assets after you're gone. Consider it a playbook for your loved ones to follow and to ensure your priorities are clear. 

Some assets follow the instructions in your will. Others, including retirement accounts and life insurance policies, generally go to the beneficiaries named on the account or policy. A beneficiary is simply the person or organization you choose to receive that asset.

That distinction matters. Updating your will generally does not change the beneficiaries on those accounts. Reviewing both with your advisors helps ensure your plans reflect your wishes today.

Make room for the Montana you love

At the Montana Community Foundation, our Strive for 5 campaign encourages Montanans to consider leaving 5% of their estate to the causes they care about in our state.

The idea is simple: you can provide for the people you love while also leaving something to strengthen your community. You don’t have to be wealthy to participate. Gifts of different sizes can work together to support Montana’s future.

Picture what you would like your gift to make possible. A student learning a trade. A community gathering place remaining open. A nonprofit continuing work you believe in.

Through Strive for 5, you can create an enduring legacy.

Choose how your giving will continue

There are several ways to include a charitable gift in your plans. You might leave a dollar amount or a percentage through your will or trust. For instance, Strive for 5 by leaving 5% of your 401(k). You could also name a charitable organization as a beneficiary of a retirement account or life insurance policy. Your attorney and financial advisor can help you choose an approach that fits your circumstances.

MCF can help connect that gift to your goals. You might support an existing fund, plan a scholarship, or establish a fund that benefits a favorite nonprofit or your hometown.

An endowed fund offers a way for your generosity to continue over time. The gift is invested, and a portion of the fund’s value is distributed each year to support its charitable purpose. Some qualifying gifts allow you to receive tax credits through the Montana Endowment Tax Credit. That means one planned gift can provide ongoing support for the people and places you care about, while receiving tax savings.

Begin with what matters to you

You don’t need to arrive with every decision made. Start with a few questions: 

How do I ensure my family is cared for while planning my giving?

How do I know my charitable wishes will be honored? 

What impact do I want my legacy to have?

Then bring those questions to a conversation with your attorney, financial advisor, and our team. Together, we can help you explore your charitable options and put your intentions into a workable plan.

The care you have for Montana can reach beyond your lifetime. A thoughtful plan helps make that possible.

To start a conversation, contact Jim Bennett at giving@mtcf.org or 406-443-8313, or explore Strive for 5.