Where There’s a Will, There’s a Way: Key Takeaways from Our Recent Webinar
YWCA Delaware recently hosted an educational webinar, Where There’s a Will, There’s a Way, with Elizabeth Darling, WMCP, Edward Jones, and Jaclyn Quinn, Esq. from the Delaware Community Reinvestment Action Council, Inc., to help individuals and families better understand the importance of estate planning. The session featured expert presenters who shared practical guidance on how to prepare for the future.
Here are some highlights from the discussion, presented in a Q&A style:
Q: Who needs a will — is it only for people with a lot of money?
A: Estate planning is for everyone. Regardless of income or wealth, every adult should have three essential documents:
A will to outline how your assets and belongings will be distributed.
A healthcare directive to guide medical decisions if you cannot speak for yourself.
A power of attorney to give someone authority to handle your financial or legal matters if you become unable to.
Q: What are some common goals of an estate plan?
A: While most people think only about money or property, estate planning can address much more. Goals may include:
Naming guardians for minor children or dependents.
Supporting a charity that matters to you.
Planning for taxes and business succession.
Ensuring your family has quick access to accounts and resources in times of need.
Q: What role do beneficiary designations play?
A: Beneficiary designations on financial accounts (like bank or retirement accounts) can override what’s written in your will. If no beneficiary is listed, those assets may have to go through the probate process, which takes more time and can delay access for loved ones. Regularly reviewing and updating your account designations is just as important as keeping your will up to date.
Q: How often should you update your will and documents?
A: Experts recommend reviewing your estate plan every few years and after major life changes such as marriage, divorce, the birth of a child, or purchasing property.
Q: What’s the human side of estate planning?
A: One of our speakers reminded participants that creating an estate plan is “the kindest and most generous thing you can do for the people you love.” It provides clarity, reduces stress, and ensures your wishes are honored.
At YWCA Delaware, we believe financial literacy and planning are key parts of empowering individuals and families. We hope these takeaways encourage you to take the next step in securing your legacy.
Interested in starting a will?
As a thank you for being a friend of YWCA Delaware, FreeWill is delighted to help you create your legal will. It’s 100% free to you, and most people finish in 20 minutes or less. You can use this to complete your plans, or you may choose to use the same tools to get your affairs in order before visiting an attorney (who is likely to have a fee associated with finalizing your plans). You can even choose to leave a lasting legacy to YWCA Delaware with a planned or estate giving bequest in your will.
Want to view the full webinar?
Have a question for Where There is a Will, There is a Way, guest speakers? Reach out to them directly.
Elizabeth Darling, WMCP
Financial Advisor, Edward Jones
Contact Elizabeth
Jaclyn Quinn, Esq.
Deputy Director, Delaware Community Reinvestment Action Council
DCRAC Law | Delaware Community Reinvestment Action Council