Because regardless of how much or how little you own, if you don't decide what happens to it, the government will decide for you. Estate planning is the process of providing direction for the management of your affairs in the event that you become incapacitated through an accident or illness, and at the time of your death. Every adult should have an estate plan. Click here for "Building a Legacy," our free estate planning guide.

Perhaps the greatest benefit of an estate plan is peace of mind. With a good estate plan, you can be confident knowing a plan is in place to provide for the distribution of your assets and the care of your minor children if you die or are incapacitated. By planning, you will have the peace of knowing that you are:

• Eliminating confusion—your loved ones avoid the headaches and helplessness that would result if you leave them unprepared.
• Being responsible—avoiding the financial cost and waste of your hard-earned assets that will occur if you haven't planned. Probate fees, possible estate taxes, income taxes and other costs will almost certainly be much higher.
• Being generous—by continuing to support the people and charities you currently support even after your death or incapacity.

A will—more formally called a "Last Will and Testament"—is the most common form of estate planning. This is a document that communicates your wishes for the transfer of your property to heirs, making charitable contributions to charities, naming guardians for minor children, and appointing an "executor" or "personal representative"—the person who will manage the estate. A trust—most commonly a "Revocable Living Trust"—accomplishes much the same thing as a will, but adds one important benefit: it also acts as a receptacle for your assets—think of a purse or briefcase—which you hold and control. After you die, the assets in the trust avoid probate, which can be expensive and also intrusive.

It depends on a number of factors like the size of your estate and the complexity. Some forms of planning, like preparing a beneficiary transfer don't cost anything. A simple will may be a few hundred dollars, a sophisticated trust, will cost more. But the most important thing to understand is that the cost of preparing your estate plan will be much less than the cost of failing to plan—usually thousands of dollars less. And you can't put any price on the emotional distress you will help your loved ones avoid by leaving your affairs in order.

They could end up living with someone you never wanted or intended. Failure to appoint a guardian for minor children puts this critical decision in the hands of the state—and you won't be able to even make a recommendation. Here are some guidelines on how to make a wise decision:

• Create a list. Carefully list the friends and family members who could potentially care for your children. Consider each individual's personal circumstances and style of child rearing. Pray about this list of potential guardians, and re-evaluate your decision periodically as changes occur that affect your family or your selected guardian's ability to care for your children.
• Discuss your decision. Communicate your intentions to everyone involved. Discuss your choice with your children, and, of course, with the person or persons you're considering as prospective guardians.
• Maintain a connection. A potential guardian should be a consistent part of your children's lives. Supplement their personal knowledge with updated medical information, short-term and long-term financial goals, your views on faith, college, and career planning… anything you want them to know about your desires for your children's future.

A power of attorney is a legal document which authorizes someone to act on another's behalf in financial or medical matters. It can be narrow and require "triggering" or "springing events" such as medical incapacitation or temporary absence from the country, or it can be broad, allowing unlimited authority to make decisions on your behalf. It's important to realize that the power to act ceases to exist at the death of the person who authorized the Power of Attorney. For example, someone with your power of attorney cannot go to your bank and obtain your funds after your death. A Medical Power of Attorney will allow an authorized person, usually a family member or close friend, to make healthcare decisions for an incapacitated or uncommunicative person.

Doctors are often unsure about what course of action to take when a patient is at the end of life or unable to communicate his or her wishes. It is important to let your desires be known regarding circumstances under which you want to provide or withhold life-sustaining medical procedures in the event you are in a dire and hopeless medical condition.

Some states refer to this as having a Living Will. Others have no legal provisions for Living Wills but allow medical staff to recognize "Advanced Medical Directives." Whatever the name, it is important for your physician, your family and your peace of mind that you have a legal document that expresses your wishes. This document should be a part of a comprehensive Estate Plan.

If you’ve ever thought "I wish I could do more!" then planned giving could be your key to blessing Israel beyond what you imagined was possible. Here's why: most charitable gifts are made by cash or check. But most people hold only 7% of their assets in cash. The other 93% is held in investments, real estate, business interests, and personal property. Planned giving opens opportunities for you to give from these other assets also—often in ways that will surprise you.

A planned gift allows you to extend your legacy of faithfulness. How will you be remembered? Depending on your age and life experiences, you may not have yet thought about that question extensively, but you will. There are very few things you can do to ensure that your testimony will continue to make an impact after your lifetime. And there is no more noble way to leave a legacy than to create a planned gift that will help future generations of needy Jewish people.

In addition to cash, planned gifts may be created using stocks, bonds, real estate, precious metals, business interests and many other "non-liquid" assets.

A "charitable beneficiary transfer" allows you to designate The Fellowship as the beneficiary of a bank or retirement account by completing a simple form provided by your financial institution. For example, you could complete a "beneficiary transfer form" at your bank to designate the account payable after your death to The Fellowship. There's no cost, it has no impact on your current financial situation, and it can be completed in a matter of minutes. Even though this is a simple procedure, it's very important to coordinate such a decision with your overall estate plan.

If you have planned a gift to The Fellowship, we would like to say "thank you!" We do this by making you a member of our Cornerstone of Zion Society. There is no cost involved, but it allows us to have the tremendous honor of recognizing you for your generosity.

If you're unfamiliar with Estate Planning, you're not alone! Many people need help deciding how best to ensure financial security for themselves and their heirs while supporting their favorite charity. The Fellowship has a trained staff of Planned Giving Representatives ready to help you explore your options and get you started on developing your Estate Plan.

It's up to you, of course, but there are several important reasons for you to consider letting us know. First of all, it's important for us to understand exactly how you want your gift to be used. Often we receive "surprise" gifts from estates without clear directions on what the donor would have wanted. Also, we want to know your testimony. Why is this gift important to you? What are you hopes for its impact on the Jewish people? In the future, when The Fellowship presents your gifts to Jewish people in need, we want to be able to tell your story while we share your gift. To let us know about your planned gift, please complete an Estate Gift Statement of Intention form.