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planned giving and trust ser vices Part 3 of 3 Death and Debt 101 “‘I direct my executor to pay out of my estate all my debts, funeral expenses, estate administration fees, and taxes that may be due,’” quoted the Planned Giving director. “This is generally the next typical will clause. 1 “What happens if a person doesn’t leave enough money to pay all their debts?” asked the director. “Let’s consider Martha, a single mother of three who died suddenly at age 53, leaving only her Canada Pension Plan Death Benefit of approximately $2,000.” 2 Looking at one of the seminar attendees, the director asks, “Rosalie, ON THE ROAD WITH Rebecque Johnson Becky how could Martha have provided the money to pay the remainder of her funeral costs, the final rent, utility and household bills, the balances owing on loans and credit cards, and final income taxes, if any?” “I don’t know,” Rosalie said. “She couldn’t have saved much while raising three kids by herself.” “That’s true,” replied the director. “Does anyone have any ideas?” Susan’s hand went up. “I think a life insurance policy would have been a good way to take care of Martha’s expenses.” “Yes,” the director agreed. “One way to have enough money at death is to buy life insurance. The payout is usually very quick, and because insurance money does not go through the will, there are no taxes to be paid. Also, you can purchase only the amount of insurance that you or your family would need if you were to die. “Sadly, because Martha did not plan ahead,” the director finished, “her three young adult children were forced to share the burden of Martha’s last expenses.” n 1 Wills Seminar topics are currently continuing from month to month. For Canada Pension Plan Death Benefit information, see “Death Benefit” on the Government of Canada’s website, Or search “Canada Pension Plan Death Benefit.” 2 If someone delivered a big bouquet of flowers to you, but there is no name, what would you do? AT THE MOUNT HOPE AND ALDERGROVE CHURCHES IN BRITISH COLUMBIA. Stephanie Schafer: First of all, I would probably think that it was from Todd. But if it turned out to not be from him, I would wonder and wonder and wonder. . . . I would probably feel greatly encouraged that someone loved me and had thought of me. I would thank God for His lovingkindness! Pam Wahl: I would place them out for all to see and be proud of their beauty and thank everyone I see! I would hope the giver would hear somehow of my appreciation. Anne Toope: I would automatically wonder who the giver was and whether it was a man, and if it was, whether he was cute. I would also be wondering what I did right, or even if it was a mistake! M Apr i l 2 014 11