Imagine you’re attending your favorite cousin’s wedding on a beautiful fall afternoon. As the evening unfolds, you find yourself in a heartfelt conversation with an old friend of the family, Martin. Martin, now in his early seventies and always the life of the party, shares a surprisingly intimate detail of his life that changes your perspective forever.

“Just last year,” Martin begins with a serious tone, unusual for his usually jovial self, “I was diagnosed with an illness that made me rethink everything. I always thought estate planning was for the old and wealthy. But here I was, faced with my mortality, realizing that my lack of planning could leave my family in disarray.”

Martin tells you how he took action, consulting with experts to ensure his assets were secure and would support his family and his favorite charities, like Stony Brook Southampton Hospital. He describes his relief and newfound peace of mind, knowing that his wishes were clearly laid out and legally protected.

This story sticks with you as the wedding band plays into the night, a reminder of life’s fragility and the unexpected moments that prompt us to take action.

Why You Need an Estate Plan
Estate Planning isn’t just for the elderly or the affluent; it is essential for everyone, irrespective of age, health, or financial status. Life’s unpredictability—illness and accidents can occur at any age—makes it crucial to have a plan in place.

What is an Estate, and Do I Have One?
Everyone has an estate. Your estate is everything you own—your car, home, other real estate, bank accounts, investments, life insurance, furniture, and personal possessions. Whether large or modest, your estate is important.

What is Estate Planning?
Estate Planning involves making a plan in advance, outlining how your belongings should be distributed to loved ones or charities after you’re gone, and ensuring your wishes are honored in case of illness or incapacitation. By planning now, you make the execution of your wishes straightforward later on.

Estate Planning is a continuous process, adapting to life’s changes like marriage, home purchases, or the birth of children. Regular updates ensure your intentions are clear and current.

When Should I Create an Estate Plan?
The best time to start is now. Common reasons people delay include thinking they don’t own enough, they’re too young, it’s too expensive, or it’s too complicated. However, unexpected life events don’t wait, and without a plan, the state will determine how your estate is handled, often not as you would wish.

Why Should I Create an Estate Plan? OR What Happens to My Assets if I Don’t have an Estate Plan?
Without a plan, if you become incapacitated, a court will decide how to use your assets for your care—a costly and public process. Upon death without a plan, your assets will be distributed according to state law, not necessarily reflecting your desires and potentially causing hardship for your family.

Essential Components of Every Estate Plan

• Trust: Allows greater control over your asset distribution.
• Will: Ensures any assets outside of your trust are properly handled.
• Financial Overview: Keeps a record of your investments and bank accounts.
• Durable Power of Attorney: Appoints someone to handle your affairs if you cannot.
• Living Will and Healthcare Proxy: Dictate your healthcare preferences in emergencies.
• HIPAA Authorization: Allows chosen individuals access to your medical information.

The First Step is Easy
Begin by consulting with a trusted attorney to discuss your assets, care preferences, and charitable intentions. Bring important documents like property deeds and investment statements to your meeting.

Update Your Plan Regularly
Life changes such as additional children, new property, or marriage might necessitate updates to your plan. Maintain regular communication with your attorney to ensure your estate plan remains effective.

Rest Easy with the Right Plan
With a suitable estate plan, you can be confident that your wishes will be honored. Your lawyer will ensure your assets are distributed smoothly, minimizing tax impacts and avoiding family disputes.

Including Charitable Gifts
Consider including Stony Brook Southampton Hospital in your estate plan. Charitable gifts ensure your legacy of support continues and can offer significant tax benefits. Join the Jean Remmel FitzSimmons Society by including the hospital in your estate plans and help sustain our valuable work for years to come.

The Jean Remmel FitzSimmons Society honors and recognizes generous friends who include the Hospital in their estate plans. Jean Remmel FitzSimmons was a distinguished member of the Stony Brook Southampton Hospital Leadership team, an esteemed trustee whose name came to be synonymous with the institution’s annual fundraising appeal and Annual Summer Party. To learn more about making Legacy Gifts, click here. To join the Jean Remmel Fitzsimmons Society, click here to access the SHF Planned Giving Enrollment Form.

Act Now
Don’t wait to secure your legacy and ensure your wishes are respected. Contact the Foundation’s president today at (631) 283-4404 to discuss how you can include Stony Brook Southampton Hospital in your estate plan.