By Jon Dize, CFRE
Director of Operations & Legacy Giving
You may think that wills are just for the wealthy and that you don’t have “enough” to create a gift plan. But, it’s not true. Wills are important for everyone, and the time is now to set one up if you haven’t already done so.
A will, also known as a last will and testament, is a legal document that outlines your wishes regarding the distribution of your assets (everything that you own) after you are called home to heaven. It allows you to specify who will inherit your property and in what proportions, designate an executor to manage the estate (someone who organizes who gets what and when after your death, i.e. Power of Attorney), and address other important matters, such as charitable donations or funeral arrangements.
As you begin to plan or review your current will, you should examine all of your assets and write down what they are (and where they are at). You should also check and update your beneficiary designations at least every decade and after all major life events, such as marriage or divorce, moving to a different state, new grandchildren, etc. These beneficiary designations would be found in your 401K accounts, life insurance plans, etc. We can recount several cases where a former spouse was still the listed beneficiary in their retirement plan, and how surprised their current spouse would have been if something happened to them before they reviewed their plans!
In today’s world, your list of assets are often far greater than just your checking or savings account. In fact, you probably have more items of value (and sentimental value) than you think. You want to ensure that the right person gets your grandmother’s engagement ring, or that someone takes the box of your genealogy research so that it’s not misplaced or accidentally destroyed. It’s also important to have this conversation between spouses so that your spouse is designated on all of your accounts, property, and vehicles and has access to important information, such as passwords, account numbers, billing information, etc.
After compiling your list, you should decide who you want to benefit and enjoy these items in the future, including children, grandchildren, your church, and ministries and charities that have meaning to you. All of God’s children possess gifts provided by the Almighty, and even the humblest gifts can make a positive impact. Remember what Jesus said about the Widow’s Offering in Luke 21?
Your plans should also include Powers of Attorney (as we said, someone to execute your will after your death), Advanced Healthcare Directives (such as who will make healthcare decisions if you cannot and the extent of treatment that you would like in certain circumstances), and even pre-planning of funeral arrangements.
A valid will must meet specific legal requirements, such as being in writing, signed by the testator (the person making the will), and witnessed by witnesses who are not beneficiaries. Attorneys and estate planners will work with you through this process. Also, please know that if you wait or decide not to have a will, then your local state will most likely create a will for you, which may not match up with your plans for caring for your family after you are gone.
While some of this may seem daunting to you, perhaps the greatest reason to have a plan and to keep it all updated is for your Peace of Mind. It will be comforting to know that, once you’re called home to heaven, your assets will be distributed exactly as you wish. Think of it this way: By creating a gift plan for tomorrow, you’ll be giving yourself the gift of peace of mind today.
As you make your plans, don’t forget to pray and reflect on God's plans for you, as well.
If you don’t know where to start, contact us, and we can connect you with a valued professional partner that can help you meet your goals. We also strongly encourage you to discuss your plans and goals with your family now while you still can share your hopes and dreams for the future.
HELP IN WRITING YOUR WILL
During the month of August, Worship Anew is helping our faithful readers to create a will during Write a Will Month. If you are willing to include a gift to a charity, such as the ministry of Worship Anew, we can provide resources to help you complete these documents for free!
If you live in the greater Fort Wayne area, we will have attorneys willing to create these documents with pre-set appointments during the month of August. Contact us at (888) 286-8002 or Legacy@worshipanew.org to find an appointment that works best for your schedule. If you live in other parts of the country, please contact us, and we can help to find a suitable attorney in your area.
Please note that if your situation requires more advanced work than a typical simple will, the attorney will advise you of any potential costs.
