Your Estate Planning
Inheritance decisions can be made easier when you have gathered the right data and information. This can be thought of as three lists—one each for people, property, and plans.
PEOPLE
The first list should be made up of those individuals that you believe should receive some type of inheritance from your estate—but which people?
In 1 Timothy 5, Paul gave some important instructions to a young minister—and while he probably was not thinking about estate planning—there is a very important principle found in the chapter. The principle is that we, Christians, have a priority to care for those who are dependent upon us for the needs of life. Paul specifically refers to widows and the members of our households—assumed to be spouses, children, and others in our care.
Parents (especially widows), minor children, spouses, and other individuals can all be dependent upon our financial and/or other care. This is a great place to start your list—who is dependent upon you? While you are at it, why not consider if any of the ministries you support (your church, missions, etc.) are also dependent upon you financially.
What if you have few—even none—who are truly dependent upon you? Can you still leave them an inheritance from your estate? Sure. Just follow God’s lead, “For God so loved the world, that He gave…” (John 3:16, ESV).
A good list, be it short or long, will include those you choose to benefit from your estate because of your love for them and/or their dependence upon you. Your list may be limited to individuals (relatives or otherwise), or may include your church and other organizations that you support.
PROPERTY
The second list should be a list of all the assets God has entrusted to you. The goal here is to compile a clear understanding of:
- The assets (which make up your estate) God has entrusted to you (cash, real estate, retirement funds, business assets, life insurance, personal property, securities)
- When the assets were acquired
- What you paid for each asset when you acquired it
- The approximate value of each asset today
- How the assets are titled
PLANS
The final list is your current thinking of how you would want the property to pass to the people on your list when you no longer need it:
- Does the property get sold—converted to cash and then distributed? Or distributed in-kind as it is?
- Should all members be treated equally? Or is it okay to give different amounts?
- At what age can I stop supporting my children?
- What about taxes?
- How do I put my church and ministries in my plans?
Of course, certain types of property may make better assets to give to individuals, and other types may be more efficiently given to your charities. Getting your lists started is a crucial step to achieving a quality plan that honors God, and cares for your people.
Need a Little Help?
Though getting an estate plan in place can be simple—it does not mean it is always easy. Therefore, we have created a resource for you—offered without cost or obligation.
You can download a free copy of Your Estate Planning Guide below. With this organizational tool, you can more easily list your people, organize the information about your property, and think through your plans for inheritance. Of course, if you still feel a bit stuck, we can connect you with experienced professionals who have helped thousands of Christians through this process.
