In a nutshell, estate planning is really what you want done with what you own.
The good news is that you can provide for ministries, missions and loved ones important to you by taking simple steps now. Creating your plan for the future can be easy and even enjoyable.
While an attorney should always draft your will, we can help demystify the process and prepare you for meeting your attorney with these simple steps:
1. ITEMIZE YOUR ASSETS:
Take a piece of paper and draw a line down the middle. On the left side, write something you own. On the right side, write the name or names of the person(s) you wish to receive that item or asset.
2. ORGANIZE YOUR ESTATE:
Make the process of organizing your estate and plans even easier by downloading our free wills guide. This fill-in-the-blank guide walks you through the process of gathering information about what you own, your family, and your goals.
3. WRITE DOWN QUESTIONS:
Consider practical questions, such as,“If I give my house to my adult son and my adult daughter, what will they do with it?” If you come up with a question that you can’t seem to find a solution for, make a note to ask your attorney.
4. REVIEW YOUR PLANS:
You can give some assets to family right away and others over time. Ask us how you can provide an income stream or a lump sum to a loved one and achieve your personal and inheritance goals.
5. CONSIDER MINISTIRES & MISSION:
Remember to include any ministry & mission that are important to you in your plan. If you have given during life, then consider providing for these organizations through your estate. Ask us about plans like charitable remainder trusts and gift annuities that can help your family and support ministry & mission.
6. VISIT YOUR ATTORNEY:
Bring the information you have gathered and questions to your attorney. Your attorney can draft a will or trust that will achieve your goals. You complete the plan through a simple signing process.
7. UPDATE YOUR PLAN:
Update your estate plan as your life changes. Marriages, births, and deaths are all events that may make you want you to revise your plans.
As always, an attorney should be present whenever you make changes to a will or trust. This article is Copyright © 2020 Crescendo Interactive, Inc. Used by permission.
Take a piece of paper and draw a line down the middle. On the left side, write something you own. On the right side, write the name or names of the person(s) you wish to receive that item or asset
prepare you for meeting your attorney with these simple steps: