Learn more about legacy planning
Answers to your questions about creating a will
“Commit to the Lord whatever you do, and he will establish your plans.”
Proverbs 16:3
We’ve put together this list of common questions about legacy planning, wills, and estates.
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A legacy plan is a thoughtful, prayer-filled discernment process that communicates how your most closely held values, including your Christian faith, can be passed on to the next generation.
A legacy plan includes legal documents (wills and trusts) that distribute property upon your death and provide for the care of minor children. A legacy plan can also include a written summary (sometimes called a legacy love letter or ethical will) of your most cherished values — values you want your loved ones to know and understand.
The way you choose to design your legacy plan communicates what’s most important to you. When you include a gift in your will to the ministries aligned with your passions, you make a clear declaration to your loved ones about the work that Christ has done in your life and what you want your legacy to express.
A will is a legal document that outlines how your property will be distributed upon your death.
A bequest is a gift of money or property distributed through your will. You can bequeath a gift to your heirs, friends, or to a charity.
A will is part of an estate plan. Details to keep in mind:
- A will deals with the distribution of your assets after you pass away. It can also be used to name guardians for your children.
- Your estate plan should include a health care power of attorney—sometimes called an advanced directive—which names an individual who can make medical decisions if you are incapacitated.
- Your estate plan should also identify a financial power of attorney, which names an individual who can direct and manage your finances if you become incapacitated.
- Some estate plans also include revocable living trusts to provide additional options to protect your assets.
Basic wills created with the help of an attorney can cost anywhere from $800-$1,000.
If you do not have a will, the state would determine (without your input):
- Who will be the next steward of your resources
- Who will care for your young children
- Who will administer your estate
Consider these top 10 reasons to update your will:
- Marriage or divorce
- New baby, adopted children, or stepchildren
- Moving to another state
- Changing your mind about heirs
- Major changes in property ownership or financial assets
- Changes in estate planning and estate tax law
- Death or disability of someone named in your will
- Children have reached the age of 18
- You would like to provide for your favorite ministry organizations
- It has been three years or more since you have reviewed your will