We all have heard we should have a will. But we may not know specifically why we should have a will. We know it is important and yet it never seems to even make it to our overflowing “tasks” list of more pressing day-to-day priorities requiring our attention. It never seems urgent until it is. The reality is it is always urgent because we don’t know what tomorrow will bring.
When I was starting out and seemingly had no assets and no children, I didn’t think I needed a will. I have since learned that we all need a will no matter where we are in life. Accidents happen, insurance claims are paid, and suddenly decisions must be made about this unexpected income to an estate. Written direction from a loved one helps those handling the details to navigate through confusing and unfamiliar processes.
There is a saying that says, “If you don’t have an estate plan, the government has one for you.” It is true there are laws that indicate how an estate is to be distributed when a person dies without a will (intestate). Likely some of these laws do align with your wishes and some do not. Having a will helps each of us to fulfill the directive to be good stewards and take care of all that we have been given.
In my work, I see the estate planning process play out from beginning to end. The decisions and document process do take some thought and time, but folks are so relieved when it is completed and are often surprised that it was easier than they expected.
A Last Will and Testament allows an individual to:
- Determine what assets will be given, to whom, and how much.
- Provide for the needs of your spouse or other loved ones.
- Decide who will raise your minor children and who will manage their financial needs.
- Help children, grandchildren, or nieces and nephews with educational costs.
- Give gifts to loved ones or friends.
- Give to your favorite charity or charities and to help them share the love of Jesus.
Other “supplemental” estate planning documents can be used to communicate your directions about personal or sentimental items, who will help you with day-to-day tasks and health decisions when they are needed, how much medical intervention is desired, and whether you want a traditional burial or cremation, a memorial or funeral, or just a graveside service.
As you begin to think about these decisions, you may be inspired to write your family history, your life sketch, or jot down your favorite songs. This can bring you joy as you recount all of your life experiences and accomplishments. All of these are precious and priceless gifts for your loved ones.
This is a topic that can be difficult to think about, but it is a sweet gift to loved ones when an individual has taken the time to make those decisions and put them in writing. Sometimes a friend instead of a family member is the best choice for raising your minor children, or for managing your estate. Only you know who would best fill these roles. Documents will need to be updated when circumstances change, and it is much easier to make the revisions once the original documents have been done.
In the past three years, two pastors and one head elder have called me separately for information regarding what to do for a church member who can no longer manage their basic needs and decisions due to physical or mental decline or both. Circumstances vary, but these individuals had either survived all of their family members, or had always been single, and one had family members in other regions of the country. One had amassed considerable assets and the others have very little.
The one thing they all have in common is they did not create paperwork to authorize anyone to help them with financial or medical needs. They were at the point they were no longer able to ask or authorize someone to assist them with these needs. The pastor could not help with these details because it would be a conflict of interest for a pastor to manage financial matters or make medical decisions for a church member. Those involved would like to help, but no one has been given that authority. At this point, there was little that could be done except to ask Social Services to help these dear people.
I asked my colleagues why they did, or did not, have a will. We had a respectable 24% response rate. The answers may help motivate us to get our own will done if we haven’t yet. Folks said they have a will to take care of parents, children, and pets; to make things easier for family members to really “know” their wishes because they have them in writing; to reduce stress during such a highly stressful time; and to avoid complications and conflicts with the laws that govern estates of individuals who died without a will.
Some of the obstacles included the quantity of information to be gathered, the time necessary for this task, the cost, and confidentiality concerns.
The good news to these concerns is our worksheets guide individuals through the information they will need to gather, this information can now be entered online if desired, there is no cost to members when our office assists you, our team takes utmost care to protect personal information to keep it confidential, our information technology department makes sure we are current on data security measures, and we keep all records in locked fireproof file cabinets in a concrete room with a fireproof door.
The Rocky Mountain Conference decided many years ago to include estate planning assistance for all of our constituents as one of our ministries. We have always done this work under the direction of an attorney. We are blessed to work with some of the best, and they are available to assist and guide you to get this task done at no cost to you.
Our office has resources and partnerships with other Adventist professionals in the trust and estate, planned giving, and fiduciary services arena. Some of the options available are CGAs, CRTs, DAFs, RCATs, and TDAs. A financial planner or accountant can help you determine how to best structure your gifts. Sometimes gifts of non-cash assets such as property, stocks, life insurance, annuities, valuable jewelry, digital currency, and other assets may provide tax advantages and ways to increase the value of the gift to fulfill goals for what you want to give to loved ones and to charities.
A friend shared the following story: “My in-laws gave me a precious gift years before I met them. They took out a small student life insurance policy for my husband and forgot to cancel it when he went to college. Not long after we married, my husband was diagnosed with a condition that meant life insurance was no longer available to him. The insurance he had is all he would ever have.”
“Today, most families include life insurance in their estate plan as one way to provide for their loved ones’ needs. My in-laws unwittingly did that for us years ago. And now I am carrying on their tradition and have done the same for our son and our granddaughter. The option I chose will have a cash value for them to use for either a down payment on a house, or tuition, or other needs that may arise as they venture out on their own.”
If you do not have estate plan documents, remember to put this on your task list to do in 2024. And let us know how our team can help. It is a pleasure for us to be here to serve you and to help you accomplish your stewardship goals. Let’s all get planning!
Mary Lynn Green is director of RMC Planned Giving and Trust Services. Email her at: [email protected]