Wills
Last Will and Testament!
A Will is a legal document that establishes guardianship of your children. It specifies how your property and other assets to be distributed after your death. It designates your beneficiaries, and appoints a Personal representative (executor) to manage the probate process, and helps reduce the chance of family disputes. The testamentary trust is written into your will and takes effect after you pass away. It details exactly how a named trustee should manage and distribute your assets to your beneficiaries, it will be probated. If a Trust is in place, a will pours an individual’s remaining assets into the trust upon their death, thereby minimizing the probate process. Everyone should have a Will.
We are Stewards
It is true wisdom to set your house in order while you are able. God expects our faithfulness in providing a plan for our children in the event of the death of both parents. He also expects that we are good stewards of what He placed in our care at our death, just as we were good stewards of what He placed in our care during our lifetime. A will ensures that we accomplish that.
Traditionally, people divided their estate among their children. You may want to consider your children’s financial state before doing so. If you are older, your children probably already have more than they need. You may want to consider leaving part of your estate to support your church or other needs around the world. Stewardship is using your assets where they make the most impact for good.
If you have minor children or a special needs child, it is important to make sure they are taken care of. A will can designate who will care for them and set aside funding to support them. The people you are responsible for are your most important asset, and you don’t want to be found unfaithful in providing for them.
Your Letter of Instructions within your will gives direction to how your household goods and personnel effects should be distributed. This can avoid family disputes of who gets the family keepsakes.
A will does not keep property out of probate court. If you would like to avoid the probate process and costs you can place your assets in a trust. Depending on which state you live in you can also set up a Transfer on Death (TOD) for vehicles and real estate, and a Payable on Death (POD) for bank accounts.
How to start a will:
- Gather your information (download our free Planner). This step may not be needed if you create an online will
- Create a free will if your estate is small and not complex
- For most wills, we recommend you see an attorney. Our free Planner can help the attorney understand your wishes.
Benefits of a will
- Authorizes payments of all debts and estate expenses
- Disposes your personal property according to your desires
- Distributions are made to family members and charities
- Appoints guardians for minor children, and a personal representative over the estate
- Leave a Christian testimony
What happens if you don’t have a Will?
- The State decides how your assets get distributed. They probably won’t distribute how you’d want them to.
- It will usually be more expensive to settle your estate.
- Settling your estate will likely take longer.
- You don’t have control of who the State will appoint as guardian of your minor children.
- None of your estate will go to charity if you don’t have a will.
- You will cause frustration and hard work to family members who have to settle your estate.
“For where a testament is, there must also of necessity be the death of the testator. For a testament is of force after men are dead: otherwise, it is of no strength at all while the testator liveth.” Heb 9:16-17