Creating Your Estate Plan

God owns everything. We are His money managers.

Christian stewardship is the efficient management of our time and talents. Each individual is accountable for the use of the resources available to him or her because all that we are and have is His.

Passport to Planning booklet (PDF).

As wise planning and hard work result in the accumulation of an estate, similarly, wise planning and dedication should also be applied to the disposition of that estate. Your estate, regardless of its size, is the material representation of your life and is, therefore, significant.

As Christians, our estate planning must establish the goals and objectives we wish to accomplish for ourselves, our dependents, and for our Lord. We must practice Christian stewardship in everything we do. Estate planning needs to change as you progress through different stages of your life. Here are some examples that may apply to you:

Your first will and estate plan

1. Name a guardian for minor children and a trustee to manage assets for their care and education.
2. Assure sufficient financial security for your spouse and all dependent family members.
3. Consider gifts to the LCS Endowment Fund and your other favorite Christian causes when the last parent dies and all children are adults.

Your second will and estate plan

1. Review whether named guardians are appropriate for teenage children.
2. Avoid estate and inheritance taxes as assets increase in value.
3. Attend to the manner in which your home and other assets are titled, including business, life insurance, and retirement funds.
4. Review plans for support of and fair distribution to family members who may have different levels of need, maturity, and responsibility.
5. Review provisions for the LCS Endowment Fund and other Christian causes when the last parent dies and family responsibilities have been met.

Your third will and estate plan

1. Plan for continuity of business and financial matters in case of disability and for the ultimate transfer to children or other family members.
2. Provide for transfer of assets at death with minimum probate intervention, delays, and administration.
3. Arrange for less active management of assets, yet assuring a regular life income plus sufficient funds in the event of emergencies or long-term health care needs.
4. Clearly express goals and intentions to family members in order to minimize potential disagreements among those interested in your estate.
5. Reduce or eliminate death and transfer taxes.
6. Provide financial protection for your children should your spouse later remarry.
7. Continue good Christian stewardship toward children, grandchildren, and other family members, as well as toward the LCS Endowment Fund and other favorite Christian causes in planning the final distribution of your estate when both spouses are deceased and family needs have been met.

Process Check List

1. Do you have a well thought-out will?
2. In this document have you worked through the four major areas which affect you and your long-range planning goals?
• A) People - For whom do you wish to plan? Are there any special or unique family situations which should be considered?
• Property - Is your estate likely to owe any estate or inheritance taxes? What assets are available to meet your family needs in case of death or long-term disability?
• Plan - What specific goals do you have for your property after you are gone? How can a plan be prepared which meets both your family needs and your Christian stewardship desires?
• Participants - Which people should be involved to aid in accomplishing your goals? For example: executors and guardians.
3. Have you reviewed this will over the last five to ten years?
4. Do you have trusted professionals who helped you establish/review your estate plan?
5. Would you like free consultation with a representative from the Barnabas Foundation?
6. Have you ever considered the concept of "A Child Named Charity" (including charitable causes in your will as if one of your children)?

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