Drawing Up Your Estate Plan » Audio Archive » Faith & Finance (formerly MoneyWise)

Drawing Up Your Estate Plan

Faith & Finance (formerly MoneyWise)

Christian talk radio with Rob West

December 6, 2022

Would you invite strangers into your house to pour over your personal financial details right down to the penny? If you die without a last will and testament, there could be a great burden placed on your loved ones. We know from God’s Word that leaving an inheritance is good. Proverbs 13: 22 tells us, A good man leaves an inheritance to his children's children, but the sinner's wealth is laid up for the righteous. How you leave an inheritance is important. More than half of Americans think that estate planning is important, but only a third of them have a will or living trust. Drafting a will is inexpensive. A will doesn’t have to be complex, it just needs to clearly lay out how you want your possessions divided among family members, friends and/or charities. It should also specify who you want to have guardianship of your children in the event both you and your spouse should die. It also names an individual, or executor, to oversee the process of distributing your assets and possessions. A will also gives you the opportunity to explain why you’re leaving your assets as you’ve chosen. It can answer a lot of questions and help eliminate family squabbles. The average price range for a will is $300 to $1000. Online will kits are cheaper, but can carry a risk of missing something that a good attorney will include. Along with a will you should also consider designating someone with a financial power of attorney. This allows you to name a trusted individual to make financial decisions for you should you become incapacitated. You can also set up a medical power of attorney. It gives someone the authority to make decisions about your health care if, again, you aren’t able to make them yourself. It’s sometimes called a medical or health-care proxy. You may also want to include an advance directive that specifies your wishes about being put on life-support equipment in the event of a terminal illness. Make sure you name beneficiaries for your retirement accounts and insurance policies. If you hire an estate attorney, someone who deals with this sort of thing all the time, it'll make the process much easier and ensure that it’s done right. On this program, Rob also answers listener questions: ● Been investing for over 15 years since my mid-twenties, had all money in the CFI and F funds, then with several losses I moved money to G fund, I keep getting conflicting opinions. Not sure what to do, do I put my money back in? ● How do you determine if a non-profit organization is legit and their funds go for the purposes they stated? ● Purchased an I-Bond a week ago, can I redeem that bond without having any penalty? ● I am just under 72 years old, I have an RMD. Is there a benefit for directly depositing to my church or should I have it go to my bank and I write the check to my church? Resources mentioned ● Find a Certified Kingdom Advisor ● Christian Healthcare Ministries ● National Christian Foundation ● GuideStar ● Candid ● ECFA

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