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FOUNDATION NEWS Caring for the Ministry of Grace: "Ecclesia Perpetua" December 2015 | |||
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A Dozen Things to Consider about Your Estate | ||||
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Submitted by Pastor Wendell It is easy to put off estate planning, particularly when we are young, but here are a dozen things that each of us should consider once we reach voting age. 1. Create a Will Everyone over the age of 18 should have a will; it will save someone money. If you have a simple estate, you can even get one online. Make sure that you always sign and date your will, have two witnesses sign it, and obtain a notarization on the final draft. 2. Include a Christian Preamble Having a preamble that is a simple, positive statement of your faith can be a lasting witness to others. 3. Select a Responsible Estate Administrator Your estate administrator will be responsible for following the directions of your will in the event of your death. It is important that you select an individual who is responsible and in a good mental state to make decisions. Your spouse may not be the best choice. Think about all qualified individuals and how emotions related to your death will affect this person's decision-making ability. Make sure that your estate administrator gets a copy. You should also keep a copy in a safe-deposit box and in a safe place at home. 4. Make Asset Lists Make a list of all items worth $100 or more inside and outside of your home. List what you own on paper: bank accounts, insurance policies, investment accounts. Addresses and phone numbers help. Make a separate list for open credit cards and other debts. Don't forget to include things that don't have balances, but that are still open. Start with your church and list your favorite charitable organizations that you support, don't forget organizations you are a member of, even organizations like AAA. When your lists are completed, you should date and sign them and make at least three copies, one each for your administrator, your spouse, and for yourself in a safe place. 5. Review Retirement Accounts Remember, no matter how you list any asset accounts or policies in your will or trust, the beneficiary listing you have made will take precedence. 6. Update Life Insurance and Annuities Life insurance and annuities also have beneficiaries that will take precedence over your will. 7. Assign TOD Designations Many bank and brokerage accounts can be set up with a "transfer on death" feature to avoid the probate process. Contact your custodian or bank to set this up on your accounts. 8. Review Your Documents You should review your will for updates at least once every two years and after any major life-changing events (marriage, divorce, birth of child, and so on). Life is constantly Continued below
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