February 10, 2003
ANOTHER VIEW:
Be a good steward; make your will
___A prominent member of the community died unexpectedly last week. The newspaper, the pastor's eulogy and all his friends gushed with warm and wonderful descriptions of how he always was the model spouse/parent/church member/citizen. It was a tragic loss, but he left more behind than a grieving family.
___He left his personal affairs in a mess, creating a string of problems that will make sure his family remembers him for a long time to come. In other words, while he was working at being that good spouse/parent/church member/citizen, he didn't take the time for one very important responsibility: He didn't make a will.
| Preparing a will is a Christian responsi-bility. Providing for the disposition of your possessions after you're gone is just as much a stewardship responsi-bility as spending them wisely while you're alive. |
___Writing a will must be one of the hardest things Americans need to do. Every year, 67 percent of people who die in this country
never get around to it. In their wake, they leave families who will have to deal not only with the sorrow of their absence but also with a multitude of financial and legal problems that can take years to settle, especially if the family includes minor children.
___A will is a legal document that describes how you want your lifetime of accumulations to be divided among family, friends and (hopefully) Baptist causes. It is one of the ways to make such a distribution. Telling your spouse or children what you want won't do it. Neither will assuming they know your wishes. Even a living trust does not eliminate the need for a will.
___If you fail to prepare a will yourself, then you are choosing to use the one the state of Texas has prepared for you.
___What does that mean? In simple terms, you are allowing the Texas Legislature to make the decisions about your possessions, and you are allowing a court to look over your family's shoulder to review every decision made about your assets and on behalf of any minor children.
___But preparing a will is not just a legal necessity; it is a Christian responsibility. Providing for the disposition of your possessions after you're gone is just as much a stewardship responsibility as spending them wisely while you're alive.
___The Bible says God blesses us so that we may "provide in abundance for every good work" (2 Corinthians 9:8-12). Depending on the size and makeup of your estate, the process of planning the distribution of your assets does not have to be overwhelming. Here's a process you can use:
___ Decide to get started. Make the Lord your partner in the whole process. This is your last "witness and testimony." It deserves your time and attention.
___ Make a list of all your assets, including those jointly owned by you and your spouse (although you'll only get to distribute your "half" of those).
___ Decide how to use those assets to best honor the Lord. Providing for a surviving spouse and for surviving children fits that description, as does leaving something to other family members if you wish. Remembering your church or missions causes also honors the Lord and is something that you might want to consider. There are ways to both care for family and make a charitable gift; if you would like to explore that possibility, the Texas Baptist Missions Foundation can help.
___ Determine who will be your executor. This may be an individual or an institution, but they have the responsibility of making sure your wishes are carried out. Select at least one alternate in case your first choice is unable to serve.
___ Name a guardian if you have minor children. The surviving spouse is normally appointed as guardian if not incapacitated, but what if there is no competent, surviving spouse?
___ Get an attorney to put all this in writing. Ask friends for recommendations. Don't be afraid to ask what it will cost. Adequate preparation is the best way to keep the cost down; complete these preparatory steps before you get to the attorney's office.
___ Focus on the details. This can sometimes be a complex process, and the details can be devilish. Lots of folks pay lots of money for lots of documents representing lots of plans that never will happen because they never were signed or an insurance beneficiary never was designated or a trust never was funded. So, be determined to stay with the process until everything is done.
___Also, plan to review your plan at least every three to five years or when your situation changes significantly. Examples of such changes include the birth or adoption of a child that you want to remember; the death of someone named in the will; the divorce of a will beneficiary; a move to another state; changes in tax or estate laws; your estate value approaches or exceeds $1 million; the marriage of someone named in the will; a significant change in assets, either up or down; or a change in employment.
___Enjoy the peace of mind that you will have from knowing everything is done and your good stewardship is assured throughout eternity.
___Bill Arnold, a certified financial planner, is president of the Texas Baptist Missions Foundation
___
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