The following “true or false” quiz will help you gauge your familiarity with Christian estate planning. To see how you did, check out the answers that follow.
True or False
- ____ I’m young; I don’t need an estate plan.
- ____ If my will is up-to-date, I’m all set.
- ____ A will is a secular document.
- ____ Adding a planned gift for the Lord’s work means starting over with my attorney.
- ____ If a person dies without a will, the state automatically takes one half of the estate for probate fees.
All the answers are false. 1. Young families need a will to designate a guardian for minor children. Plus, even young people own assets that can be shared with family and the Lord’s work. 2. Be sure your estate plan coordinates the beneficiary designations for major assets not controlled by your will. 3. You can witness your Christian faith to loved ones through a Christian preamble in your will. 4. Some planned gifts can be arranged with the stroke of a pen after consultation with your advisors. 5. While it is true that the state, in the absence of a valid will, dictates the disposition of the estate, it certainly does not automatically receive half the amount. However, if you die with no will, there may be a large increase in probate costs. Plus, the state—not you—will determine who cares for your loved ones; and there will likely be no charitable distributions.
If you would like a refresher in how to arrange an estate plan that maximizes benefits for loved ones while supporting the spread of Christ’s gospel, review our booklet, Estate Planning for the Christian Steward, then contact your local WELS Christian giving counselor for free assistance.