Planning an estate? 3 big questions to be a blessing

Earlier this year, I spoke with a couple who spent many months and a lot of money updating their estate plan. They told me, “We believe the documents are technically sound, but we are not sure they will accomplish the good we hope our resources will do in the lives of our children and the causes we care about.”

This couple understood that leaving an inheritance is about more than just saving on costs and taxes. It’s about the impact on lives we hope our legacy will have beyond our lifetime. It’s about relationships and values. And there’s no time of year that highlights these things like the holidays.

For some families, however, the holidays have a unique weight. Business, distance or strained relationships can mean it’s the family’s only time together. While we want to create fun memories when we’re together, the holidays can be an opportune time to have meaningful conversations about family values ​​and future legacy.

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National Estate Planning Awareness Week, which takes place at the end of October, is well positioned. As we head into the holiday season, it’s a good time to prayerfully consider the impact that future inheritances and charitable giving could have on the people and causes we want to bless through our estate plans.

To help you create values-based, impact-oriented estate plans that result in the good you hope your financial legacy will achieve, consider the following three questions.

1. Is my estate plan anchored in a biblical perspective on the role that finances play in our lives?

It is important to remember that financial resources are not the hero or villain in anyone’s life story. They merely provide useful “fuel in the engine” to continue our life’s journey. Our resources were never intended to serve as a source of our identity, security, or delight – these things must be firmly anchored in the saving work of Christ!

While we know this is true in the context of our faith journey, we may forget this when preparing estate plans for our loved ones. Inheritances are intended to better equip our loved ones to live productive, contented lives in their quest to know, love, and serve God.

Our estate plans are our final management decision. Will the resources we leave behind serve as fuel for the people we care about to live Jesus’ great commandment found in Matthew 27:36-39?

“Master, what is the greatest commandment in the Law?” Jesus replied, “’Love the Lord your God with all your heart and with all your soul and with all your mind.’ This is the first and greatest commandment. And the second is like this: ‘Love your neighbor as yourself’”.

2. How will the inheritance impact your loved one?and life pathies?

A great place to start in this regard is to consider each beneficiary individually and ask yourself what experiences, opportunities and assets you want the inheritance to provide. Next, consider the impact you hope a future inheritance might have on your loved ones’ life path.

In addition to leaving an inheritance to individuals, many families expand the impact of their legacy by also including charitable testamentary gifts that support the causes they care about most.

Over the years, I have frequently guided families through these stewardship impact issues in the course of my work with the National Christian Foundation. The answers often reveal helpful—and often inspiring—insights about how to shape inheritances and charitable giving that will bless your family and the world beyond.

3. Why wait to build a generous family culture?

If you think it’s too late (or early) to start, I have good news! That’s it never Too early or too late to start thinking about the future of your resources. Your greatest influence will be in how you live your life and model the values ​​that matter to you. This is true in all aspects of your life, including the legacy impact you want your estate planning to have. Generosity can be a great rallying cry for families and a fun-filled practice field for developing values-based, impact-oriented financial management habits.

So start talking about giving today. To start giving today. Identify shared charitable causes that your family can rally behind and take advantage of the many financial tools at your disposal. A donor-advised fund, for example, is an easy, low-cost charitable giving account for those who want to invite their family or friends to share the joy of giving back to help others.

No matter where you fall in the estate planning process – before, during or after – you can position your estate plan to accomplish the good you hope your resources will do in the lives of your loved ones and the world beyond. Start today by taking these three questions to the Lord in prayer and let Him guide you in creating an estate plan that reflects His heart and fulfills His will.