If you’re like most people in your 20s, 30s, or early 40s, estate planning might feel distant or even intimidating. Wills, trusts, powers of attorney—aren’t they for people who are older, wealthier, or already deep into family life? Surprisingly … no. Estate planning is important for every adult, regardless of your current stage of life.
You may not realize it, but an estate plan has already been written for you. It is written in the laws of the state where you reside. If you do not take the time to be intentional about expressing your wishes, the formula set by the state will be followed. Establishing your own estate plan allows you to override this formula and provide clear guidance for your loved ones in times of emergency or catastrophe. It is a way to lovingly care for those you leave behind.
Only a few essential documents are needed to cover your basic estate planning needs:
- Last Will and Testament – names a personal representative (executor) to be in charge of your estate after you pass away and distribute assets as directed in the document; also allows you to name guardians for minor children.
- Financial Power of Attorney – grants your agent broad powers to handle your financial affairs on your behalf during your lifetime.
- Health Care Power of Attorney / Living Will – grants your agent authority to make health care decisions for you during your lifetime if you are unable to make those decisions for yourself; also allows you to state your desires regarding end of life decisions.
There are other documents that may be involved in your estate plan, such as a revocable living trust, but the documents name above are the basics everyone can use to keep court involvement at a minimum.
Many people are unaware that your estate plan is also a great way to continue the generosity you have practiced during your lifetime. Millennials and Gen Z are well known for supporting ministries, local churches, global missions, justice-oriented nonprofits, and more. A simple step – like naming a ministry as a beneficiary of a retirement account or including a charitable gift in your will – can become one of the largest and most meaningful gifts you’ll ever make.
FM Financial can guide you through a clear and simple process to get an estate plan in place. We invite you to pray and ask God how He might be calling you to use your estate plan to make a difference for the people and ministries you love beyond your lifetime.
* The information contained herein is intended for informational purposes only and is not to be construed as legal, tax, accounting, insurance, or financial advice.
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