If you’ve ever watched the Olympics, you may remember watching the relay races - a team of four people each run a portion of a race with a baton in hand, giving it to the next runner as they finish their portion. Passing the baton from one person to the next is a crucial part of the race - if the baton pass isn’t successful, the entire relay will suffer.
When it comes to our financial legacy, it’s a lot like that baton. We pass it to the next generation - and how we plan for our legacy right now determines what kind of values and vision we’ll pass on to the future of our family. Our legacy gift makes it possible for those who come after us to stand on our shoulders, just as we’re standing on the shoulders of those before us. Below are 3 reasons that everyone can benefit from estate planning.
1. It’s never too early (or late!) to be prepared
Did you know that according to recent surveys, 50-60% of Americans are without any kind of estate plan? Whether you’re nearly retired, just starting a family, or even just graduating college, it’s never too early or late to establish a plan for your financial legacy. There are plenty of reasons why so many people aren’t prepared - from not wanting to think about death, to the cost barrier, to the time it takes to research and plan those documents. But the good news is there are organizations who specialize in financial planning that can help you learn more about the world of estate planning and help you learn how to protect your assets, discover tax advantages, and save your loved ones time and money by establishing a will or living trust, all at no cost to you. So there’s never a bad time to start the process!
2. Planning a financial legacy leaves less hassle for your loved ones
You may not feel ready to talk about what happens to your wealth and assets after you’re gone, but one of the most important benefits of estate planning is how much trouble you can save your loved ones in the future. Taking the time to make the right decisions now can save your beneficiaries major time and money when the time comes. So think of it as a way to care for the people who matter most to you right now and to set them up for success in the future.
3. You plan for your legacy to glorify God
In 1 Chronicles 29:12-16, King David expresses his overwhelming gratitude to God, acknowledging that everything comes from him, including the abundance of wealth and material God provided to build the temple. But it wasn’t King David that built the temple - instead it was his son, King Solomon. David was entrusted with all God had given him, and he passed it on to his son to carry on the task of building the temple. We steward the resources God has entrusted us with while we are living, and when we plan a financial legacy, we can leave our earthly wealth and possessions to our family, our church, and organizations that we care deeply about who we know will continue to glorify God.
If you’re ready to begin your estate planning journey, we’re ready to help! We’ve gone through the process of vetting financial planning organizations, and as a church have partnered with Financial Planning Ministry (FPM) to host simple and educational seminars with experts who will walk alongside you during the estate planning process. Check out the available times and locations for seminars and choose one that’s right for you!