Planning an estate? 3 big questions to position your estate as a blessing
Earlier this year, I spoke with a couple who spent many months and significant dollars updating their estate plan. They told me, “We believe the documents are technically sound, but we’re uncertain 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 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 the year that highlights these things like the holidays.
For some families, however, the holidays bear unique weight. Business, distance, or strained relationships might mean it’s the family’s only time together. While we want to make fun memories when we’re together, the holidays can be the opportune time to have meaningful conversations about family values and future legacy.
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National Estate Planning Awareness Week, falling as it does at the end of October, is aptly placed. As we head into the holiday season, it’s a good time to prayerfully consider the impact future inheritances and charitable gifts could have on the people and causes we want to bless through our estate plans.
To help you create values-based, impact-driven estate plans that result in the good you’re hoping your financial legacy will accomplish, consider the following three questions.
1. Is my estate plan anchored in a biblical perspective on the role finances play in our lives?
It’s important to remember that financial resources are not the hero or villain in anyone’s life story. They merely provide helpful “fuel in the engine” for us to pursue 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 can forget this when preparing estate plans for our loved ones. Inheritances are best aimed at equipping our loved ones to live productive and content lives in their pursuit of knowing, loving, and serving God.
Our estate plans are our final stewardship decision. Will the resources we leave behind serve as fuel in the engine for the people we care about to live out Jesus’s great commandment found in Matthew 27:36-39?
“Teacher, which 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 it: ‘Love your neighbor as yourself.’”
2. What impact will the inheritance have on your loved ones’ life trajectories?
A great place to start in this respect is to consider each beneficiary individually and ask yourself what experiences, opportunities, and possessions you want the inheritance to provide. Next, consider the impact you hope a future inheritance might have on the life trajectory of your loved ones.
Beyond leaving an inheritance for individuals, many families expand their legacy impact by also including testamentary charitable gifts that support the causes they care most about.
Over the years, I’ve frequently guided families through these stewardship impact questions in the course of my work with the National Christian Foundation. The answers often reveal helpful — and often inspiring — insights into shaping inheritances and charitable gifts that will bless their family and the world beyond.
3. Why wait to build a generous family culture?
If you feel that it’s too late (or too early) to get started, I have good news! It’s 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 you care about. That’s true in every aspect of your life, including the legacy impact you want your estate planning to have. Generosity can be a great convener for families and a fun-filled practice field for growing values-based, impact-driven financial stewardship habits.
So, start talking about giving, today. Start giving today. Identify shared charitable causes your family can rally around and take advantage of the many financial tools at your disposal. A donor-advised fund, for instance, is an easy, low-cost charitable giving account for those who want to invite their family or friends to share in 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 in 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 carries out His will.
Jeanne McMains, Executive Vice President of Offerings and Marketing at National Christian Foundation (NCF), oversees the development and performance of NCF’s offerings. With a law degree from Indiana University and experience in estate planning, business succession, and family philanthropy, Jeanne is a sought-after speaker for financial and charitable institutions.
