Estate planning is practical in nature, but with a closer look, you should also find the management of your estate a duty in Christian stewardship. By foreseeing and then planning for the needs of your family, you live up to a biblical standard. When your death results in money being sent into Christian ministry, then passing away isn’t just about your family; your life becomes an inspiration for other loved ones in Maryland. Here’s the criteria of a successful Christian estate plan.
Trusts vs. wills
The first step in creating an estate plan is to tally up your assets. As a Christian, you’re encouraged to see assets based on the impact they’ll make. There’s a saying that you “can’t take any of it with you,” so leaving your assets to named beneficiaries ensures that they get put to good use.
A will is the fundamental document that lists your wishes. A trust, however, is a deposit made with a trustee who manages your assets until your beneficiaries can receive them. With a trust, your family avoids a probate hearing. With a will and only a will, however, your wishes could get contested in court.
Beneficiaries receive your estate upon your passing, but they do so under your rules. Anyone can be named your beneficiary, granting that your decisions have no legal ramifications. The stipulations you impose on beneficiaries can range from them having to finish school or gain employment before they can receive the assets from a will or trust.
Prayer and meditation
If you feel uneasy about your estate plan, remember to keep God in mind. When you believe that what you have came from God, you can return to God to find guidance in creating an estate plan that does the most good when you leave this world behind.