Everything we have is a gift from God. We’re commanded to use these gifts for His glory during our lifetime, but also beyond. Basic estate planning is making a plan in advance and naming who you want to receive the things you own after you die.
Believe it or not, you have an estate. In fact, nearly everyone does. Your estate is comprised of everything you own— your car, home, other real estate, checking and savings accounts, investments, life insurance, furniture, personal possessions. No matter how large or how modest, everyone has an estate and something in common—you can’t take it with you when you die. And, if you don’t have a plan, the state of Indiana has one for you, and you probably won’t like it.
To ensure your wishes are carried out, you need to provide instructions stating whom you want to receive something of yours, what you want them to receive, and when they are to receive it. You will, of course, want this to happen with the least amount paid in taxes, legal fees, and court costs. We can help you pass on God’s provision through biblically grounded estate planning that provides for your family and can advance ministry.
Your basic estate plan should include the following:
- Last Will and Testament
A legal document that details your wishes for passing on your possessions at your death and names who will care for any minor children (under age 18) you leave behind. This is critical for single parents and for married couples in the event both spouses die.
Your last will and testament also includes your selection of a Personal Representative (also known as an Executor) for your estate. After your death, your Personal Representative will hire an attorney to file your will in probate court, so that assets in your name can be legally transferred to your heirs and other beneficiaries.
Without a will, the state will decide who inherits your belongings and who raises your children.
Health Care Power of Attorney
A legal document that grants authority to an individual you choose to act on your behalf regarding health care matters in the event you become incapacitated and cannot make decisions for yourself. This authority is typically given to a spouse or family member. The Health Care Power of Attorney allows this person to access your medical information, work with your doctors to prepare a plan of care, and perform other important tasks on your behalf.
Financial Power of Attorney
A legal document that grants authority to an individual you choose to act on your behalf regarding financial matters in the event you become incapacitated and cannot make decisions for yourself. This authority is typically given to a spouse or family member. The Financial Power of Attorney allows this person to pay your bills, access your bank accounts and perform other important tasks on your behalf.
Advance Directive for Health Care (“Living Will”)
A legal document that allows you to specify your wishes for end-of-life issues related to the use of life support, ventilators, feeding and hydration tubes, and resuscitation techniques like CPR. An Advance Directive for Health Care also allows you to provide instructions about organ donation.
Please give us a call or send an email to start your estate plan today.
THE BAPTIST FOUNDATION OF INDIANA
317.481.2400 extension 300