Should Your Church Have An Estate Planning Program?
Did you know that 60% of Americans die without a Will or a Trust to direct what should happen to their assets? What, if anything, should the church do to better prepare people for this final stewardship decision? In this episode of Stewardship Insights, we explore the church's role and its opportunity through estate planning.
SHOW NOTES
I.What is an estate planning program?
Estate planning is a program that provides your church members with an end of life plan for how their assets and wealth will be passed on.
Most of our giving (80%) while we are alive is done from out cash or liquid accounts (checking or savings). Makes up about 10% of our wealth.
The other 90% of our assets are non-liquid - couldn’t easily get cash out of them.
Property (home or investment real estate - residential or commercial).
Businesses
Vehicles, vacation homes, and other assets such as, life insurance, retirement accounts.
Two primary ways to have an estate plan.
Last Will and Testament.
Trust (Irrevocable or Revocable Living Trust).
II. Why should your church consider an estate planning program?
It serves and equips your people - 60% of people will pass away without a plan, leaving the family to manage through sometimes a difficult process involving probate, which is expensive, time consuming, and difficult for the family.
It preserves their legacy - Together with the wealth that will be transferred to the next generation so can the spiritual and family values. It makes this transfer intentional, and purposeful.
It has the potential to preserve the legacy of your church and fulfill its future vision and purpose.
If 90% of the wealth is going to be transferred through these assets, are we as spiritual leaders equipping our members to make the right choices when it comes to what their wealth will accomplish after they are gone?
Estate Planning as a ministry of stewardship
We are passionate about teaching and equipping our church members to be good stewards.
We want them to:
Get out of debt so they are not bound and enslaved by debt
Live within their means and experience peace in their finances
Have a biblical world view and put a priority in building God’s kingdom.
We provide education and resources for them to equip them for every season of life.
Why would we not prepare them for one of the most important stewardship decisions they will ever make?
Transferring their wealth and stewardship to the next generation is something we should help them do.
Should your church have an estate planning program?
If you believe this is something that will help your people.
If you have a long-term generational vision for your church.
Then yes, I believe an estate planning program should be one of the programs you offer through your stewardship ministry.
