Easter is a time of renewal, rebirth, and reflection on the blessings we have received. It is also a perfect opportunity to review and update your estate planning. Here are five estate planning tips to consider at Easter:
- Review your will: A will is a crucial document that outlines how your assets will be distributed after your death. As your life and circumstances change, so should your will. Take some time to review your will and ensure that it reflects your current family situation, financial condition, and true wishes.
“For where your treasure is, there your heart will be also.” – Matthew 6:21
- Consider a trust: A trust can offer additional benefits such as asset protection and tax savings. If you have minor children or beneficiaries with a disability or special needs, a trust can ensure that their needs are met after you’re gone.
“In everything give thanks; for this is the will of God in Christ Jesus for you.” – 1 Thessalonians 5:18
- Update your beneficiary designations: Your beneficiary designations on insurance policies, retirement accounts, and other assets should be reviewed and updated as needed. Honor your family by ensuring that your beneficiaries are up-to-date and reflect your current family structure and intentions.
“Honor your father and your mother, so that you may live long in the land the Lord your God is giving you.” – Exodus 20:12
- Consider gifting: Gifting can help you reduce your estate taxes and benefit your loved ones during your lifetime. Consider making annual gifts to your loved ones or setting up a trust for their benefit.
“Each of you should give what you have decided in your heart to give, not reluctantly or under compulsion, for God loves a cheerful giver.” – 2 Corinthians 9:7
- Review your powers of attorney: Powers of attorney are legal documents that allow someone else to make financial and medical decisions on your behalf if you become incapacitated. Ensure that your powers of attorney are up-to-date and that you have appointed someone you trust to act on your behalf.
“Be on your guard; stand firm in the faith; be courageous; be strong.” – 1 Corinthians 16:13
In summary, Easter is a perfect time to reflect on your estate planning and ensure that it reflects your current wishes. Consider reviewing your will, creating a trust, updating your beneficiary designations, gifting, and reviewing your powers of attorney. These tips can help you protect your assets, minimize taxes, and ensure that your loved ones are taken care of according to your wishes.
“The Lord is my rock, my fortress, and my savior; my God is my rock, in whom I find protection. He is my shield, the strength of my salvation, and my stronghold.” – Psalm 18:2