The key to a successful new year’s resolution is to be realistic. It’s great to have goals, but going from never exercising to hour-long workouts seven days a week is probably not a sustainable resolution. One resolution you can easily accomplish this year is estate planning. Many people feel like they don’t own enough to warrant an estate plan. But the truth is, if you own anything, you have an estate, and if you don’t make a plan, the state gets to decide what happens to it. It might sound complicated, but creating an estate plan is a simpler than you think. And it’s something you can feel good about having gotten done, even if your other resolutions have gone by the wayside.
There are several reasons making an estate plan should be on your list of new year’s resolutions this year, because there are enormous benefits for you, your family and even your community when you put one in place:
- It takes stress off your family.
Everyone has an estate, but not everyone has a plan. While it may be a bit uncomfortable to talk about at first, if you pass away without a plan in place, it can wreak havoc on your family. Not only will establishing an estate plan take one more thing off your plate this year, it will prevent future stress for your family members, especially as they will be already going through a tough time. Creating your plan will relieve worry and stress for you today as well as for your family tomorrow. It’s the new year’s resolution that keeps on giving.
- Your estate plan can bless the future generation of believers.
In the same way creating an estate plan can have a ripple effect of blessing your family well into the future, it can also bless people you’ve never even met. While you’re setting up yourself and your family for peace of mind and security, you can also invest in the next generation of believers. By dedicating a portion of your estate to organizations or ministries you are passionate about, you in turn impact even more people for the Kingdom. Your new year’s resolution today will continue to change lives for years to come. While certainly other resolutions are beneficial, it’s hard to say something that powerful about cutting back on sugar or cleaning out the garage.
- Your estate plan can pour back into organizations and ministries that have poured into your life.
When you do designate a portion of your estate to a ministry or organization you love, you’re not only impacting future generations, you’re saying “thank you” for the impact they have made on your own life. Whether it’s your church or other Baptist cause, the influence these leaders and the missions they pursued had on your life changed it for the better — perhaps even shifted its course. Estate plans are the perfect opportunity to give back to the organizations and ministries that have poured into your life so powerfully, whether your paths crossed decades ago or you’re still engaged today.
This year, make a new year’s resolution that is not only achievable, but has lasting affects on your family, community and the church at large. Creating an estate plan is easier than you think, and the Tennessee Baptist Foundation is here to help. Since 1938, we have been helping Baptists all over the state approach their estate plan from a biblical perspective, walking with them every step of the way to create a plan that works for their family and impacts the Kingdom of God.
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You can reach us via phone at (615) 371-2029 or fill out this form.
Please note that the advice offered in this article is not intended to be construed as tax, legal or accounting advice. This material has been prepared for general informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice for the reader. You should consult your own tax, legal and accounting advisors before engaging in any transaction.