30 Jul Selecting appropriate beneficiaries for your estate
Planning responsibly for after our passing
As Christians, we are charged with the responsibility of being good stewards of the resources that have been bestowed upon us. An important aspect of that responsibility is planning for the orderly disposition of our remaining assets at the end of our lives. Estate Planning is the name given to the series of steps each of us should take now to ensure that our wishes are carried out at the time of our death.
Estate Planning can range from being quite simple to being extremely complex, depending on each individual’s circumstances. However, in all situations, the planning should include estimating the resources that will remain, deciding on the beneficiaries who will receive those assets and then preparing and signing the necessary documents to make certain the desired distributions occur. Those documents include, but are not limited to, wills, trusts, life insurance beneficiary designations and retirement account beneficiary designations. Working with an attorney and other financial professionals who are trained in Estate Planning is recommended.
Selecting the appropriate beneficiaries is at the very center of the Estate Planning process. In addition to family members, charities are often included. As an example, the Good Shepherd Lutheran Church Foundation, Ltd. could be included as a means of continuing the work of our congregation after our passing.