Why Estate Planning Can't Wait

 


Our Journey to Peace of Mind: Why Estate Planning Can't Wait

Today was a day that has been in the works for almost three years. My wife and I knew we needed to complete this crucial task, and it was especially important for us as a blended family. The questions constantly lingered: If something were to happen, would our family know what to do? Would it cause unnecessary family fights? Would there be years of hard feelings?

Well, today was the day! We finally had our Estate Plan notarized and put in place. A huge thank you goes out to the wonderful people at Treasure Valley Retirement Shield who helped us set up our Revocable Living Trust, Last Wills and Testaments, Health Care Powers of Attorney, and Financial Powers of Attorney. Having these documents completed as well as funding the trust, gives us an incredible sense of accomplishment. More importantly, it eases our minds, knowing that our family and the State will know exactly what to do when the day comes that we pass away. We also had the opportunity to sit down with the kids, let them know what the expectations are, and answer any questions they may have. We are sure there will be more questions in the future, and we are so grateful we could start an open conversation.

Sadly, it took the passing of my father-in-law and us working through that difficult process to truly light a fire under us to get moving forward on our own estate planning. There have been some eye-opening revelations about "house deeds" and living in a community property state (like Idaho, where we are located) that were not expected by us. It truly underscores the importance of proper planning. I would strongly encourage you to seek out professional legal advice to confirm that, in the event of a passing, exactly what you expect to happen is written out correctly and legally binding.

Have you had the opportunity to consider your own estate planning? It's a topic that many of us put off, but the peace of mind it brings is invaluable. The Bible even touches on the importance of preparing for the future. Proverbs 13:22 states, “A good man leaves an inheritance to his children’s children but the sinners’ wealth is laid up for the righteous.” This isn't just about monetary wealth, but a legacy of clarity and love. And while Matthew 19:23 states, “only with difficulty will a rich person enter the kingdom of heaven,” it doesn't diminish the responsibility we have to be wise stewards of what we've been given. If you have the opportunity to bless your children and or grandchildren, are you? What is the wise way to bless them?

When considering Estate Planning, you should consider:

  • Your Family's Structure: Especially for blended families, a clear plan is essential to prevent misunderstandings and ensure all loved ones are cared for as you intend.

  • What You Own (and How it's Titled): Understanding deeds, titles, and how assets are held (especially in community property states like Idaho) is critical to ensuring they pass as you wish.

  • Who Will Make Decisions for You: Beyond assets, who will make healthcare and financial decisions if you're unable to? Powers of attorney are vital.

  • Minimizing Taxes and Probate: A well-structured plan can help your family avoid lengthy and costly probate processes, and potentially minimize estate taxes.

  • Your Legacy: What do you want to leave behind, both financially and in terms of your values and wishes?

Don't wait for a difficult situation to spur you into action. Take the step to protect your loved ones and ensure your wishes are honored. It's an investment in your family's future and your own peace of mind.

While our experience with Treasure Valley Retirement Shield was invaluable, remember that for comprehensive estate planning, it's always wise to consult with both a qualified estate planning attorney and a financial planner. An attorney ensures your documents are legally sound and reflect your wishes, while a financial planner helps align your assets with your estate plan goals, ensuring everything works together seamlessly.

Comments

Post a Comment

Popular posts from this blog

Beyond the Budget: Cultivating a Safe Space for Money Conversations

Image
  Beyond the Budget: Cultivating a Safe Space for Money Conversations Money. It's one of the most common topics that can spark tension, misunderstanding, and even outright conflict in relationships. We all know we should talk about it, but often, the conversations we have feel more like a battleground than a common ground. Just today, I heard a familiar story unfold. I was at a coffee shop, chatting with a group of friends. One of the men mentioned he’d recently received a raise and was eager to discuss with his wife how they could best use these new funds. He brought it up, hopeful for a collaborative discussion, only to be met with, “I don’t want to make that decision now.” He sighed, resigned, expecting that he’d likely just have to make the decision on his own. His story hit me hard because it echoed a significant failure from my first marriage, one I hope I've learned from deeply. In that relationship, my wife was truly the backbone of our home. She managed the household,...
Read more

Building a Legacy Beyond Wealth: The Power of Biblical Financial Coaching

Image
In a world obsessed with accumulating more, the constant pursuit of wealth can often feel like a treadmill – endless, exhausting, and ultimately unfulfilling. But what if there was a different path? What if managing your money could be about more than just numbers in a bank account, but about aligning your life with a higher purpose? Welcome to the world of Biblical Financial Coaching . This isn't your average financial advice. While it certainly covers practical aspects like budgeting and debt elimination, it does so through the timeless lens of Scripture. It's about understanding that every dollar you earn, save, and spend is an opportunity to honor God and build a legacy that extends far beyond material possessions. What Exactly Is Biblical Financial Coaching? At its heart, Biblical financial coaching is about integrating your faith with your finances. It's a journey that helps you: Understand God's Principles of Money: The Bible has over 2,350 verses on money, ...
Read more

Beyond Riches: How Essentialism Unlocks True Financial Freedom (and Purpose)

Image
  Introduction: The Fleeting Pursuit of Wealth This morning, as I spent time in God's Word, a passage from Proverbs 23 :4-5 resonated deeply: "Do not toil to acquire wealth: be discerning enough to desist. When your eyes light on it. It is gone, for suddenly it sprouts wings, flying like an eagle toward heaven." Have you ever felt caught in the relentless pursuit of more, only to find that wealth, when made the sole focus, can feel incredibly fleeting? It's a powerful reminder that if growing our net worth is our only life goal, we might be chasing something that "suddenly sprouts wings." Investing in What Truly Lasts Proverbs 23:23 offers a profound contrast: "Buy truth, and do not sell it; buy wisdom, instruction, and understanding." This verse challenges us to consider what we're truly using our wealth for. Are we simply accumulating it, storing it in silos, and deriving our self-worth from account balances? Or are we leveraging the blessi...
Read more