By: Laurie Valentine
· 60% of adults in the United States have never made a Last Will and Testament. Making a will is the single most important act of Christian financial stewardship you can ever take.
· If you have not made a Will, the state in which you reside has a plan of asset distribution written for you. Here in the Kentucky that plan is called the “Kentucky Intestate Succession Statute”. There is a good possibility that Kentucky’s “will” sets up a plan of distribution that doesn’t meet your family’s needs or your wishes regarding how your assets will pass at your death.
· A court will decide who will rear any minor children if both parents are deceased and they have not made a will or included a nomination of guardian provision in their will for the children. This is a far more important issue than who will receive your assets at death.
· Kentucky’s plan for asset distribution does not include your church or any other Christian ministry. You also forfeit the option of creating provisions that will benefit both your family and the Lord’s work.
· Without a properly drawn will, the death taxes and cost of administering your estate may be higher, thereby reducing what will be available for your family.
· By having a properly drawn will, you get to choose who serves as executor of your estate.
· By having a properly drawn will you are helping ease family friction at your death. This is especially important at a time when your loved ones are grieving your death.
Laurie Valentine is COO and Trust Counsel for the Kentucky Baptist Foundation, PO Box 436389, Louisville, KY 40253; (502) 489-3533 or 1-866-489-3533 (Toll-free, Kentucky Only); KYBaptistFoundation.org
The information in this article is provided as general information and is not intended as legal or tax advice. For advice and assistance in specific cases, you should seek the advice of an attorney or other professional adviser.