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Estate Plan
A Planning Checklist
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Using Barnabas as a giving channel
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<!-- Alternate content for non-supporting browsers --> <br><a href="#q1"> <b>Is an estate plan the same as having a will?</b></a> <br> <br><a href="#q2"><b>If my estate is small, do I need a will?</b></a> <br> <br><a href="#q3"><b>How do I provide for my childrens' care after I'm gone?</b></a> <br> <br><a href="#q4"> <b>Should I consider a living trust?</b></a> <br> <br><a href="#q5"><b> Will Barnabas Foundation do my legal work? </b></a><br> <br><a href="#q6"><b> What are some charitable giving options? </b></a> <br><br> <hr SIZE=1 NOSHADE WIDTH="75%"><br> <a NAME="q1"></a> <b>Is an estate plan the same as having a will?</b> <ul> A Will is a legal document that states what your plans for your property are. It is the foundational document that is required for all estate plans.</ul> <a NAME="q2"></a> <b>If my estate is small, do I need a will?</b> <ul> If you don't have a Will, the state has one for you. State laws are put in place in each state to direct what will be done with the assets of an individual who dies without a Will. Unfortunately, the state's "Will" does not take into account your personal values, Christian commitment, goals, family situation, or needs. A Will allows you to decide who will become the next "steward" of the resources God has entrusted to you. </ul> <a NAME="q3"></a> <b>How do I provide for my childrens' care after I'm gone?</b><ul> In your Will, you can name the person whom you would like to be the guardian of your children. The guardian is a person who has responsibility for the physical care of your children. By naming a guardian in your Will, you, rather than the local court, may decide who should care for your children should something happen to you. Your children's financial needs can be met by creating a Children's Trust in your Will. It holds all of your assets for your children's benefit until they have reached the level of education you want to provide for them and are mature enough to handle an outright distribution from your estate. In creating a Trust, you must appoint a person to be in charge of the Trust. That person is named a Trustee. Your Trustee will invest the assets in the Trust and make decisions about their distribution to your children. </ul> <a NAME="q4"></a> <b>Should I consider a living trust?</b> <ul> For many people a Revocable Living Trust is an excellent tool through which to implement their estate plan. Like a Will, a Trust makes provision for the transfer of your assets at death. Unlike a Will, assets in the Trust are not subject to the costs and delays of probate. During your lifetime, it remains completely under your control. <br><br> If structured and funded properly, the use of a Revocable Living Trust can eliminate court costs (except in an unusual situation); lower the amount of attorney time necessary to administer your estate, thus lowering attorney fees; and time delays can often be avoided. In most situations, the successor Trustee can take over management of the Trust immediately. The payment of final bills, collection of insurance monies, sale of appropriate assets, etc., can be taken care of very quickly. The actual time it takes to "administer the estate of the decedent" by means of a Living Trust can often be cut in half, as compared with the probate process. <br><br> On the other hand, trusts are not for everyone. Because of the added initial cost, funding requirements and other issues, some people choose to stay with a Will for their primary estate planning document. Even with the Trust, it is recommended that you have a Will often called a "pour-over" will to cover any assets not included in the trust at your death.</ul> <a NAME="q5"></a> <b> Will Barnabas Foundation do my legal work? </b> <ul> Barnabas Foundation will assist you in producing a plan which you can take to your local attorney to implement. While we assist you with your Estate Plan, we do not provide legal advice. It is important that your own attorney be involved in this planning process.</ul> <a NAME="q6"></a> <br>
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