The 1Impact Community Endowment Fund allows us to give a free service of estate planning to our church families.
An estate plan (also called a will) is a collection of documents that specify how you want your money and other assets distributed after your death, making it easier for your loved ones to handle your affairs during a time of grief.
Why is it good to have an estate plan?
- You decide who in your family will recieve your assets. Otherwise the court can give them to other family members who you may not want to receive anything.
- If you have children under the age 18, it protects them from being placed in the wrong guardianship through the court decision.
- It stops beneficiaries from overpaying in taxes. With just a little planning, you can reduce much or even all of your federal and state or inheritance taxes with your estate.
- It eliminates the stress of decision on family members, which can cause rifts.
The Bottom Line
Simply put, if you want your assets and your loved ones protected when you no longer can do it, you will need an estate plan. Without one, your loved ones could face huge tax burdens and the courts could designate how your assets are divided, or even who gets your children.
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