What happens if you don't have a will?

For many Christians, a Will is an expression of their belief that God owns everything, and wants us to manage the resources He entrusts to us before and after we die. You may have read, however, that 70% of the population does not have an updated Will. Why is that? And what happens if you don’t have a Will?

< You won’t get to determine who care for your children or where your assets will go. A Will enables you to specifically indicate how you wish to continue providing for your family. Without a Will, State law determines what becomes of your assets. Some States, for example, provide that the surviving spouse receives as little as one-third of the estate. Without a Will, the court will name an administrator to settle your estate. If you have minor children, you certainly want a voice in naming their guardians. You can do that with a Will.

< You won’t get to help your favorite charitable organizations. Your support means a great deal to the ministries close to your heart, such as Central Minnesota Christian School. A Bequest in your Will allows you to continue that support. A Bequest can be a fixed percentage of your estate, a specific dollar amount, or it can specify that your favorite charity(ies) receive the balance of the estate after provisions for all other beneficiaries have been made.

< You won’t get to save money for yourself or your family. A well-drafted Will can help you eliminate any unnecessary expenses in settling your estate. For example, by providing a clause in your Will, you can free your heirs from certain costs, such as a bond fee and other administrative charges. In addition, if you leave a Bequest to your favorite charity(ies), it will be exempt from any federal estate tax, state inheritance tax or death tax.

< You won’t have flexibility to adjust your wishes as changes occur. Family circumstances change. For example, you may have additional children or grandchildren. Or, you may have recently acquired assets such as real estate or securities which need to be included in the assets you are distributing in your Will. If you are one of the many Americans who does not have a Will, a Barnabas Foundation estate planner can meet with you to help accomplish your family and ministry goals. Barnabas Foundation’s planning services are confidential and provided to you at no cost.

This is general information and is not intended to be tax or legal advice. Please consult your own advisors.

For a FREE copy of “Solid Answers to Common Questions about Wills” contact Kevin Wassenaar from Central Minnesota Christian School at (320) 978-8700 or kevinw@willmarnet.com