A survey conducted on behalf of the Southern Baptist Foundation found that more than half of all Southern Baptist pastors do not have a will, trust, living will, electronic will, legacy story, or durable power of attorney with healthcare directives. In other words, they have basically nothing in place to create an estate plan.
The results of the survey, which are detailed in an article from Baptist Press titled “Young or old, many pastors lack a will, survey finds,” present a contradiction. When asked how important estate planning was, 74% said it should be considered a part of a person’s financial stewardship.
The survey reveals that pastors age 18-44 are least likely to have a will or a durable power of attorney with health care directives. However, even among pastors closest to retirement, ages 55-64 and 65 and up, only 54% have a will. And only 25% of these groups have a durable power of attorney.
One of the biggest concerns among pastors is that pastors with young families do not have a will or other plans in place. They do understand that in the absence of a will, the court decides who will care for their children if the last parent dies without a will. This is a substantial issue and one that can have major impact on the families of pastors if they don’t have one in place.
One of the biggest misconceptions among 48% of the pastors is they feel that if someone dies without a will the family decides what happens with the assets of the deceased. This is not the case and without the proper planning and documents in place their children could be place based on what the courts believe is best for them.
Basic planning saves a lot of headaches for loved ones. With an estate plan in place, assets can be protected and taxes can be minimized. While people might want to procrastinate, the reality is that not having a will can have a devastating impact on the family and on the estate.
Having a will and estate plan in place protects the family in many ways. An estate plan can protect minor children by allowing the parents to decide who they want to be given the responsibility to rear the children—a guardian—and to also select a person who will manage the funds left for the children.
A will also allows a person to express their wishes regarding the distribution of their assets. An estate plan can be designed to minimize tax liabilities and, if used in combination with certain trusts, control how and when assets are distributed.
Speak with an estate planning attorney to have a will created that reflects your wishes and desires so you can protect both your assets and your family. When you have a plan in place you can rest assured that your children will be well take care of and will have the guardians of your choosing. It will also allow you to direct your assets to the people (or organizations) you want. All of these can happen easily and as you wish when you have an estate plan in place.