It was a gorgeous fall weekend. A family, the parents in
their late thirties and two kids under seven, had planned a long weekend
away. They got into the family plane with Dad at the controls. Prior to
reaching their destination, the plane crashed, leaving no survivors. Neither
the mom or the dad had a will!
Easter break, time for a short holiday. Mom and the three
kids, all under ten years of age, were going to visit family while Dad stayed
home to work. On Easter Monday, Mom and the three kids headed home. It was a
clear day, sunny and dry conditions. The family van crashed head-on into a
bridge. There were no survivors. Dad was now on his own.
For these families with the "I’ll do it next
month" mind-set, next month never happened. Neither did their estate planning.
In the first case, neither parent had a will. According to
law, they died intestate or without a will. As a result, provincial intestacy
law comes into effect. All assets will be sold and the proceeds used to pay
taxes and outstanding debts. Whatever is left is divided according to a
formula set out in legislation. Each state/province has their own laws governing
intestacy; however, the laws are essentially the same. There will be no bequest
to the church or anywhere else. There are no tax planning strategies in place
to reduce the impact of final taxation on the estate. No steps are taken to
reduce the costs of probate or keep assets out of the estate.
Without estate planning, the cost to you, your estate, and your
beneficiaries can be tremendous. Thousands of dollars can be lost which could
have benefited your beneficiaries, family, or church.
You can get your affairs in order by addressing issues
surrounding estate planning and working with an advisor. Reviewing your estate
plan can also keep it current and in line with your wishes. Estate planning does
not have to be difficult, it just needs to be done.
We all hope to be around next month but what if you’re not?
What will happen to your estate? It is by taking action now that serious
problems and issues can be eliminated. Don’t procrastinate; the cost is too
great!
A representative from Estate and Financial Planning
Ministries is available to work with you to identify your unique estate planning
needs. Everything is confidential. There is no obligation and nothing to buy.
Contact us at efp@CofChrist.org,
or call 1-800-884-7526 (1-877-526-7526 in Canada).
Return to the Estate and Financial Planning Ministries Reading
Room.
