4 Wills That Won’t Help: Don’t Make these Mistakes with Your Estate Plan! – by Barnabas Foundation
Your will is one of the most powerful documents you will ever create! Through it, you can proactively care for your loved ones AND determine who will become the next stewards of your God-given resources.
A properly executed will can help you…
- Minimize family disputes.
- Protect your loved ones from excessive taxes and legal fees.
- Establish guardianship for minor children.
- Provide for children or loved ones with special needs.
- Give in a profound and most efficient way to Fellowship of Christian Farmers International and the other charities close to your heart.
However, there are four types of wills that are not effective.
- The Non-Existent Will
Don’t assume you don’t need a will because you don’t have “enough,” or because you’ve already vocalized your desires. A completed will is the only way to ensure your wishes are met and your resources (home, business, personal collections, finances, etc.) are quickly and smoothly passed to your chosen people and charitable causes.
- The Incomplete Will
Meeting with an advisor, discussing your plans with loved ones, and documenting your intentions are all important steps toward completing your will. But until you have a properly written and signed will that meets your state’s legal requirements, your plan is just a concept or piece of paper with no legal bearing.
- The Lost Will
An estate plan does no good if your loved ones don’t know it exists or where to find it. Once you have a completed will, make sure to communicate important details to your family, such as the location of where it’s stored and any password or keys they will need to access it.
- The Out-of-Date Will
Things change over time — and so should your plans. Key life transitions that warrant an update include children moving out of the house, retirement, marriages, births or adoptions, deaths, changes in financial situations, and more.
Not sure where to begin with your plans? Through our partnership with Barnabas Foundation, you have access to free help in completing or updating your will. Call us at 309-365-8710 or email fellowship@fcfi.org to request your complimentary copy of The Roadmap to Your Completed Will