BICF Estate Planning and Wills

Individuals > Estate Planning and Wills

Estate Planning and Wills

Using your resources to plan for the future is an important part of biblical stewardship. The Planned Giving Department of the Foundation is available to help you meet your goals through assistance with estate planning and wills. Will clinics are held at local Brethren in Christ churches and individuals can seek assistance with their will preparation and estate planning. These services are sponsored by the Foundation and the General Church. For more information, click here.

Why Should You Have a Will?
Although individual circumstances will vary, a Will is the only way that you can be certain that your wishes will be honored to care for what God has entrusted to you.

The State’s Will
If you don’t have a Will, the state in which you live has one for you! Your estate would be distributed according to applicable laws. This is generally not desirable since the distribution may not be what you would want. Many things cannot be taken into consideration. For example, you would not have the opportunity to name the executor, guardian or trustee. You also would not be able to set up any special needs of your family. Without a Will, you lose the power to direct the distribution of your estate. Furthermore, you lose the ability to remember your church or other charitable organizations.

Everyone Needs A Will
Everyone who owns property, has investments or savings, has dependents, and wants to remember the work of the church or other charities needs a will.

What About Jointly Owned Property?
Jointly owned property does not eliminate the need for a will. Although joint tenancy with right of survivorship property, such as bank accounts, real estate, and stocks, will automatically pass to the survivor, it is possible for both joint owners to die in a common accident. The only way to insure that your final wishes are carried out is to prepare separate wills.

What Does A Will Do?
A will provides a plan for the distribution of your estate. It expresses your final wishes to family and heirs. It is the final witness to your Christian faith.

When Should You Make a Will?
As long as you are age 20 or more, it is never too early to consider how you would like your property dispersed. We are happy to provide the assistance you need to focus on the important components of a will. There is no charge for this service. When you have decided on a plan, we recommend that you work with your attorney to have your will prepared. Important decisions will be made which require professional advice. Without a legal will, your desire to benefit your family, your congregation, and other Brethren in Christ ministries may not be achieved.

Changing Your Will
Your will does not become final until your death or incompetency. Changes in circumstances may suggest changes in a will.

If you already have a will, consider the following questions:
1. Is your will up-to-date?
2. Do you have any minor children?
3. Have you moved to a different state?
4. Has the size of your estate changed since your will was written?
5. Have any of the individuals (executor, beneficiary, ministry) named in your will died or ceased operation? Moved? Changed names?
6. Have you been thinking about adding or deleting any beneficiaries in your will?
7. Is the church or other Brethren in Christ Ministries included in your will?
8. Would there be an advantage to you to provide a life income gift now in lieu of a bequest?
9. Have any tax law changes had an impact on your planned distribution of property?

Would you like to remember the church In your Will?
As a Christian, you are the caretaker of that which God has given to you. You have made good use of your talents by being a lifelong steward. The distribution of your estate is the last witness of your life. You may wish to continue your Christian stewardship by providing for the ongoing and future work of the Church in your will.

There are many ways to provide a bequest through your Will
• You may give your church a certain percent of your estate.
• Consider a bequest for your favorite Brethren in Christ ministry.
• Create a life income plan to provide an income for a survivor and designate the church as final beneficiary.

The above examples are only a few of the options available.

Forms of Bequests
• A specific dollar amount
• A percentage of the estate's residual value
• A specific asset

You can name your congregation, or a conference or denominational ministry, other Brethren in Christ ministries or other charities to receive a bequest. When leaving a bequest to a ministry, include its legal name and address.

Please contact Jim Smiley, Director of Planned Giving, for assistance in developing an effective estate plan.

For more information:

URL: www.bicfoundation.org/indiv/estate_planning_and_wills.htm