Golden Years Stories

No one enjoys talking about death, especially their own. But it’s a reality we all must face – and prepare for. 

Taking time now to think about end-of-life decisions ensures you’re able to fulfill your faithful, caring and charitable intentions.

As trusted industry experts, Everence professionals can help you craft a successful estate plan – one that reflects your faith, cares for your loved ones, and provides clarity and peace of mind. 

Here are five common estate planning mistakes our professionals have seen over the years, and why Christians should avoid making them. 

Mistake 1: 
Making tax avoidance and maximizing money to heirs the primary goals of your estate plan. 

The majority of estate planning advice given today is simply designed with two goals in mind: 

1. To help families pay the least amount of taxes 
2. To pass the largest possible amount of money to heirs 

While these are practical goals, your estate plan can include so much more. 

Many people of faith are highly concerned about passing their values to the next generation, impacting their church and community in positive ways, funding the charitable causes they care about, and other faith-driven priorities. When meeting with your financial professional, it’s important to mention your desire to leave a legacy that reflects your faith and values and make it a clear priority. 

On a daily basis at Everence, financial professionals help clients incorporate these goals into their estate plans – so they’re able to positively impact their family, friends, churches and missions they care about even after they’re gone. 

Mistake 2:
Not including a charity in your plan if you’ve been a lifelong giver. 

Maybe you donate monthly to a nonprofit, or you tithe weekly at church. When you pass, those consistent contributions will end. By adding a charity, church or other organization as a recipient to your estate plan, you can ensure your legacy lives on through a final gift. 

Naming charities in your estate plan is a powerful way to make a statement about your values, who you were, and what you thought was important.  

Even if you haven’t consistently given to a nonprofit or church throughout your life, you can still make charitable giving a priority in your estate plan. 

Mistake 3:
Not reviewing your plan, especially after major life changes. 

When was the last time you reviewed your estate documents – your will, trust, power of attorney, and living will? Many people avoid looking at these documents, as it can be difficult to make decisions regarding the end of life. It requires you to think about health concerns, mortality, familial relationships, and your purpose. 

Despite these difficulties, ensuring your estate is in order is one of the best things you can do for not only yourself, but also your loved ones. 

Our professionals suggest reviewing estate documents every three to four years or after significant life changes. Finances, relationships, tax laws – they’re all subject to change over time, and it’s important your estate documents are as up to date as possible. 

Mistake 4:
Failing to communicate about your plan during life to those who will be affected by it. 

Even if your trust documents are as clear as can be, you should still discuss your wishes with your loved ones before you pass. 

The conversation might be challenging, but it’s beneficial to explain your wishes in person, as it can help alleviate confusion or frustration about your choices. You can even invite your financial consultant or attorney to the conversation to help you communicate your desires. 

You don’t have to take this on yourself – Everence financial consultants are willing to help you facilitate these conversations.

Mistake 5:
Making “control from the grave” a high priority (unless there are obvious reasons to do so). 

There are many ways to maintain control over your wealth and property when you pass, but that doesn’t necessarily mean you should. 

Rather than focus on the ways heirs might “misuse” their estate, our professionals encourage clients to focus on ways to empower loved ones to make wise financial decisions while they’re still alive. One way to do this is inviting your loved ones to participate in charitable giving with you – which can result in both a deeper bond with your heirs and a more inspiring result. 
Everence can help you avoid these mistakes, and we can also manage your assets and estate according to what’s best for you situation and make recommendations or provide advice based on your interest – not ours. You can get started today by contacting an Everence financial professional at everence.com or by calling (800) 348-7468.