Estate Planning Questions
By Nick Davis, Director of Advancement
Whether you already have estate documents or not, the following questions can help you decide if you need a plan or an update to plans.
Is a will or trust necessary?
Short answer: Most people should have a will and basic powers of attorney for health and finances. A trust is helpful to avoid probate, own property in more than one state, or need extra control for family or health reasons.
Can assets be designated at death without a will or trust?
Yes, assets can pass directly to beneficiaries at death without a will or trust. This is achieved through beneficiary designations and other “non-probate” transfers.
Do you have a spouse, minor children, or dependents?
If so, you need an estate plan. A will instructs guardianship for minors and special needs adults. If you want assets divided a specific way between spouse, children, or charity, you need an estate plan.
Do you want to avoid probate or keep your affairs private?
If yes, consider a trust, which is more private. A will is a public document.
Do you own real estate (especially in multiple states) or a business?
These matters are best handled via a trust.
If you become ill, would someone need to manage your finances or health decisions? A healthcare power of attorney allows a person to make decisions for you if you’re incapacitated. A finance power of attorney allows a person to manage your finances and pay your bills if you’re incapacitated. It’s important to name a primary and an alternate power of attorney.
Do you want to control how and when heirs receive money (for minors, blended families, or spendthrift heirs)? Do you want to pass along assets and money to family or charity with certain controls? A trust is the best tool for this.
Do you have estate plans made? Have your documents or beneficiary forms been reviewed in the past 3–5 years? If you have an estate plan, it needs consistent review. People, assets, plans, and laws change, and your estate plans must reflect those changes.
All the above questions are important to ask an attorney that specializes in estate planning attorney. Some estate planning professionals have training to assist you, as well.
Baptist Homes representatives Ron Mackey and Nick Davis are trained to discuss estate planning. The Missouri Baptist Foundation is a ministry partner with Baptist Homes and brings excellent, trusted skills and knowledge to the process. For more information, contact Ron (rdmackey@bhhm.org) or Nick (ndavis@bhhm.org) at 573-546-2709.
