WILL I LEAVE A LEGACY?

by Phil Bond, director of Florida Conference Development and Planned Giving
Christian Estate Planning is the act of arranging your assets in a way that provides for yourself, your family, and the Lord’s work—while you are alive and when you are gone. It is good stewardship.
“But if any provide not for his own, and specially for those of his own house, he hath denied the faith, and is worse than an infidel.” (1 Timothy 5:8 KJV)
To encourage this good stewardship, Florida Conference will pay the costs of having the following documents professionally prepared for constituent members:

• Last Will and Testament—This is a legal document stating what you want to have happen at your demise:
  • Who will finish raising your minor children?
  • Who will receive your money and possessions?
  • Who will be in charge of making sure your wishes are carried out?
• Durable Power of Attorney—This document gives the person you appoint the right to manage financial matters should you become incapacitated.
• Health Care Surrogate—This document gives the person you appoint the right to make health care decisions for you should you be unable to do so.
• Living Will—This document outlines your wishes in regard to end-of-life health care.

Three Frequently Asked Questions About Establishing a Basic Estate Plan:

• Isn’t this expensive? No. This is free to you. Why? Florida Conference believes this is a part of stewardship (see 1 Timothy 5:8).
• If I establish a plan with the Conference’s Planned Giving department, do I have to leave everything to the Church? No. While it is a reflection of Christian stewardship for a will to remember some phase of the Lord’s work, there is no requirement for you to do so.
• I don’t own very much. Do I really need a will? Yes. How do you know what your assets will be on the day you die? You could inherit or be awarded by the courts money you never expected.

Guardianship
Not long ago, an Adventist couple and their small child went out of state on vacation. Tragedy struck when they were involved in a head-on collision. Although the baby was fine, the parents were hospitalized and unable to care for him. When relatives arrived at the hospital to take custody of the child, the hospital informed them that because there were no official documents appointing them as guardians for the child, the child would have to be remanded to the care of the Department of Children and Families. Can you imagine how panicked these folks felt. Fortunately, the father regained consciousness and was able to sign documents allowing the relatives to have custody of the baby.
Many do not know that a Last Will and Testament is the document in which you appoint whom you would want to care for your minor children or other dependents should you become incapacitated. As the parent of young children, I feel a particular burden for this aspect of estate planning.
Should I or Should I Not Speak with a Brother or Sister in Christ About Their Estate Plan?
“There are aged ones among us who are nearing the close of their probation; but for the want of wide-awake men to secure to the cause of God the means in their possession, it passes into the hands of those who are serving Satan. This means was only lent them of God to be returned to Him; but in nine cases out of ten these brethren, when passing from the stage of action, appropriate God’s property in a way that cannot glorify Him, for not one dollar of it will ever flow into the Lord’s treasury.” (Testimonies for the Church, vol. 4, p. 478)
Wow. This quote never resonated so clearly with me as when I was speaking with a pastor friend recently. We were discussing when I might present a check to his congregation from a bequest the Conference had received on their behalf. The deceased member had been a good steward during life, and my friend was anticipating the wonderful things this bequest might accomplish for the Lord’s work.
Unfortunately, his excitement turned to disappointment when he learned that the majority of this member’s estate had been left to distant, nonbelieving family members. Only a pittance had been left for the Lord’s work.
The End of Probation (not the kind to which adventists are generally referring)
I was recently talking with a friend named Ellen who had lost both parents in the past few months. She said, “Although they were up in years, and several months have gone by, the loss is still so palpable. But, you know, the biggest headache has been the probate process. I know it is supposed to help with settling their final affairs, but truthfully, it has just been a big pain.”
I hear comments like this often. So, what is probate? Why is it so arduous? Is there a way to avoid or, at least, minimize it?
Probate—the process of establishing the validity of a will—is a necessary evil. In some cultures, the guy with the biggest club who shows up first will “inherit” everything. However, in our country, the courts oversee who receives a decedent’s assets.
Probating a will can become arduous because the courts want to be sure all potential creditors have an opportunity to make a claim against a decedent’s estate and that the process is consistent and fair to all concerned. This translates into a lot of time (an average of one year) and the need to hire an attorney who understands how the process works.
There are many ways to minimize the probate process. The simplest ones include making sure property you own is titled correctly and that beneficiaries are named on all accounts. Another option may be to establish a trust.
Your Development and Planned Giving team at Florida Conference has helpful information that can reduce the headaches of the probate process for you and your loved ones.
Charitable Gift Annuities
A Charitable Gift Annuity is a contract between you and Florida Conference. You transfer cash or an asset that has increased in value (such as land or stock) to the Conference in exchange for our promise to pay you a fixed income for the rest of your and/or your spouse’s life. Sample Gift Annuity rates for an individual are as follows:
Age | Rate
75 | 5.8%
80 | 6.8%
85 | 7.8%
Southern Union Revolving Fund (SURF)
Perhaps one of the best personal investments you can make is in the Southern Union Revolving Fund (SURF). Deposits earn about triple the interest paid on a one-year Certificate of Deposit (CD). SURF deposits currently earn 1.25% The funds are loaned to Adventist schools and churches for their building projects at a lower interest rate than what they would pay through a commercial bank. It is truly a win-win for everyone.