“For I know the plans that I have for you, says the Lord, plans for peace and not for evil, to give you a future and a hope.” –Jeremiah 29:11 (MEV)
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Wells Fargo knows money. Gallup knows research. In November of 2020, these two entities studied 1,709 Wells Fargo investors and learned:
- Just 1-in-3 investors had a written will.
- Only 4% of investors had complete estate plans.
Surprising? Perhaps — especially if we consider the universal truth in Hebrews 9:27, “It is destined for people to die once”. This 2020 research is just another study in a long line of studies that indicates many Americans do not have valid, up-to-date estate plans.
To be fair, most of us do not have the Hezekiah advantage either. Remember that good King of Judah? 2 Kings tell us that he did “what was right in the eyes of the Lord.”
Hezekiah’s advantage was that during a bad illness, God sent Isaiah the prophet with an unmistakable message, “Set your house in order, for you shall die, you shall not recover.” (2 Kings 20:1 ESV) OK, at that point any of us would probably call for a lawyer and witnesses!
The November 2020 research went on to show that higher income did not necessarily mean increased estate planning, but older age did. Only 30% of investors under age 50 had wills but for those over age 65, more than 4 of 5 had wills.
While not covered by the Gallup study, what would be interesting to know is how many Christian stewards have up-to-date plans. My sense is that if you live the giving life you may see an estate plan as your final act of stewardship and generosity.
Where to Focus
People avoid estate planning for many reasons. Perhaps the most common is that they prefer to not think about what will happen when they die. Unfortunately, when an individual dies without planning, the family will pay a price. Government lacks no imagination when it comes to taxes, procedures, and fees. Simple transfers of ownership are often complicated and costly when they must be made without proper advance planning.
So rather than focusing on the negative, let me suggest that you think of estate planning in a new light — dare to dream. Creating an estate plan can be an exercise in fulfilling desires and impacting the world beyond our lifetimes.
For example, Marvel Comics editor, Mark Gruenwald, requested that his body be cremated, and his ashes mixed in the ink Marvel used to print their comics. If you have a Squadron Supreme paperback collection, there may be a bit of Gruenwald on each page.
Perhaps you wish to execute a more edifying plan. Because a Will is a permanently, recorded public document, through your Will you can inspire others with a statement of your faith, or share an important life lesson. In a world where people are fond of researching their ancestry, a Will can be a tidy way to leave a message for future generations.
While focusing on thorough, thoughtful planning, also consider creating Powers of Attorney to appoint someone to care for financial matters and healthcare decisions when you cannot personally make your wishes known.
Focus beyond the negative. Look at Estate Planning — whether a Will, Trust, Powers of Attorney, or other documents — as important tools to make your living desires known, and to leave the legacy you dream of.
May We Help?
If you would like more information about the documents that make up a complete estate plan, we have created an eBook which you may find helpful, An Estate Plan is More Than A Will. Download your free copy today and then contact Jeff Coon jcoon@fameworld.org or call him at 317-358-2480 if we can help.
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