During an appointment with his cardiologist, a patient indicated frustration with one of his medications. “Which one?” the doctor asked. “The patch. The nurse told me to put on a new one every six hours and now I’m running out of places to put them!”
Sometimes details get lost in translation. For instance, we all know there is a particular timeline for health screenings and routine procedures we need to consider as we age, but sometimes important ones slip through the cracks – and can put us at risk.
There’s another important life detail we need to keep updated as we age: our estate plan. Did you know nearly 70 percent of Americans do not have an up-to-date will? Good estate planning may help you avoid:
- Legal risks. Your will could help loved ones avoid delays in receiving an inheritance or property and enable them to pay any outstanding bills associated with your care in a timely manner. Plus, there are numerous tax reduction strategies to maximize the amount your family receives if you plan wisely.
- Relational risks. Many families have fallen into stress and strife over a disputed will, but a parent who ensures their ‘affairs are in order’ creates peace for their loved ones. Plus, an up-to-date will allows you to name a guardian for any minor children so you can be sure they’re well taken care of by the individuals of your choosing.
- Financial risks. Ensure your loved ones are provided for and keep your estate from becoming tangled up in expensive probate proceedings.
- Legacy risks. By taking time to think through your estate plan in light of your values, you may discover you’d like to leave a gift in your will to an organization you appreciate like Money for Ministry. Your will can be a great place to communicate a legacy of personal faith. It’s a heart-level opportunity not to be missed.