Dealing with the unplanned loss of a loved one is a challenging experience for most families.  The absence of key estate documents can make the experience even more difficult and cause huge amounts of unnecessary anxiety in the lives of loved ones when they are most vulnerable.  Estate planning provides opportunity to plan for the unexpected in a thoughtful manner, absent any anxiety or pressure.  It provides an appropriate environment to discuss guardianship of minor children and prepares for the orderly handling, disposition, and administration of your estate.  A well-designed estate plan can preserve your assets and allow you to pass them to the people and organizations you care about most.

The size of the estate, marital status, presence of minor children and/or dependent adults, desire for privacy, and a myriad of other factors will determine the professional advisor(s) you may need to consult.  In limited situations, a single knowledgeable professional (i.e. Estate Attorney) is all that’s necessary.  More often than not, however, a team of advisors with expertise in several areas is required.  A list of such professionals typically includes, but is not limited to:  Financial Planner, CPA, Attorney, Life Insurance Representative, Investment Representative, Valuation Expert, and others.

A critically important item, regardless of estate size, is determining who should take care of minor children in the event the parent(s) should prematurely die.  There is no decision more important than deciding and designating whom to name as guardian of your children.

It’s recommended that you select individuals to serve as guardian who share your spiritual values and who will raise your children with the same Godly principles that have guided you.

It’s also important that, when possible, the designated guardians be in the same stage of life as you.  It’s not unusual for individuals (i.e. grandparents) who have already raised a family to not welcome the challenge of raising children again.

Another important consideration involves the physical location of the prospective guardians.  The loss of the parent(s) is a traumatic event in the life of any young child.  Appointing guardians who live in the same geographic area, thereby avoiding relocation of the children, helps mitigate the overall impact of the loss of the parents and make the transition to the new home environment much easier. 

Finally,it is not recommended that you appoint anyone guardian of your children without first having discussed the matter with them.  Any potential guardian should first have opportunity to give prayerful consideration to the matter and the responsibilities associated with such a significant role.

This is an issue that demands significant prayer and wisdom.  The overall size of the estate, age of children, the values, work ethic, and lifestyle of adult children are all important factors in this decision.

Consulting with an advisor who has state probate law and IRS Estate Tax experience is very important.  A professional such as this can quickly determine whether or not your estate may benefit from any special strategies.

Recognizing your responsibility as a faithful steward of all that God has entrusted to your care, your estate plan can provide enduring support to the ministries of the church.