Probate is the set of rules established by the State governing the administration of your will, or for distributing all of your earthly goods in the event you die without an estate plan.  If a will is used to transfer assets to your beneficiaries, those assets will be subject to probate.  Probate may be avoided if your primary estate distribution document is a revocable living trust and not a will.

A revocable living trust is an instrument that you establish during your lifetime.  Like a will, the trust determines what will happen to your assets at the time of your death.  Unlike a will, however, assets that are in a revocable living trust at the time of death will transfer to your beneficiaries completely outside the probate process.

The answer is entirely a function of the circumstances of the individual(s) involved.  Generally, arrangements are made to leave the estate to the surviving spouse at the death of the first spouse.  In the event the estate is being passed directly to children not yet old or experienced enough to be entrusted with direct stewardship of their own inheritance, then assets may be transferred in the form of a trust.  Access to the assets is through a trustee you’ve selected to manage the trust until such time the children achieve an age of financial maturity.  At that time, the trust may terminate and all assets are distributed to the children per the terms of the trust.

Dealing with this question is one of the primary reasons individuals often fail to establish an estate plan in a timely manner.  Fundamentally, it’s a matter of determining the ongoing stewardship of the assets God has entrusted to your care once you can longer serve in that capacity.  The reality of this is that the design of your estate plan may be influenced by the financial or spiritual maturity of adult children or some unique factor such as the health.

Simply stated, this is a matter of prayer.  Influencing factors typically include: size of the estate; the values, work ethics and lifestyles of children; any health circumstances; tax considerations; and desire to provide continuing support to the church.

Eastview Legacy provides you the opportunity to specify, if you wish, how you would like your estate assets to be used for ministry.

Once again, this is largely a matter of your personal circumstances and prayer.  Eastview Legacy will be blessed by any amount you choose to give in support of the ongoing work of the church.  That notwithstanding, some individuals decide to treat Eastview Legacy as one of their children and give it the same percentage that the other children receive.  Others choose to simply give 10 percent of the estate.  Bottom line…there is no right or wrong answer.  It truly is a matter of prayer.

You should first turn to those advisors you’ve trusted in the past for assistance: personal attorney, tax advisor; financial advisor, etc.).  It’s important to keep in mind that no single advisor will, in all likelihood, have the expertise necessary to advise you on all matters related to your estate plan.  If you have never worked with any personal professional advisor(s), Eastview Legacy can offer the names of individuals you may want to consider.  In addition, Eastview Legacy will work with you and your advisors to help structure a gift that best suits both your desires as well as the ministry of the church.