International Fellowship of Christians and Jews

Estate Planning is the process of providing direction for the management of your affairs in the event that you become incapacitated through an accident or illness, and at the time of your death. A well-crafted Estate Plan will:

• Provide for distribution of your assets at death.
• Determine who will care for your children.
• Determine the type of medical care you receive.
• Provide for settlement of your debts.

A comprehensive Estate Plan is documented through a Will or Trust and several other legal documents including Powers of Attorney, Living Will, and Advanced Medical Directive that communicate your desires and provide the authority for people to act according to your wishes.

Download or request a copy of A Guide to Estate Planning, Wills, and Trusts>>

Perhaps the greatest benefit of Estate Planning is peace of mind. With a well-crafted Estate Plan, you can be confident knowing a plan is in place to provide for distribution of your assets and the care of your minor children if you die or are incapacitated. Other benefits include:

• Eliminating Confusion - Your loved ones avoid the headaches and helplessness that come from being unprepared.
• Fiscal Responsibility - Avoid costly probate, estate, and income taxes and maximize the allocation of your assets to your intended heirs.
• Enduring Generosity - Continue to support the people and charities you currently support even after your death or incapacitation.
• Personal Control - Control how your estate is managed.

Download or request a copy of A Guide to Estate Planning, Wills, and Trusts>>

In this case (called dying "intestate" or "without a testament") the "laws of descent and distribution" for your state of residence will take effect. In other words, the state will give you a Will. Your assets will be distributed according to the inflexible provisions of state law. For example, if you have minor children, the courts could place them with guardians you would never have chosen. Gifts to your favorite charity will be excluded. For these and many other reasons, an Estate Plan is essential to ensure that your wishes are carried out.

Download or request a copy of A Guide to Estate Planning, Wills, and Trusts>>

One of the most common forms of an Estate Plan is the Will-based Estate Plan. A Will, sometimes referred to as a "Last Will and Testament," is a document created during your lifetime and implemented at your death for the purpose of communicating your wishes for the transfer of your property to heirs, making charitable contributions to charities, and identifying guardians for minor children. It can also include a personal testimony that communicates your faith and values to those who read it.

Download or request a copy of A Guide to Estate Planning, Wills, and Trusts>>

When a change is required, do not make it by crossing out or "penciling in" the change. A periodic review by your attorney and addition of a "codicil" or amendment is the safest way to update your Will and insure that your estate will be settled according to your wishes.

Download or request a copy of A Guide to Estate Planning, Wills, and Trusts>>

Another type of Estate Plan is a Trust-based Estate Plan. A Trust, like a Will, is a legal document. The Trust, however, not only contains your instructions and provides the authority for the distribution of assets, it is also a legal receptacle for your assets. Think of a Revocable Living Trust as a purse or briefcase into which you can put items and take them out just as you please. When you place assets into your Trust, you completely avoid probate for assets that were in your name, but have been placed in the name of the Trust. A Trust does not die; therefore, a Trust does not have to go through the probate process.

Download or request a copy of A Guide to Estate Planning, Wills, and Trusts>>

Failure to appoint a guardian for minor children puts this critical decision in the hands of the state. Parents with minor children can arrive at a wise plan by following some simple guidelines.

• Create a list. Carefully list the friends and family members who could potentially care for your children. Consider each individual's personal circumstances and style of child rearing. Pray about this list of potential guardians, and re-evaluate your decision periodically as changes occur that affect your family or your selected guardian's ability to care for your children.
• Discuss your decision. Communicate your intentions to everyone involved. Discuss your choice with your children, and, of course, with the person or persons you're considering as a prospective guardians.
• Maintain a connection. A potential guardian should be a consistent part of your children's lives. Supplement their personal knowledge with updated medical information, short-term and long-term financial goals, your views on faith, college, and career planning . . . anything you want them to know about your desires for your children's future.

Download or request a copy of A Guide to Estate Planning, Wills, and Trusts>>

A power of attorney is a legal document which authorizes someone to act on another's behalf in financial or medical matters. It can be narrow and require "triggering" or "springing events" such as medical incapacitation or temporary absence from the country, or it can be broad, allowing unlimited authority to make decisions on your behalf. The power to act ceases to exist at the death of the person who authorized the Power of Attorney. A Medical Power of Attorney will allow an authorized person, usually a family member or close friend, to make healthcare decisions for an incapacitated or uncommunicative person.

Download or request a copy of A Guide to Estate Planning, Wills, and Trusts>>

Doctors are often unsure about what course of action to take when a patient is at the end of life or unable to communicate his or her wishes. It is important to let your desires be known regarding circumstances under which you want to provide or withhold life-sustaining medical procedures in the event you are in a dire and hopeless medical condition.

Some states refer to this as having a Living Will. Others have no legal provisions for Living Wills but allow medical staff to recognize "Advanced Medical Directives." Whatever the name, it is important for your physician, your family and your peace of mind that you have a legal document that expresses your wishes. This document should be a part of a comprehensive Estate Plan.

Download or request a copy of A Guide to Estate Planning, Wills, and Trusts>>

The Fellowship’s Estate Plan, Wills and Trusts Guide is a free booklet, created by our Planned Giving professionals, that will help you understand the basics of Estate Planning, evaluate your current level of preparedness, gather the information necessary to develop an Estate Plan, and determine some initial goals for protecting the interests closest to your heart. There is also a helpful “workbook” section that will help you organize your assets and make important decisions about the distribution of your assets. Get your copy by calling 888-588-4325 or download and print a copy online. If you have any questions, please don’t hesitate to contact one of our Planned Giving professionals at 888-588-4325 or via email at pg@ifcj.org.

Download or request a copy of A Guide to Estate Planning, Wills, and Trusts>>