FAQs – Ultimate Gifts.

Q: What are a few benefits of having a will?

A:A will (or trust) is your final act of stewardship and care. Through it, you can take care of your loved ones, model a legacy of generosity, and ensure your favorite ministries continue to make a difference well beyond your lifetime. 

Additionally, having a will may help you to… 

Almost no other action you take will speak as powerfully to future generations about what matters most to you!

Q:  My children have varying degrees of financial need, and some are better at handling money than others. How do I create a will that’s helpful and fair?

A:  Estate plans based on equal shares can lead to results that are not helpful, and in some cases, do more harm than good. 

One child may be able to handle money responsibly. Another finds it irresistible to waste or give it all away. Your children may be far apart in age or at different life stages. Perhaps some of your kids require extra assistance for educational expenses, raising young families, health issues, or other special needs. Some families face the added challenge of handing down a business or farm where the continued operation requires significant skill, expertise, and capital.

Dividing an estate among children is a complex issue – and there is no one-size-fits-all solution. That’s why it’s important to discuss all of your planning options with a trusted advisor who can help you find solutions that fit your circumstances and goals.

Q: It’s been a while since I completed my power of attorney documents. Do they need an update? 

A:Your power of attorney documents specify who can make critical decisions while you are still living, but are physically or mentally unable to do so for yourself. 

There are several reasons why these critical documents may need revisions:

• The people you named are no longer able or trusted to make your decisions. 

• You’ve moved across state lines.

• State laws have changed. 

• Your family dynamics have evolved.

• Your wishes regarding your care have changed.

• Your property has changed in value or composition.

For example, in recent years, many states have updated their laws around “power of attorney” and “power of attorney for healthcare” forms. The specific names of these documents vary from state to state, and recent changes include new requirements, as well as additional provisions that can be included in your plans.

Bottom line, if it’s been a while since your power of attorney documents were prepared, it’s worth calling your lawyer to see if an update is needed. 

Q:How can I give to multiple ministries in my will?

A:One easy way to accomplish this is by giving through our trusted partner, Barnabas Foundation. Once you’ve designated Barnabas Foundation as the beneficiary in your legal documents, you can then tell them how funds should be distributed to Flat River Outreach Ministriesand the other ministries close to your heart. What’s more, you can easily update your designation form with Barnabas Foundation at any time, without all of the costs and hassles of having to modify your will. 

Q:How much should I leave to my children and to charity in my will? 

A:One helpful tool many families use in this important decision is adding “a child named Charity” to their will or trust. For example, if a couple had four children, each of the children would receive 1/5 of their estate. The remaining 1/5 would go toward their “child named Charity.” In other words, 20 percent of their belongings will be gifted to their favorite charitable causes. 

This process ensures that families not only care for the long-term needs of their loved ones, it also provides funding for causes that are close to their heart — well beyond their lifetimes.