When a woman educates herself about financial issues and puts an estate plan in place, she moves from financially boggled to financially bold and gains a new level of confidence, says Kathy Lee Hatchett, the Foundation’s contact for women’s estate planning.
Many women are concerned about the economic uncertainty. Hatchett addresses some of the concerns when she speaks to women’s groups on the subjects of God’s purposes for finances, stewardship, budgeting, debt, and the importance of life insurances and estate planning. In the following question and answer segment, Hatchett, Foundation estate planning counselor, explains that when a woman has a plan in place it satisfies her need for security and God’s instruction for stewardship.
What is an estate plan and why is it important to have one?
KLH: It’s important to remember that an estate plan is more than a will. A will is important but not sufficient. An estate plan deals with how you want your estate distributed at your passing, designates a guardianship for minor children, prepares for possible incapacity issues, and includes end-of-life directives. It’s also important to understand that every woman needs an estate plan whether she has a very small estate or a large estate.
Do women approach finances and estate planning differently than men?
KLH: Women have a strong need for security, especially in difficult times. Women are typically not risk-takers. Therefore, many women tend to be the movers in getting an estate plan in place. Women need to be more involved and educated regarding financial issues and estate planning since, on average, we live longer than men do. Statistics show that wives have a greater chance of serving as caregiver to a sick husband. A plan reduces the stress in women’s lives when they have a better grasp of financial issues and have an estate plan in place. If they are married, it helps if they work with their husbands in keeping informed about financial issues and are involved in financial decisions.
What does it take to begin an estate plan through the Foundation?
KLH: There is usually an initial meeting with a Foundation representative to organize financial information and discuss the desires she has about the estate. It would be wise to bring a list of her financial assets, the amounts of those assets, and a copy of the deed to any real property or mineral interests she owns. This information is forwarded to the attorney of the woman’s choice who will then draft the legal documents and help her execute the documents so she has a legal estate plan in place.
What is the benefit of working with the Foundation?
KLH: The Foundation reimburses a portion of the woman’s legal fees if she leaves a 10 percent charitable gift, at least half of which must be to a Baptist ministry and can include the Southern Baptist church she attends.
Why is it important for a woman to include charitable giving in her estate plan?
KLH: God entrusts to each of us His assets. He also instructs us to be good managers of those assets and directs us to be generous givers to Him throughout our lives as a way to acknowledge that everything is His. Including a gift to His Kingdom in an estate plan is the final act of stewardship on our part. It is the biggest gift we can give back to our Lord. That is the type of legacy the Lord wants us to leave.
Life is full of surprises. Having an estate plan helps women to prepare for unexpected events in life. Did you know that an estate plan:
· Designates a guardianship for your minor children
· Documents how you want health care decisions handled if you become incapacitated
· Includes your instructions for end-of-life medical decisions
· Records your wishes for how you want your estate distributed at your death
Four Steps to Help You Move From Financially Boggled to Financially Bold:
1. Begin by making a list of your assets and liabilities (to help you with this, click here to download a copy of Your Personal Records Organizer).
2. If you are married and your husband manages the family finances, stay informed about those issues and decisions.
3. Think through and write down your wishes for guardianship, incapacity issues, end-of-life medical and asset distribution instructions, and charitable giving plans. Take this list with you to your appointment with a Foundation representative.
4. Learn more about wills and the documents included in the Ways to Give/Women’s Estate Planning section of the Foundation’s website.
Kathy Lee Hatchett is a certified estate planner and is available to speak at your next women’s event. Call 405.949.9500 or 800.949.9988.
Posted on
Mon, March 30, 2009
by BFOK