Wednesday, August 26, 2009

INHERITANCE RESPONSIBILITY

"But if any provide not for his own, and specially for those of his own house, he hath denied the faith, and is worse than an infidel." I Timothy 5:8

Most of us men take great pride in how well we provide for our families. As I look around at the men here at TBC, they are hard working, responsible husbands and fathers. That is, as long as they are alive!

Men, what if God called you home this week? Would your family still be provided for properly? May I suggest a check list of items that men should have ready for their families in the event of your sudden death.

1. A will professionally done by an attorney or try legalzoom.com Considerations when making your will:
A. In your will consider your children (Pr. 19:14)
B. In you will consider your grandchildren (Pr. 13:22)
C. In your will consider your church or other worthy ministries

2.Insurance or savings sufficient to provide for your family needs.
(Consider strongly disability insurance for your working years. According to statistics you are far more likely to be disabled through accident or disease than to die and this insurance helps replace your income and protect your family.)

3. A personal letter giving instruction and important information. This letter might include:
A. Funeral instructions: Where, who, songs, testimony, scripture, burial, etc.
B. Location of all insurance policies, agent names, address, etc.
C. A sample budget for the first year.
D. What's to be done with insurance money?
(Pay off house, where to invest, with whom, etc.)
E. List all investments and other assets. (location of each document)
F. List of employment records and applicable benefits.
G. Words of personal encouragement and vision for your wife and each child.

4. Consider long term care insurance. If you decide not to purchase it then what is the plan so you don’t use up your estate so there is no inheritance and you become a burden to the state?

(note)Long term care insurance covers the expenses for assisted living, nursing home, home health care. These expenses can easily run as high as $40,000 - $60,000 per year which is why you should consider this insurance once you turn about 60.

All of the above should be updated your will every few years. Once per year would be ideal. When updating, you should sit with your wife and go over everything she is to do if you die suddenly.

You should also consider the possibility that both you and your wife could die suddenly. Your will should include a guardian provision for your children. Please don't leave it up to the State to decide the disposition of your children.

Remember, our responsibility is to meet needs, not make wealthy. Few of us would need one million dollars worth of insurance, but most of us would need several hundred thousand, if you plan to provide for many years in your absence.

Men, if you are suddenly called to heaven, your wives will be very grateful you took the time to prepare her and provide for her. Don't put it off any longer, rather remember, "What is your life? It is even a vapor, that appeareth for a little time, and then vanisheth away."

PB

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