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ESTATE PLANNING Presented by: J. R. Ellis, Trust Director Southwest Region Conference of Seventh-day Adventists Designed by: Janet Fern Miller.

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Presentation on theme: "ESTATE PLANNING Presented by: J. R. Ellis, Trust Director Southwest Region Conference of Seventh-day Adventists Designed by: Janet Fern Miller."— Presentation transcript:

1 ESTATE PLANNING Presented by: J. R. Ellis, Trust Director Southwest Region Conference of Seventh-day Adventists Designed by: Janet Fern Miller

2 Trust work and preaching the gospel are on equal ground. Holy Bible Last Will And Testament

3 The information in this presentation is provided to give informational help for the topics presented. The contents should not be considered as legal advice, accounting or other professional service. If legal advice or other professional service is desired, the participant should seek the services of an attorney or other professional in the area of questions.

4 Archeologists have found Wills on clay tablets left by the Pharaohs of Egypt 4,000 years ago. Ancient Wills

5 Jacob left Joseph a larger inheritance than he left his other sons. Genesis 48 & 49

6 A Roman will had seven witnesses. In Revelation, John speaks of seven seals. Rev. 5:1 ROMAN WILLS

7 EXIT WITHOUT A WILL If you die without a will, the state has a generic will for you. Your minor children become wards of the state. All your earthly possessions will be distributed according to the state will.

8 Why Do I Need a Will? I Don’t Have Anything!

9 Reasons for a Will Speaks for you after death. Protects your children and loved ones. Keeps the state from deciding where your property and money will go. Allows you to name your own administrator or executor. Allows you to remember your church, conference, etc., with a gift.

10 Only your estate documents speak for you after death Last Will And Testament

11 KINDS OF WILLS Regular/Simple Will Self-Proving Will Holographic Will Nuncupative Will

12 JESUS’ WILL (Nuncupative) “Woman, behold, your son!” Then He said to the disciple, “Behold your mother!” John 19:26 & 27

13 LIVING WILL * Most states recognize living Wills * Laws not uniform * Your religious beliefs * Put anything in your Will

14 Simple Will Places all present and future desires and possessions Will At Death Probate Court Executor Children Church Relatives, etc.

15 VALID WILL 1.Legal age 2.Sound mind 3.Provisions for property 4.Voluntarily signed 5.In print 6.Witnesses 7.Properly executed

16 Will Advantages Speaks for you after death. Choose heirs. Select your executor. Choose guardian for children. Give to Lord’s work. Give possessions away.

17 Executor Duties * Locating Will *Choosing an attorney *Notifying creditors *Locating witnesses-if necessary *Locating property, obtaining mail & personal papers *Examining real estate, leases and mortgages *Filing income tax and estate tax *Prepare assets, income and disbursement forms

18 Last Will And Testament WILL DISTRIBUTION 1.Taxes 2.Probate fees 3.Funeral expenses 4.Medical bills 5.Debts 6.Liens 7.Judgments

19 Key Points to Remember When Preparing Your Will or Trust 1.Leave your affairs in order. 2.Never substitute money for love. 3.Do not tie your spouse to your estate plan forever. 4.Don’t try to manipulate the living from the grave. 5.Make documents in accordance with state laws. 6.If you die without a will/trust, the state will distribute your estate, and tax planning opportunities will be lost.

20 Will with Testamentary Trust Provision All Present & Future Desires & Possessions Will at Death Creates Trust Pay Education For Children, Grandchildren Educational Trust

21 Non Probate Transfers Living Trust/Revocable Trust Joint Tenancy Insurance IRA/Most Qualified Pension Plans All Trusts and Trust Accounts Pay on Death (PODs) Annuity Life Estate

22 In my Father’s house are many mansions; if it were not so, I would have told you. I go to prepare a place for you. And if I go and prepare a place for you, I will come again, and receive you unto myself; that where I am there ye may be also. John 14: 2&3


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