By Adin Schwenke
Last month, I spoke with a ministry friend who had recently become a grandparent for the first time. While updating beneficiary designations, he told me, “I hadn’t looked at these documents in nearly ten years.” Life had changed significantly since then.
His experience is not unusual. Marriage, grandchildren, career transitions, and changes in assets all create good reasons to revisit an estate plan.
Did you know August is Make-A-Will Month? Now is the perfect time to take a few simple steps toward creating or updating your estate plans.
Here are three easy places to start…
1. Revise with Every Major Life Event
Creating a will is an important first step, but estate planning is not a one-time event. As life changes, your estate plan should be reviewed to ensure it continues to reflect your values, priorities, and wishes. This Make-A-Will Month, consider whether any significant life events have occurred since you last reviewed your plans.
· Have you welcomed a new child or grandchild into your family?
· Has a son or daughter gotten married?
· Have you experienced a major financial change or received an inheritance?
Taking time to review your will after major life changes can help ensure your plans remain current, provide clarity for your loved ones, and continue to support the people and causes that matter most to you.
2. Take Inventory of What God Has Entrusted to You
One of the most meaningful practices in estate planning is simply taking stock of what God has provided over the years.
Life becomes busy. It’s easy to lose track of assets that have appreciated in value or accounts that haven’t been reviewed for some time. This month, consider setting aside an hour to gather a complete picture of your finances.
· Has your brokerage account grown more than you realized?
· Has your home’s value increased with time?
· Do you have a life insurance policy, retirement account, or other assets that still need a beneficiary designation?
As Christians, we recognize that everything we have belongs to the Lord. Taking inventory isn’t just a financial exercise. It’s a stewardship exercise and offers an opportunity to reflect on God’s faithfulness. It allows us to prayerfully consider how the resources we’ve been entrusted with can continue blessing our families and advancing God’s Kingdom for years to come.
3. Review Your Beneficiary Designations
While beneficiary designations may seem like a small detail, they are one of the most important aspects of an estate plan.
Retirement accounts, life insurance policies, and certain investment accounts typically transfer assets directly through the beneficiary information on file, regardless of what is written in your will.
That’s why reviewing these designations is one of the more vital estate-planning tasks you can complete. The good news is that it often takes less than fifteen minutes.
As you review your accounts, ask yourself:
- Are the right individuals listed?
- Have family circumstances changed?
- Do these designations still reflect my wishes?
- Should a portion be directed toward ministries that have impacted my life and faith?
A quick review today can help ensure those assets are in line with your long-term goals.
A Legacy That Reflects Your Values
At its heart, estate planning isn’t about legal documents or financial accounts.
It is an opportunity to thoughtfully steward what God has entrusted to you and create a plan that reflects your faith, values, and love for others.
As Proverbs 13:22 reminds us, “A good man leaves an inheritance to his children’s children” (ESV).
While that inheritance may include financial resources, it can also include the example of wise stewardship, intentional planning, and generosity.
This Make-A-Will Month, consider taking a few simple steps toward gaining clarity, peace of mind, and confidence that your plans reflect both your wishes and the legacy you hope to leave behind.
