“Joy house helped me leave an abusive marriage and get my life back! I am so thankful for everything they did for my child and I.” – Ginger, Joy House Graduate (pictured above)

Did you know that wills and legacy planning makes stories like Ginger’s possible?  But maybe you don’t know much about them. Good news! We’ve put together a list of common questions about legacy planning, wills, and estates. Can’t find the answer you’re looking for? Email us at development@providencenetwork.org or call (303) 551-9319. But before we begin, an encouragement: “Commit to the Lord whatever you do, and he will establish your plans.” Proverbs 16:3

What is a legacy plan?

A legacy plan is a thoughtful, prayer-filled discernment process that wisely determines and communicates how your most closely held values, including your faith, can be passed onto the next generation. It asks how to steward your resources, both in this lifetime and beyond, in a way that brings life to others and honors God.

A legacy plan includes legal documents (wills and trusts) that distribute property upon your death and provide for the care of minor children. A legacy plan can also include a written summary (sometimes called a Legacy Love Letter or Ethical Will) of your most cherished values — values you want your loved ones to know and understand.

How does it help me pass on my values?

The way you choose to design your legacy plan communicates what’s most important to you. When you include a gift in your will to the mission that aligns with your passions, you make a clear declaration to your loved ones about the work that God has done in your life and what you want your legacy to express.

“We will tell the next generation the praiseworthy deeds of the Lord, his power, and the wonders he has done.” Psalm 78:4

As you reflect on the legacy you want to leave your family, your values are one of the most important gifts you can pass on. But it can be challenging to know where and how to start that conversation. Here are some questions to consider:

  • What kind of legacy do I want to leave for my children? 
  • What are the beliefs and values I want to pass along to the next generation?
  • How can my estate plan reflect my love for my family, church, and favorite charities? 

What is a Legacy Love Letter? 

Creating a Legacy Love Letter with your estate plan allows you to share guiding principles, memories, stories of personal faith, and future wishes for your family. Think of it as a cover letter to your will, elevating it from a legal document to an act of worship that can have a life-changing impact on your family.

We’ve developed a free guide to help you write your own Legacy Love Letter, also known as an Ethical Will. Take some to think and pray through each of the elements and the values you want to pass on to the next generation.

What is a will?

A will is a legal document that outlines how your property will be distributed upon your death. A will, also known as a last will and testament, allows you to:

  • Designate beneficiaries (individuals or organizations) to receive specific assets or portions of your estate.
  • Appoint an executor who will manage your estate, pay debts, and ensure your wishes are followed.
  • Name guardians for any minor children or dependents.
  • Specify funeral or burial preferences.
  • Prevent disputes among heirs by making your intentions clear.

What is a bequest?

A bequest is a gift of money or property distributed through your will. You can bequeath a gift to your heirs, friends or to a charity.

How is an estate plan different from a will?

A will is part of an estate plan. Details to keep in mind: 

  • A will directs the distribution of your assets after you pass away. It can also be used to name guardians for your children.
  • Your estate plan should include a health care power of attorney—sometimes called an advanced directive—which names an individual who can make medical decisions if you are incapacitated.
  • Your estate plan should also identify a financial power of attorney, which names an individual who can direct and manage your finances if you become incapacitated.  
  • Some estate plans also include revocable living trusts to provide additional options to protect your assets.

Do I need an attorney to create a will?

If your estate is simple, you may not need an attorney and could benefit from many of the online will tools available. Here are some questions to help you decide:

  • Do you have children with special needs, a blended family, or a remarriage?
  • Do you wish to disinherit a family member, are concerned that your estate will be contested, or need to include unique provisions?
  • Does your estate include complex assets such as a family business, real estate (in different states), or an estate value over estate tax limits?

If any of these circumstances apply to you, you may wish to consult an attorney. In preparation, consider downloading our free Will Planning Guide.

How much does a will cost?

Simple wills using online tools can be completed for less than $200. Basic wills created with the help of an attorney can cost anywhere from $800-$1,000. Services may also require a notary.

What happens if I die without a will?

If you do not have a will, the state would determine (without your input):

  • Who will be the next steward of your resources
  • Who will care for your young children
  • Who will administer your estate

Need a little extra inspiration? Read our 5 Reasons Not To Have A Will blog post.

How do I know if I should update my will?

Consider these top 10 reasons, in no particular order, to update your will:

  1. New baby, adopted children, or stepchildren
  2. Moving to another state
  3. Changing your mind about heirs
  4. Marriage or divorce
  5. Major changes in property ownership or financial assets
  6. Changes in estate planning and estate tax law
  7. Death or disability of someone named in your will
  8. Children have reached the age of 18
  9. You would like to provide for your favorite charities
  10. It has been three years or more since you have reviewed your will

Want to get started?

Are you ready to create a will? Click here to access a list of will writing services.

Disclaimer: Providence Network has not provided you with any investment, financial, legal, or tax advice. Instead, we have advised you to consult with your own legal and financial advisors and tax experts. We are not responsible for any decisions or actions taken in reliance upon or as a result of the content made available on this website or social media channels. 

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