Preparing Your Estate Plan: An Act of Love and Faith
August is National Make a Will Month and brings to mind the importance of getting your affairs in order. This includes preparing your will or trust. It is not only an act of Christian stewardship, but it truly is an act of love for your family.
When you start planning your will or trust, begin from your place of faith. Start with what it means to be a Catholic because you are going to make decisions that reflect your faith and the Catholic Church’s teachings around life, suffering, and death. When you bring your faith, Catholic values, and prayer and discernment to the table when you’re sitting down with your loved ones having conversations about what your desires are, it makes the entire process more grace-filled and it brings a sense of peace knowing you have made the right decisions.
Anyone over the age of 18 who owns property, has financial assets such as bank accounts, stocks, a vehicle, etc., should have an updated will or trust. Otherwise, if you pass away without one, the state decides how your assets will be divided and there is no provision for charity even if someone was very generous over their lifetime.
In a will or trust, you have the opportunity to lay out exactly how you want your assets to be distributed. Also, when considering naming heirs, giving a percentage of your estate or retirement accounts rather than specifying a dollar amount is best because your net worth might change over time. It is important to take care of family, but beneficiaries can also be your parish because your parish may be like a second family and has been a part of your spiritual journey.
Naming an executor in the will and appointing financial and healthcare powers of attorney are essential. The financial power of attorney has full authority to manage your finances if you can no longer make decisions for yourself or declared medically incapacitated. A healthcare power of attorney grants a person authority to make medical decisions with the physician about your end-of-life care. One person can have all three roles, or different individuals can serve each role. The individual(s) must consent to accepting the role because if you did not ask them then they can decline to serve.
It is highly recommended that your important documents be kept in a safe place and tell the executor where insurance policies and documents are kept. It is a good idea to give the executor and powers of attorney usernames and passwords of pertinent accounts.
Another important part of the planning is to let loved ones know you want a funeral Mass. Planning the Mass with your pastor relieves the family of this burden. In accordance with Catholic teachings, decide whether you whether you will be buried or cremated with your ashes placed in a columbarium in a Catholic cemetery.
Planning your funeral Mass and burial is the gift you give to yourself because it is going to be the full expression on that day to your family, friends, and faith community of how important your faith was in your life.
The Catholic Foundation of the Diocese of Saint Petersburg acknowledges those who have named a parish, Catholic school, or diocesan ministry in their estate plans through the Mater Spei Circle.
For more information about the Mater Spei Circle, click here.
We’re Here to Help
The Catholic Foundation is committed to helping you make informed, faith-filled decisions that reflect your values and your desire to make a lasting impact. Whether you’re beginning to explore charitable giving, planning your estate, creating a will, or looking for ways to support your parish or a Catholic ministry, we’re here to answer your questions and guide you through the process.
We are excited to hear from you and look forward to serving you!
Contact the Catholic Foundation at contact@catholicfoundation.org.