In the world of estate planning the concept of spiritual estate planning is a hot topic right now and a growing trend among baby boomers. If you or someone you know are considering ways to create an estate plan but you are unsure about which method is right for you, perhaps the following paragraphs will help you determine whether or not spiritual estate planning is for you.
The main gist of spiritual estate planning is that it is value-driven. What is meant by that is that it’s not the value of your estate that guides the plan, but your own personal values. As one attorney in Florida said, “It’s leaving money with a purpose.”
In today’s modern world, family lines are no longer as clear-cut as they used to be. With some people having entered into their second, third, or even fourth marriage by the time they pass – each one of which may have included stepchildren – who gets what is no longer an easy thing to determine.
That’s where spiritual estate planning comes into play.
If a person has a complicated family structure, as well as strong feelings about how money should be used, and some of those family members are more financially successful than others, he or she may decide to leave more to the family member who has less.
Additionally, the person may just decide not to leave anything to family members and donate their estate to charity. This is demonstrated by the fact that bequests to charities rose by 19% last year.
Byrd : Garrett, PLLC is a member of the American Academy of Estate Planning Attorneys.