subject: Estate Planning, Wills and Religion [print this page] What is estate planning? Estate planning is "the collection of preparation tasks that serve to manage an individual's asset base in the event of their incapacitation or death, including the bequest of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in estate law." (See #1)
It is important that estate planning be started as soon as one has a "measurable asset base." If there was no adequate plan before an individual's death, this may cause financial burdens to the loved ones who are left behind. Estate taxes can go higher than 40%. It is therefore important that a will should be in place if the taxable estate involved is not large.
But let us put all the technical stuff aside first. According to Martin M. Shenkman, CPA, MBA, JD, "Estate Planning should not be just about the transmission of wealth. Estate planning is also about the transmission of values. For many, this encompasses the passing on of religious beliefs. With a modicum of effort, every legal document and transaction can be reconciled with your religious views."
Many surveys indicate that more than 95% of Americans believe in God or some form of higher power. However, there are only few estate plans that address aspects of religion and philosophy.
Unfortunately, most wills and estate plans are standardized forms that focus on saving taxes or the division of assets. But in estate planning, it is almost always the personal issues that create the most pain for the families. Individuals who wish to do estate planning should insist that the estate plan must be tailor made to meet their personal and family situation. The family's religious beliefs should also be addressed.
There have been many family tragedies that may have been avoided if only proper estate planning was done ahead of time. There have been fist fights at funerals between family members, over which religious customs should be observed. Some families of couples of different faiths fight over which cemetery they should be buried in. Maybe, if there had been arrangements to be buried in a non-sectarian cemetery were made ahead of time, hostility between families would have been avoided.
The first step in estate planning, when taking into consideration one's religious beliefs, would be to consult your spiritual adviser - a priest, pastor, rabbi, imam, etc. Discuss the religious options that exist for you and what they believe may be best for your family while going through the process. A letter of instruction of last instruction should be written for your family and loved ones and religious issues should be addressed in your words, not with legal formalities. It should indicate what religious faith or faiths, or lack thereof, which you were raised as well as the faith that you are currently practising. It should also indicate your religious affiliations and general religious desires. Indicate the type of funeral you want, the type of mourning process to be observed and which religious customs, if any, should govern.
You may not be able to control what will be done when the time comes, but expressing your wishes will serve as an important guide to your family and loved ones. Make sure that if religious matters are important to you, your family should be made aware of them.
Religious beliefs are very important to every living will. Even if you are not religious, there may be religious implications because your family and loved ones may all have religious beliefs that may conflict with your health care wishes, or they may not be sure about your religious beliefs. Therefore, you need to inform your family whether you do or do not wish to end your life based on your religious beliefs, under certain conditions.
Individuals with strong religious convictions should specifically address religious concerns to avoid having their religious beliefs compromised when they are unable to express their beliefs. This way, family members or others involved with your health care will not push their own religious beliefs (or lack of beliefs) on you.
Estate planning should not be restricted to just the legalities and tax issues. People who do this, are doing it for the family and loved ones that will be left behind. It is therefore important to consider all religious beliefs (or lack thereof) when making all decisions. Grieving for a departed loved one is difficult as it is so, why not make it easier for your family to go through the process?
