The benefits of spiritual estate planning
An important aspect of estate planning is the ability to pass one’s values and convictions onto a waiting generation. This can be particularly important to those who feel that their children may squander their fortune if they give too much too soon. Moreover, they may feel as if their values will not be recognized after they are gone.
These fears are common; which is why more people are being advised of the benefits of spiritual estate planning. Basically, it is estate planning that does not focus on the tradition of leaving money to children. Instead, donations are made to charities and non-profits that fit a person’s values, as well as to churches and synagogues.
With more people waiting longer to have children (or not having children at all), it is reasonable to assume that more people will look towards leaving legacies to organizations that support their values instead of leaving their entire fortune directly to children. In some cases, people may resort to leaving money to grandchildren and non-traditional heirs such as mentees and other young people who they believe have potential.
Indeed, skipping the kids may lead to infighting among siblings who feel entitled to a piece of their parents’ estates, but it’s not always about the potential heirs. A spiritual estate plan is supposed to reflect the person’s values, and not the other way around.
So if you have questions about how to create such an estate plan, an experienced estate planning attorney can help. There are a number of ways that your goals may be accomplished.