Updated from the original publication on October 28, 2014.
Say the word “stewardship” and most people immediately envision charitable giving, dropping off food for the poor, tithing at church, and serving others with time, talent and treasure. In its fullest sense though, stewardship encompasses a much broader philosophy, going beyond mere acts of sharing or nurturing, while still embracing both.
Discover the difference between for-profit and non-profit Senior Living
Charitable behavior is a spontaneous decision, often limited to and defined by the moment. When the 2010 earthquake hit the impoverished island of Haiti, millions of people around the world gave money, time and personal assistance in an effort to ease suffering. Their efforts reflected a piece of what stewardship is, but it should not be viewed as solely a reactive outpouring of generosity. Rather, stewardship should be considered in every moment and in every circumstance.
Financial stewardship and estate planning go hand in hand. Good stewardship is a lifestyle and a process, not just isolated actions or individual events. Planning how to do the most good with our resources is integral to excellent stewardship. Estate planning is an essential means by which we can leave behind a legacy of good stewardship. Properly preparing for the distribution of our resources helps ensure that we are thoughtful caretakers even beyond our lifetime……what a stunning prospect!
Unfortunately, there are millions of Americans who take few, if any, measures to ensure that their estates will be used to achieve their highest potential good. Those who do not execute a will or other estate planning tools risk significantly depleting the value of their estate and creating undue burdens for loved ones. In essence, a poor planner is a poor steward.
As you consider your role as steward of your resources, you may wish to ask yourself several important questions:
- Are my plans current?
- In the event of serious illness or death, who will act as my personal representative or trustee in personal, financial, health and business decisions?
- Have I developed health care directives?
- Have I made arrangements for any potential long-term care needs?
- Will my estate owe federal or state death taxes?
- Have I considered providing for those organizations especially dear to me?
Stewardship and estate planning are truly intertwined. If you would like to discuss ways in which you can further your personal stewardship through your estate planning, please know that we are available to meet with you.