Torch, Winter 1981

"Sue, how nice of you to come over. Won't you please come in? I have the coffee on and I just baked some bread ." "Thank you, Mary . I need to talk to you. Afew months ago you said that you had your Will made . Bill has been very reluctant to do this for our family. He says we are too young and that it costs too much. What made you and Jerry decide to make a Will?" "Well, Sue, you might tell Bill that until you make out your Will, you already have one written by state laws." "Really, Maryl How can that be?" "Our state laws determine exactly how your property will be distributed. For example, if your husband dies in this state, your three children would receive two– thirds of your property and you would receive only one– third ." "Why, that's not veryfair . How can I support the family if so much ofthe estate is given to them? Can't I use the children's share? "Our attorney told us that we could use the children's share only with the probate. court's permission, and then an accounting would have to be made of the money spent for each child." "That's a lot of red tape , isn't it?" "It certainly is, Sue . But it can be avoided simply by having your Will drawn. You can also avoid having to pay the unnecessary expense of having to post bond." "Post bond! For what?" "Believe it or not, Sue, it is money Bill's estate would have to post to guarantee your honesty, assuming you were named administrator. It also is nonrefundable, from what our attorney told us ." "You mean there is a chance that I might not be able to handle my own husband's estate?" "Yes, the probate judge can name anyone he wants . Us– ually in average estates like ours, he would name the wife, but not necessarily so. Sue, that is another reason for having your own Will . In the event that both of you die, you can name your own first and second choice to administer an estate." "Both of us! Really, Mary, how often do both parents die at the same time?" " It happens all the time . Auto accidents are p~ Jbably the biggest cause. Yet our attorney told us of a family in which both parents died of illnesses within a short time of each other. Another concern of ours is who will take care of our children if we are both gone . As Christians, we wouldn't want just anyone responsible for them. Their continued spiritual trainimg is very important to us." "Wouldn't your state-made Will provide for that?" "No way, Sue . If we didn't name the guardians we want in our Wills , it would be up to the probate judge to choose guardians." "Why, he wouldn't have any spiritual discernment at all!" "You're right , Sue. That's why it is so important for you and Bill to have your Wills written. Have another slice of bread ." "This is delicious. I want your recipe." "Is your daughter Sally enjoying Cedarville College? She's a sophomore, isn't she?" "Yes, she is . She just loves it . Sally is especially pleased with the spiritual emphasis as well as the strong aca– demics." "That's good to hear. Sue, have you thought of consid– ering the college in your Will?" "Now that's an idea. Bill has been very pleased with the way Sally has grown spiritually at Cedarville. I think he would like the idea. That wouldn't cost us anything now, but would really help the college someday ." "That's right. As the college is helping Sally now, you could help some future students get a Christ-centered education later. Would you like more coffee?" "Thanks, just half a cup, please. Mary, the other day one of our friends mentioned that she and her husband have a trust. What is the purpose of that?" "Trusts are good for a lot of different purposes. For ex– ample, if you and Bill died this week, would you want your children to receive their share all at once?" "Of course not! Both our sons have their eyes on new cars and are not really preparing for the future. Most kids their age don't think too far ahead." "Exactly! And that is one of the best uses of a trust. You could write a trust so that a certain portion of their inher– itance goes to them at specified times, for college ex– penses, or at ages 18, 21, 25, and 30. And, Sue, another good use of trusts is to minimize your estate taxes . I am sure Bill would like to do that. All of us dislike paying more taxes than necessary and trusts provide an excel– lent vehicle for reducing taxes, especially in larger est– ates ." "!can't wait to share that with Bill." " Sue, another thing Jerry and I did was to include our Christian testimony in our Wills; this would be our last chance to witness to our unsaved relatives . In the begin– ning, we mentioned how we came to know Christ as Savior and that we would be in Heaven with Jesus when the Will was being read. Also , we told them that Christ 11