The holidays are a time when many people take a moment to reflect on their values and spiritual beliefs. It’s important to keep those beliefs in mind as you create your estate plan as well. Many of the decisions you make as someone who creates an estate plan will have spiritual or religious implications that you should consider closely. If you have already developed an estate plan, or are currently in the process, there are several issues you should think about as they relate to your spiritual or religious values.
Treating children equally or differently.
For parents who plan to leave an inheritance to their children, they will often have to decide whether to leave equal inheritances for all children, or to come up with a way that differentiates based upon child needs. While dividing your assets equally is the easiest way to leave an inheritance, if you feel like one child should receive more or less than another because of his or her needs, you may want to take the time to explain your decision to your children.
Choosing the right charity.
For many people, creating an estate plan is the prime opportunity to leave money to charity or a worthy cause. Whether you choose a religious or secular organization to donate to, you should take some time to research the charity and ensure their values match your own.