Eastern Star Church invests in its members! This past April, the Financial Freedom Institute partnered with Financial Planning Ministry to host a Wills vs. Trust seminar that outlined estate planning from a Biblical perspective. The seminar is very instrumental in helping members take the necessary steps to their financial well-being and goes hand in hand with the pursuit of financial wellness and stewardship. Traci Bowman, the Stewardship Coordinator at Eastern Star Church, stated,
"Estate planning (as perceived) is not just for rich people, but average people like you and me. Lessons can be learned to not just get away with taking money regarding someone's estate through probate, when that money could be going to children, education, and future generations.”
What’s the difference between a will versus a trust? A will can leave exposure to financial uneasiness, whereas a trust would allow for a smooth transition of financial affairs. Take the following example into consideration: John Doe passed away and left a will. However, his family will have to continue to pay the mortgage and miscellaneous bills with no immediate access to the deceased’s account(s) until it goes through probate and the state releases it, which could take anywhere from 6 – 24 months.
A trust would allow the designated family member to have immediate access to account(s) to pay the mortgage and miscellaneous bills or even sell the house.
The Wills vs. Trust seminar is a vital tool to have in your arsenal of financial weaponry that will help members put their financial affairs in order and relieve undue stress on your family when death occurs. Trust preparation can cost anywhere between $600 - $5,000.00 depending on the size of the estate. This money can be saved by taking advantage of free estate planning through the Financial Planning Ministry. To have your trust prepared by the Financial Planning Ministry, you must complete FFI 101A and FFI 101B sessions.
The next Wills vs. Trust seminar will take place in Fall 2019. Stay tuned for more details. Click here to learn more about Financial Freedom Institute at Eastern Star Church.