Estate planning is an important aspect of financial planning that is often overlooked, but it is an essential element of creating a secure future for you and your family.
This article is focused on the importance of estate planning in the life of Mormons who are called to be responsible stewards of their resources and to provide for their family both in this life and the next. Estate planning can help them fulfill this responsibility by ensuring that their assets are protected and distributed according to their wishes.
In The Book of Mormon: Another Testament of Jesus Christ, there are several teachings that emphasize the importance of being prepared for the future and taking care of one’s family. For example, in Mosiah 4:27, King Benjamin advises his people to “see that all these things are done in wisdom and order; for it is not requisite that a man should run faster than he has strength.” This counsel can be applied to estate planning, as it emphasizes the importance of taking a deliberate and thoughtful approach to one’s financial affairs.
Another passage from The Book of Mormon that speaks to the importance of estate planning can be found in Alma 34:32-34. In these verses, the prophet Alma teaches that it is important to prepare for the judgment day by doing good works and being charitable. While this passage may not seem directly related to estate planning, it underscores the idea that our actions in this life have consequences for the next. By creating a plan for our assets, we can ensure that they are used in a way that reflects our values and priorities.
One of the key benefits of estate planning is the ability to protect one’s assets from unnecessary taxation and probate costs. This is especially important for Mormons, who are encouraged to be financially self-reliant and to provide for their families. By creating a trust or other estate planning vehicle, you can minimize the tax burden on your estate and ensure that your assets are distributed according to your wishes.
In addition to tax benefits, estate planning can also help ensure that your family is provided for in the event of your death or incapacity. This is especially important for families with young children, as it allows parents to designate a guardian and provide for their children’s future financial needs. As The Book of Mormon teaches in 2 Nephi 2:25, “Adam fell that men might be; and men are, that they might have joy.” By creating an estate plan, you can help ensure that your loved ones have the resources they need to find joy and happiness in this life.
In conclusion, estate planning is an important aspect of financial planning for Mormons. By taking a deliberate and thoughtful approach to your financial affairs, you can ensure that your assets are protected and distributed according to your wishes. The teachings of The Book of Mormon underscore the importance of being responsible stewards of our resources and providing for our families both in this life and the next. By creating an estate plan, you can fulfill these responsibilities and help ensure that your loved ones are provided for in the event of your death or incapacity.