High Percentage of Pastors Found To Have No Estate Planning Documents

No Estate Planning DocumentsA recent study conducted on behalf of Southern Baptist Convention shows that nearly 40 percent of pastors do not have a trust, will, living will, electronic will, legacy story, or durable power of attorney with health care directives. The survey also shows that the younger generation—aged 18 to 44—is the biggest group without any estate documentation.

Many believe that the court will decide what to do with both property and children if a will is not in place. However, the survey revealed that more than half of the pastors misunderstand the court’s role in property division, and 1 in 5 misunderstand what happens to children.

“Estate planning is really about good stewardship for your family,” says Warren Peek, president of the Southern Baptist Foundation. “Basic planning saves a lot of headaches and ensures that assets are not lost.”

Scott McConnell, the director of LifeWay Research— the company that conducted the survey—is quoted in this article about the survey results. Of the pastors surveyed, 70 percent have children over the age of 18, 35 percent have children under 18, and 12 percent have children who are both older and younger than 18. However, out of those with children under the age of 18, 58 percent do not have a will and 96 percent do not have a trust. McConnell claims that this can be concerning, especially considering that families with young children should be the ones thinking about these issues the most.

Estate planning is an important step to take in your life—especially if you have children or certain assets you don’t want to lose. Even though you can’t take it with you, drawing up a will or other estate documentation will help ensure your wishes are met. Our law firm covers DuPage County and other surrounding areas of Chicago. With over 30 years of legal and business experience, you can be assured we will do our utmost to safeguard your future.