Investing with Faith / Edward O. Martin

A few important ‘don’t forget’ tips for your planning purposes

As a young lawyer settling into a new parish, I was struck when I first saw an ad in the bulletin that read: “Don’t Forget to Remember Your Parish in Your Wills and Trusts!” That message stays with me, even now. And that’s coming from a person who can sometimes walk into a room and forget why he’s there!

As a Catholic and an estate planning lawyer, I’m often reminded, whether through a Scripture reading at Mass or the thoughtful foresight of a client, that estate plans are a powerful way to steward our blessings, both for our families and for the Church.

The Gospel’s Parable of the Talents stands out in particular. Two of the servants wisely use their master’s gifts and are proudly able to return them with increase at the end. That’s the hope for every good plan: to reflect gratitude, prudence and faith.

Through the years, I’ve seen a few common missteps that can cause stress for families or unintentionally exclude the people and ministries that matter most. Here are three key “don’t forget” steps that can help support your loved ones and your parish.

Don’t forget to create a will.

Without a will, state law decides who inherits your property, which might not reflect your true wishes. A well-drafted will allows you to name heirs and include charitable gifts to a parish or Catholic ministry that’s meaningful to you. Even a small gift can help meet parish needs or support ministries like Catholic education or Catholic Charities. Consulting with an attorney can help ensure your will is clear, valid and faithfully reflects your intentions.

Don’t forget to update your plan.

Life is always changing. We get married, welcome a new grandchild, move or join a new parish, and our priorities shift. I’ve seen outdated estate plans cause stress and confusion for families. That’s why I recommend reviewing your plans every few years or after major life events. It’s also a good opportunity to add new gifts or change previous ones to reflect your current priorities. Of course, an attorney can help make those updates simple and effective.

Don’t forget to review payable-on-death transfers.

Some of your most significant assets, like IRAs and life insurance policies, pass directly through beneficiary forms instead of your will. If those forms are outdated, your assets could go to unintended beneficiaries. A quick review every few years can prevent this. Many people don’t realize you can even name your parish, a ministry or its endowment as a beneficiary.

Following these steps—creating a will, updating it and reviewing payable-on-death transfers—can go a long way in honoring what matters most to you.

Like the wise servants in the Gospel parable, your planning can be an offering back to the Master, blessing your family and supporting Catholic ministries.

Consider working with an attorney and financial advisor to create a plan that reflects your values and supports your loved ones, your parish and your faith.
 

(Edward O. Martin is a Centerville, Ind., attorney who practices in the areas of estate planning and administration, business, and real estate. He is a member of St. Elizabeth Ann Seton Parish in Richmond and is currently serving on the archdiocesan Catholic Community Foundation’s Professional Advisor Group.) †