Estate Planning from a Biblical Perspective: Preparing for the Future with Wisdom
by Quinn Mackey
Estate Planning is an essential aspect of responsible financial stewardship. For those unfamiliar with the subject, estate planning consists of creating an action plan to determine what happens with your assets and obligations while you’re alive and after you have passed, this can be done through drafting different legal documents such as a Will, Power of Attorney, Medical Directives, etc. While the topic may seem mundane or daunting, it holds great significance in the eyes of biblical teachings.
As believers, we are called to approach estate planning with wisdom, intentionality, and a focus on honoring God’s principles. In this post, we will explore estate planning from a biblical perspective, emphasizing the importance of stewardship, generosity, and leaving a legacy.
Stewardship
The Bible calls us to be good stewards and to properly manage the resources entrusted to us by God. This principle extends to our estates and assets. As faithful stewards, we are called to make wise decisions to ensure the preservation and growth of what we have been given. “If then you have not been faithful in the unrighteous wealth, who will entrust to you the true riches” Luke 16:11. This verse helps to highlight the importance of being a trustworthy steward of God’s resources.
Family and Relationships
A key aspect of estate planning involves considering the well-being of our loved ones, especially our immediate family. The Bible places great importance on family and our relationships, emphasizing the responsibility to provide an inheritance for your children. “A good man leaves an inheritance to his children’s children, but the sinner’s wealth is laid up for the righteous” Proverbs 13:22. Through estate planning, we can protect and provide for our family members, fostering a sense of security and love even beyond our lifetime.
Legacy of Generosity
Generosity is a prominent theme in Scripture, with numerous verses encouraging believers to share their blessings with others. Estate planning offers an opportunity to extend this spirit of generosity by intentionally allocating resources to charitable causes, ministries, and organizations that align with Christian values in order to aid in the Great Commission. Leaving a legacy of generosity is crucial to inspire future generations and demonstrate our commitment to servanthood. “You will be enriched in every way so that you can be generous on every occasion, and through us your generosity will result in thanksgiving to God.” 2 Corinthians 9:11-12.
Intentional Decision-Making
Estate planning involves making thoughtful decisions regarding the distribution of assets, guardianship of dependents, and healthcare directives. From a biblical perspective, this process calls for wisdom, discernment, and seeking guidance from God whom gives wisdom out freely to those who ask, “If any of you lacks wisdom, you should ask God, who gives generously to all without finding fault, and it will be given to you” James 1:5. Through prayer, seeking wisdom in a multitude of counselors, and aligning our plans with God’s will, we can approach estate planning with a heart of surrender and faith.
Eternal Perspective
Lastly, estate planning invites us to refocus our attention on an eternal perspective. While earthly possessions are temporary, our souls are everlasting. As Christians, we are called to prioritize our relationship with God and the pursuit of His kingdom above all else. “And this is eternal life, that they may know You, the only true God, and Jesus Christ whom you have sent” John 17:3. Estate planning should not be solely focused on wealth and material possessions but should also address matters of spiritual significance, such as leaving a spiritual legacy, imparting values to future generations, and ensuring our loved ones are aware of our faith and beliefs.
Estate planning, when approached from a biblical perspective, becomes more than a legal process – it becomes an opportunity for us to grow in our understanding of how God wants us to steward the resources that he has entrusted to us. As we navigate this important aspect of our lives, let us first seek wisdom from the Scriptures and the counsel of professionals to ensure our plans reflect our convictions and honor God.
Give us a call if you want to discuss your estate planning goals and desires with an advisor who shares your values!
Quinn Mackey is a junior Financial Planning student at Liberty University and is Beacon Wealth Consultants’ 2023 Summer Intern.
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