An estate plan usually includes a range of
features, from a trust and pour-over will to a Power of Attorney, and yet no two plans are identical. While inheritance, retirement, and
long-term care issues are common to all, the exact way to accomplish those goals
depend on one's situation, perspective, and values.
For example, religious belief can have very large implications on some of
these issues. End-of-life decisions delineated in a living will reflect an
individual's personal perspective on advanced life support measures--often
guided by a particular faith. In some case an advanced medical directive might
include a clause that indicates such end-of-life decisions must be made by an
individual with a particular religious perspective, such as an Orthodox rabbi
with an expertise in Jewish law.
Religious traditions and inheritance issues are usually the most
controversial way that one's faith can affect their estate
plan. Many families have individuals with varying kinds and degrees of
religious faith, which can be a recipe for feuding for a family when religious
issues are involved in how assets will be dispersed. Often there are few easy
answers.
The most conflict-ridden of these issues relates to parents who wish their
children to marry someone within the tradition. These parents often seek to
disinherit those who marry outside the faith. Disinheritance on these grounds often lead to family divisions and costly legal fights. That is why it is
important to talk with experienced professionals about these concerns to be made
fully aware of one's options and the potential ramifications of certain
actions.
Clauses in inheritance documents that hinge on marriage decisions by heirs
have been upheld in many courts so long as they are not deemed to encourage
divorce. Yet, one purpose of planning is to account for possible legal
challenges before they occur to hopefully prevent them altogether. One common
alternative that may be less divisive is to leave assets to heirs in trust with
a trustee given broad criteria to make distributions. In that way, religious
conduct may play a role in the inheritance while allowing special circumstances
to be taken into account.
One way to pass on beliefs is to craft an "ethical will."
These wills are not legally binding but instead are exercises undertaken by
thinking about one's overall legacy. An ethical will is often given to a family
while one is still alive. It acts as a way to pass on the values, wisdom, and
perspective gained over the course of a lifetime. Quite often an ethical will
shares morals and lessons rooted in the author's spiritual faith. It is yet
another way for one to pass on those faith-based beliefs to loved ones.
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