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Pastors of the Southern Baptist Foundation are usually more concerned with their spirituality rather than the worries of the physical world. Although this is commendable, this may have also caused many pastors in Florida and elsewhere to neglect doing any proper estate planning. A survey recently found that almost 40 percent of pastors in the Southern Baptist Convention had no estate planning whatsoever.
The Southern Baptist Foundation is concerned about the recent findings of the survey. The president of the foundation believes estate planning for pastors is important because it can save their heirs from having to go through probate, which could end up with a loss of assets. Researchers believe that ignorance and lack of education played a significant role in the high percentage of pastors who have not done proper estate planning.
The survey found that pastors between the ages of 18 and 44 are most likely to not have any of the proper estate planning documents. Only 12 percent of pastors within this age range have a durable power of attorney with health care directives, while only 32 percent of them have wills. Out of the pastors within this age range, only 13 percent possess a living will.
For those in Florida or elsewhere who care about ensuring their assets are properly distributed to their heirs, effective estate planning should be considered. This can help the necessity of heirs to navigate through the probate process, which could significantly decrease assets. Additionally, smart estate planning will also assist in minimizing tax obligations that could be levied against the estate.