Kentucky Estate Plans Should Take Into Account Your Religious Beliefs
Generic estate planning documents are unlikely to directly address an individual’s religious beliefs.
Yet, many people hold religious beliefs that materially affect estate planning.
Most generally, a recital may be used to help align the actions and thoughts of fiduciaries with the beliefs in question.
Healthcare plans should be consistent with your religious beliefs.
Minor Children
Religious beliefs can heavily influence issues pertaining to a guardian’s raising of children and parameters surrounding a trustee’s distribution of assets to beneficiaries.
These issues are less of a concern if a guardian or trustee maintains the same religious beliefs, but this is not always possible.
Any conflicts existing between parental beliefs should be addressed.
Some of the above can be addressed with non-binding letters or by bifurcating fiduciary roles. For instance, a trust protector may be knowledgeable on religious matters but lack the skills or desire to serve as trustee.
Postmortem Issues
Postmortem issues to consider include organ donation, funeral services, and the final disposition of remains.
Other Issues
Several other issues can be of primary importance. First, some religious beliefs mandate various charitable giving and inheritance requirements.
Next, when and how the charging of interest is permissible is viewed differently by different religions. This should be accounted for in any fiduciary position when money is being managed.
Finally, consider stating that dispute resolution pertaining to clauses drafted for religious beliefs should be resolved under religious, not secular law.
I am an attorney and entrepreneur who has founded companies in tech, real estate, and consulting. I am located in northern Kentucky & meet with clients in Covington, Florence, Erlanger, Independence, Fort Thomas, and Newport. Virtual estate planning is available for clients throughout the bluegrass state. I work with clients worldwide in the areas of tax and asset protection.