End of Life Generosity with Clear Purpose

A few days ago, a single friend of mine wrote me to ask what I was going to do with my assets when I die. Like me, he has never married and has no children. He elaborated that his parents have both passed away, and his one sibling is eleven years older than he is. For now, he needs to keep his money because he is entering retirement and doesn’t know how much money he will need between now and death. However, he wanted my input on what he might do eventually.

For many people, the question of inheritance is simple–they divide their laid up assets among their children (2 Cor 12:14). My parents did that, but they specified that 10% was to go to Christian ministries, honoring God with their firstfruits (Prov 3:9). For the married couples that have no children or the people that have never married, there is a real question–what is the best way to handle their assets after they have died?

Childless Couples

Let’s talk about childless couples first. They should write their will clearly that in the case of either spouse the other one will inherit everything and have financial security. They shouldn’t try to guess which one will die first because they could turn out to be wrong! But then, the surviving spouse will end up in the same situation as the single person who has no children. They need the money for current needs, but what will happen on death?

A Certain Relative

Some people may want to divide their assets among their relatives–such as nieces and nephews. But they also may want to select a certain relative. Remember, Boaz received an inheritance from his relative Mahlon (Ruth 4). Perhaps a certain relative has not been able to hold down a job because of a disability or setback. Perhaps a certain relative spent crucial years taking care of elderly parents and lost key years from a career–and the parents spent their assets on their health needs. A person might want to give all or a significant part of his remaining assets to a certain relative. My grandmother made this decision. Even though she had seven children, she left all of her money to one daughter that had clearer financial needs at that time.

Non-Relatives

But a person doesn’t have to limit inheritance to relatives. As we age, we come across budding young people who show great potential. A person dying at 70 might be able to help a promising thirty-something with a hefty inheritance that can free that person from a mortgage or school debt. 

In God’s economy, there are all kinds of ways to balance out unequal distribution of wealth among all kinds of people (Prov 13:22). One family may have very little, and their children receive almost nothing when the parents die. Another person with no children dies and leaves the inheritance to these economic orphans.  What they might have received from their parents, they can receive from a non-parent. As I mentioned, in my mother’s family, the money from my grandmother was given to one of my aunts. Then, when she died, the money was to be distributed among surviving siblings. Since my mother had died before that aunt, none of the money came to my brothers and me. In that case, we were “economic orphans.”

Organizations

Christians already know that even those with children can do as my father did and leave a portion of their assets to Christian organizations. You can give a portion to your church or your alma mater. Perhaps you know of an organization that wants to make a capital improvement. Your legacy can make that happen. Perhaps they will name the building after you! However, please don’t be like Absalom and build a worthless, self-aggrandizing pillar with your assets (2 Sam 18:18). Do something valuable and helpful!

Care About Transfer

Whatever you decide, please be alert to how you handle these transfers. One single man I knew added someone’s name to his bank account, so that on his death, there was no need for a transfer of wealth. Many banks allow the addition of a beneficiary to an account so that the money will go easily to another person. If a larger amount of money is in view, you can set up a scholarship fund in an educational institution or a separate trust that would be handled by a person or group of people that you appointed.

People in my church are very apprehensive about trusting people with passwords and detailed information about their assets–even when passing the assets to their children. With my father’s situation, my brothers and I didn’t find out certain details about his assets until the last week of his life. You don’t have to tell your executor all of the details of your estate. You could write everything down and put the information in a sealed envelope and merely tell the executor where that envelope will be when you die. 

Clarity for When We Depart

One of the objections people give me about writing a will or leaving instructions is that they might change their minds. True! And you are free to change your will or instructions any time after you have written them. What you don’t want is to die without leaving instructions. Those of us that survive your death do not want to witness the hurt feelings and conflict among potential heirs because of your lack of preparation.

You have spent your life as a steward of what God has blessed you with (1 Chron 29:14). Now think it through how you can bless others with what God has provided!

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When not teaching the Bible in Taiwan where he was born an MK, Mark Lehman can often be found riding the train around that mountainous island. He serves Christ by teaching the Word in multiple contexts throughout the region.

Photo by Haley Phelps on Unsplash