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Estate Planning

Many people never prepare an estate plan simply because they don’t know what it is. Estate planning is the process of deciding who receives your possessions after you die and how to manage your assets and care if you become incapacitated. This is a very important part of your financial plan.


FAQs

What basic documents are necessary for every person, single or married?
  • Will. Provides for guardianship of minor children and distribution of assets.
  • Living will. Communicates end-of-life care wishes (for example, life support).
  • Medical or healthcare power of attorney. Appoints a healthcare decision maker if you are unable to communicate your wishes.
  • General power of attorney. Allows someone to make financial transactions or decisions on your behalf if you are unable.

When might I need a trust?
If you want to keep assets private, avoid probate, and help with special circumstances, a trust might be for you. It can also be used for estate tax strategies if your estate is worth more than the current exemption amount.

What special circumstances might warrant a trust?
If you have a disabled spouse or child, have children from multiple marriages, own a business, own real property in multiple states, or have charitable giving aspirations, you may want to establish a trust. It can help you establish specific strategies and restrictions on how your assets and money should be distributed.

Where can I go to obtain the estate planning documents I need?
We recommend that you consult an attorney as the most reliable method for estate planning. However, for a do-it-yourself approach, you can use online resources (see below).

What assets can pass to beneficiaries without a will or trust?
401(k)s, IRAs, life insurance policies, brokerage accounts, and bank accounts, etc. with listed beneficiaries can provide assets to beneficiaries. Review and update your primary and alternate beneficiaries annually or when your life circumstances change.

Resources