Estate Planning
Planning for the unknown is part of what we do, and a solid Estate Plan can protect you, your family, and your assets. Be sure your finances and Estate Plan are organized and coordinated.
Webinars:
Links:
— Personal Financial Record System
—Your Go-To List for Record Retention
Intended to be a practical listing of financial information, personal and financial wishes, and the whereabouts of documents that would be needed by an executor or other person called upon to administer the client(s)’s affairs in the event of a prolonged absence, illness or death.
FAQs:
Why do I need an Estate Plan?
Estate Planning Frequently Asked Questions: Why do I need an Estate Plan? - An Estate Plan allows you to better control your assets during life and when you pass. It can ensure that your legacy and wishes are handled in the way that you intended. It can also reduce the stress and confusion for family when you are no longer able to handle your own finances or make medical decisions. Estate Plans are not just for the wealthy!
What documents do I need?
While the needs of everyone are unique, and an attorney should help you decide which documents are appropriate given your situation.
What are the most commonly used Estate documents?
- Will: A will can accomplish many goals, ranging from property distribution, electing an executor to act as your legal representative after death, and nominating a guardian for minor children. Having a will, however, does not mean your estate avoids probate. A common misconception is that a living trust can replace the need for a will. A pour‐over will, on the other hand, works in conjunction with a Trust to ensure that your wishes are followed.
- Revocable Living Trust: This type of trust can be amended and revised at any time. This document can help to avoid probate at death, which allows a greater level of privacy for your estate. After a Trust is drafted, it is simply expensive paper UNTIL assets such as investment accounts or you home are named within the trust. This step is referred to as “funding your trust.”
- Durable Power of Attorney for Finances: This document names a person you trust to manage your assets and financial wellbeing in circumstances when you are not able to do so yourself. These documents can grant power to the elected Power of Attorney immediately or at the time of incapacitation.
- Durable Power of Attorney for Healthcare/Medical Directive: This document allows you to name a Patient Advocate who will make medical decisions for you when you are unable to do so.
How often should I update my plan?
We recommend that your documents be reviewed at least every 5 years. However, if there are any significant changes in your life such as marriage, divorce, or having minor children, they should be reviewed and most likely revised to reflect these updates.
How can I be sure my family knows what to do if something happens to me?
Our Letter of Last instruction (linked) is a comprehensive document that can be used to outline and answer many common questions. This tool can help organize financial accounts and information, your personal wishes, and important contacts.