Estate Planning: 101
October 17, 2020 @ 10:00AM — 11:00AM Eastern Time (US & Canada)
Ensuring that your wishes for yourself, your family and your assets are carried out in the event of your illness or death.
Click to download Presentation Handout (pdf): https://files.constantcontact.com/d24c246a601/2cc9...
Once you’ve got all your estate-planning documents in order, don’t assume that you can set it and forget it. Your decisions for your assets and your health might change over time, or as you go through major life events. So check in on your estate plan periodically to make sure it still reflects your wishes and values. Here are five key things to include.
A WILL OR TRUST - A last will and testament is a document that spells out how you want to divvy up your property and assets when you die. A trust accomplishes the same thing, along with appointing a trustee to carry out your wishes.
But there is a major difference between the two: A will has to go through probate, which means it must go through court proceedings in order to be executed, and it becomes public record. A trust, meanwhile, avoids probate and is privately handled. A trust can also take effect before you pass away, which means you can serve as your own trustee while you’re alive and then appoint someone else to take over after your death.
BENEFICIARY FORMS - It’s possible to pass along assets outside of a will if you’ve designated beneficiaries to your various financial accounts — including bank, brokerage and retirement accounts, as well as life insurance policies.
DURABLE POWERS OF ATTORNEY - Powers of attorney are those individuals named by you to act on your behalf when you’re unable to state your wishes due to illness or injury.
A LIVING WILL - A living will is a set of instructions that outlines what kinds of medical treatment you would want — or do not want — if you were ever incapacitated.
LETTER OF INTENT - A letter of intent is, well, exactly what it sounds like: a letter left to the executor of your will that provides an overview of your wishes for your assets and your family after your death, as well as any details you want to relay for your funeral or burial.
