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ESTATE PLANNING COORDINATION

Estate Planning Trusts

Living Trusts

One major feature of estate planning is a living trust. Establishing a trust is like setting up a special account where you can pour all of your assets into. Under the umbrella of a trust, you can avoid the hassle of your assets being locked up in probate for an extended period, save on taxes, and ensure your assets are used according to your wishes.

There are different kinds of trusts, but two of the more common types are revocable living trusts and irrevocable trusts.

Estate laws vary from state to state so be sure to consult your estate planning coordination professional on how the laws in your state may affect your wishes.

Last Will and Testament

Think of a last will and testament as your personal roadmap for what happens to your belongings after you’re gone. In fact, a will is one of the crucial components that puts the “plan” in “estate plan”. It’s a legal document where you detail who gets what. 

A will can also work together with a trust to ensure that, in the event of your passing, any assets outside of your trust get poured into your trust.

Through a will you can also name guardians for your children if they’re still minors.

Having a last will and testament ensures your wishes are followed and helps prevent family disputes.

Last Will and Testament
Power of Attorney

Power of Attorney

A power of attorney is a document that allows you to pick someone to make decisions for you if you’re unable. It’s like having a backup plan to ensure everything is taken care of according to your wishes if you’re not able to handle things yourself.

Estate planning is all about using a bit of time to control how your affairs are ordered and how your wishes are to be followed when you no longer have those two things–time and control.

Healthcare powers of attorney and financial powers of attorney are designed for just this purpose.

The first step toward achieving your retirement goals is having a plan…

Take your first step here!