Where There’s a Will, There’s a Way.

Have you thought about the future of your family, your home, or your business when you are no longer able to take care of them? What is important to you, and what will be your legacy?

It takes a lifetime to build relationships and accumulate wealth and possessions. That’s why careful planning is necessary to reallocate our life's assets while protecting our loved ones and interests.

There’s a lot to consider in estate planning, and an experienced Advisor can make sure you don't miss any important details. View our checklist below, take our quiz, and contact us with questions or help getting started.

__ Do you have a will?

A will enables you to specify who you want to inherit your property and other assets. A will also enables you to name a guardian for your minor children. You will need to name an Executor, someone responsible for your wishes being carried out. See our tips for Naming an Executor. It’s not uncommon for people to pass away without a will, leaving their estate lingering in probate. A will can prevent that from happening.

__ Do you have healthcare documents in place?

Healthcare documents spell out your wishes for health care if you become unable to make medical decisions for yourself. They also authorize a person to make decisions on your behalf if that should prove necessary. These documents may include a living will, a power of attorney agreement, and a durable power of attorney agreement for healthcare.

__ Do you have financial documents in place?

Certain financial documents can outline your financial wishes. If you become unable to make decisions for yourself, these financial documents can be structured to empower a person to make decisions on your behalf. These documents may include joint ownership, durable power of attorney, and living trusts.

__ Have you filed beneficiary forms?

In some cases, naming a beneficiary for bank accounts and retirement plans makes these accounts “payable on death” to your beneficiaries. In other cases, you will need to fill out a “Payable on Death” form.

__ Do you have the right amount and type of life insurance?

When was the last time you assessed your life insurance coverage? Have you compared the life insurance benefit with your financial obligations? Read more about life insurance and contact us for help with your policy.

__ Have you taken steps to manage your federal estate tax?

If you and your spouse have more than $27.22 million in assets (for 2024), you may want to consider taking steps to manage federal estate taxes, which will be due at the second spouse’s death.¹

__ Have you taken steps to protect your business?

Do you have a succession plan? If you own a business with others, you may also want to consider a buyout agreement.

__ Have you created a letter of instruction?

A letter of instruction is a non-legal document that outlines your wishes. A strong, well-written letter may save your heirs time, effort, and expenses as they administer your estate.

__ Will your heirs be able to locate your critical documents?

Your heirs may need access to specific documents to manage your estate. Gather the documents and make them accessible in one place. These documents may include:

• Passwords
• Your will
• Trust documents
• Life insurance policies
• Deeds to any real estate, and certificates for stocks, bonds, annuities
• Information on your financial accounts and safe deposit boxes
• Information on your retirement plans
• Information on any debts you have: credit cards, mortgages, and loans.

Click here to see more about critical documents.

Note: Power of attorney laws can vary from state to state. An estate strategy that includes trusts may involve a complex web of tax rules and regulations. Consider working with a knowledgeable estate management professional before implementing such strategies.

¹IRS.gov, 2024

How do you choose an executor? Can anyone do it? What makes an individual a good choice?

An executor should be someone trustworthy since this person will have a legal responsibility to manage your money, pay your debts (including taxes), and distribute your assets to your beneficiaries as stated in your will.

Estate Strategies: They’re Not Just for the Elderly! You’re young, have little in savings, and might not have anyone relying on you, financially. So, why do you need to think about estate management?²

Here are four great reasons:

1. You need a will. You may ask yourself why a will is important if you don’t have much to pass on. A will is not just about transferring assets. It can be used to accomplish other tasks, such as naming who should manage your social media accounts once you’re gone or inherit items you’ve accumulated, like collectibles or your car.
   
   
2. Don’t burden others with burial expenses. Funerals can be expensive, and if you don’t have the savings to meet those costs, that burden gets shifted to others.
   
   
3. Consider a medical directive. This important document states your wishes for end-of-life care. In the case of an unfortunate accident, a medical directive provides instructions about the level of care you want, e.g., palliative care only.
   
   
4. Create a durable power of attorney for health care. If you are unable to make medical decisions for yourself, this gives the individual of your choice the legal power to act as a healthcare proxy for you.
   A medical directive and healthcare durable power of attorney can ensure that you are provided the level of care consistent with your wishes. They can also prevent family discord in the event of differing opinions.

Though the multiple financial goals of many young adults often require more resources than present earnings can meet, these important planning steps can be accomplished at a small cost.

² The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation.

The content on this page is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2024 FMG Suite.