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Basic Estate Planning Considerations

Basic Estate Planning Considerations

Posted on November 22nd, 2019

Every individual has a responsibility to their family to consider basic estate planning steps. Many individuals believe that in the event of their passing, their closest family member (spouse, parent or child), will immediately obtain control of their assets. The fact is that without at least a minimal amount of planning, your assets and their distribution will be placed in the hands of the probate court which will be costly and time consuming and may not achieve your desired results.

At a very preliminary level, individuals need to consider addressing the following planning:

  • Execute a power of attorney over your financial affairs and your healthcare
  • Write and sign a will
  • Review beneficiary designations for all life insurance policies
  • Review beneficiary designations for all retirement accounts
  • Review titling of all assets including your home and vehicles
  • Consider creating a revocable trust and transferring your assets to it

The above are the most basic of preliminary considerations when developing an estate plan. As your assets grow, and your financial situation becomes more complex, additional planning will be required.

We have professionals on staff trained in assisting you with estate and trust planning techniques.