Estate Planning

Estate Planning
Estate Planning — Revisit and revise your life and financial decisions

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Revisit and revise your life and financial decisions

Estate planning is an important part of your financial plan. Primarily, it’s the process for transferring ownership of all your belongings to specific people or organizations. An estate plan can also help distribute assets and gifts while you’re still living,  so you can get satisfaction from seeing your money help others.

Revisit your estate plan periodically to keep your written plan aligned with your emotional and financial wishes.

You should have an estate plan in place well before you retire. If you’re already retired and don’t have a plan, read up on estate planning basics.

After settling into your retirement lifestyle, you may want to review and make any necessary changes to your estate plan. Here are a few decisions to reconsider:

  • Asset decisions — Examine your income stream and see if you need to change how your assets will be distributed after your death.
  • Legacy decisions — Do you have a new favorite charity? Adjust where your charitable gifts are going, so your legacy wishes get fulfilled.
  • Personal decisions — If your plan includes instructions for minor children and your kids are now adults, make any necessary adjustments. Be certain to include provisions for how health care and financial decisions will be made if you are incapacitated.
  • Tax decisions — Talk with your tax professional about how charitable gifting strategies during your lifetime might offer some current tax advantages and possibly create future tax advantages for your heirs.

Plan with us

An estate plan is a living entity. As you age, you may change your mind about certain decisions that only a few years earlier seemed definite. Revisit your estate plan periodically to keep your written plan aligned with your emotional and financial wishes.

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