Estate Planning

Every estate plan is unique for each individual. For example, your will is going to be written according to your specifications. However, the different elements are often similar for estate plans. Here are some examples of what you could include in your estate plan:

• A will or a trust
• Medical directives
• Information about various accounts and passwords
• A medical directive
• A living will
• Medical and legal powers of attorney
• Updated beneficiaries for your investment and retirement accounts

It may seem like a lot to do, but the good new is that you don't have to navigate this difficult process alone. We will be with you every step of the way to simplify the necessary steps in estate planning. It’s best to prepare these important documents now to ensure your wishes are followed. We recommend reviewing your estate plan periodically and keeping all your beneficiary designations up to date, too.

The point of legacy planning is to ensure a smooth wealth transfer when the time comes. It’s also important to create the documentation that will make sure your wishes will be adhered to. The first step is to meet with one of our financial advisors to discuss your situation and come up with a plan for your estate. Then we’ll create a list of the documents we need for your estate plan. We’ll also ensure your beneficiary designations are up to date, because those can supersede your will.

What is the Difference between a Will and a Trust?

The difference between a will and a trust is about who has control of the asset. When someone inherits under a will, they receive any assets outright. With a trust, you can set up an income distribution plan or designate that our beneficiaries inherit at a future date. With a living trust, your beneficiary can receive an income during your lifetime, too. Trusts are great if you have young dependents or family members who will need long-term financial support. 

What Documents Should Be Included in an Estate Plan?

Your estate plan should include a will or a trust, a living will, medical directives, medical and legal powers of attorney, and information about your accounts and passwords. You should also update your beneficiary designations on your investment and retirement accounts. Retirement accounts don’t usually become part of the estate and those beneficiary designations can supersede anything that’s in your will.

How Can I Avoid Probate in Estate Planning?

Probate can take months if there’s no estate plan. Having an updated will in place can help you reduce or avoid probate for your heirs. This makes it easier for them to receive their inheritance in a timely manner. A living trust, designating beneficiaries of your accounts, and holding property jointly are also strategies we can use to help your heirs avoid probate.

Our team at CSV Financial Advisors is here to help you create and optimize your estate plan. We’ll act as your financial advisors and work with your legal and tax professionals to help you identify and achieve your goals. Call us today to begin the estate planning process.