Plan Ahead: Prepare for Your Future with Estate Planning

Many of us were taught from a young age that it’s not polite to talk about money or ask about beneficiaries. These topics can be awkward and uncomfortable, and no one likes to think about becoming unhealthy or worse, not around at all. However, clear communication and effective estate planning are crucial to ensure that your assets last and are distributed according to your wishes.

Think of estate planning as a way to make life easier for your loved ones if you become incapacitated or pass away suddenly. By addressing these matters while you are healthy, you can remove much of the stress from the process. If you ever become ill, the heavy lifting will already be done, allowing you to focus on yourself and your family. Your family will clearly understand your wishes regarding your care, funeral arrangements, estate management, and asset distribution, preventing potential conflicts later.

You don’t have to be wealthy to need an estate plan – if you own a home, a car, some stocks or have savings, you should have a plan. As defined by Investopedia, “Estate planning refers to preparation of the tasks that manage an individual's financial situation in the event of their incapacitation or death.”

Begin the Planning

If you haven’t begun your estate-planning journey, you’ll need to prepare several essential estate-planning documents, including a last will and testament and a revocable living trust.

You will need to designate someone to manage your estate – often a corporate trustee is a good choice due to the time, work and knowledge required for the task.

If you are unsure how to proceed, the Trust and Wealth Management division of Crews Bank offers seminars throughout the year to help educate you on various estate planning topics.

Regular Reviews to Keep Things Up to Date

If you created your estate plan years ago, it's wise to revisit it - ideally every two years. Use this blog as a reminder to consult with your trust professional to ensure your estate plan aligns with your current wishes and your investment portfolio is positioned for your current stage of life.

You can schedule a free appointment with one of our Wealth Strategists, who would be happy to review your estate documents with you, Consider discussing the following when reviewing your estate plan:

Beneficiaries:

• Have your beneficiaries experienced significant life changes since you last reviewed your plan?
• Have they matured emotionally and financially?
• Have there been marriages, divorces, or the addition of children or grandchildren?
• What provisions are in place if a beneficiary passes away or becomes incapacitated?

Power of Attorney Designee:

• If your designated agent is not your spouse or a bank, but another individual, assess their financial management competence.
• Do you have confidence in their ability to manage your affairs effectively?
• Are they available and willing to take on this responsibility?
• How will their decisions be monitored, how will records be kept and what are the associated costs?

Investment Portfolio:

• Has your investment portfolio grown in line with appropriate benchmarks? As an example, has your all-stock portfolio yielded returns comparable to the S&P 500's?
• If health or other factors have impacted your assets, consider having a corporate fiduciary to analyze the longevity of your assets with a well-managed portfolio.
• Would a comprehensive risk, cost, and performance analysis from your trust team be beneficial?

If you have any questions about your estate plan or investment portfolio, the Trust and Wealth Management team at Crews Bank & Trust can assist you, confidentially and without obligation. They will start by discussing your goals, then review your documents and investments to ensure they align with your objectives.

Embarking on this journey with a trusted advisor will set you on the path to securing your future. There’s no better time than today to create and ensure your plans reflect your current needs and aspirations.