Estate Planning

Estate planning is an important part of preparing for your financial future. A thoughtful plan can help protect your assets, provide for the people you care about, and establish clear instructions for how your affairs should be handled if you become incapacitated or after your death.

What Is Estate Planning?

Estate planning is the process of organizing how your assets and financial affairs will be managed and ultimately distributed. Depending on your circumstances, an estate plan may involve wills, trusts, powers of attorney, healthcare directives, beneficiary designations, insurance and other financial arrangements.

Why Estate Planning Matters

• Protecting Your Wishes: A properly prepared estate plan provides clear direction about how you want your assets handled and distributed.
• Providing for Loved Ones: Planning can help provide financial protection for a spouse, children, dependents or other beneficiaries.
• Planning for Incapacity: Powers of attorney and healthcare directives can establish who is authorized to make important decisions if you're unable to do so yourself.
• Reducing Family Uncertainty: Clear instructions can help minimize confusion and potential disputes among family members.
• Coordinating Your Financial Legacy: Beneficiary designations, insurance, retirement accounts and other assets should work together with your overall estate plan.

Common Elements of an Estate Plan

Last Will and Testament — establishes how certain assets should be distributed and can name guardians for minor children.

Trusts — may be used to manage and distribute assets according to specific instructions and circumstances.

Power of Attorney — designates someone to handle financial matters on your behalf if necessary.

Healthcare Directives — document your healthcare preferences and identify who may make healthcare decisions for you.

Beneficiary Designations — determine who receives assets from life insurance policies, retirement accounts and certain other financial products.

Estate Planning and Your Financial Strategy

Estate planning shouldn't exist separately from the rest of your financial life. Life insurance, retirement accounts, annuities and beneficiary designations can all affect how assets ultimately pass to the people you intend to protect.

Reviewing these pieces together can help identify gaps, outdated beneficiary information and areas that should be coordinated with your attorney, tax professional or other advisors.