At One Financial Services, we consider estate planning an integral component of your overall financial plan.
Estate planning may not be the easiest topic, but understanding where your assets should be dispersed and who will make decisions about your health care, are crucial to ensuring your financial future.
It is important to make your estate planning decisions with the help of trusted professionals who can sort misinformation and myths from facts and best-practices.
Fact #1
A will that is kept updated and current is an important component of an estate plan. However, at the core of that plan should be a comprehensive estate trust. Such a trust helps to ensure your assets go where you intend and at the way and time of your choosing. A will takes effect at the time of your passing, but a trust can be activated while you are still living but may be too incapacitated to manage your finances or medical care. In addition to a trust, other documents should include a power of attorney, health care directive and living will.
Fact #2
No matter your age or income level you should have an estate plan. The adage, “Life happens while you’re making other plans” reflects reality…unexpected events happen all the time. A worst-case situation can be easier to navigate with a plan in place. By creating an estate plan, parents can ensure their children’s future and adult children can be sure their elderly parents will be cared for. You will also have the peace of mind of knowing that your affairs are being handled by the people you’ve chosen. The added benefit to that designation is that people who are familiar with you and your family can minimize any potential conflict that might arise among surviving family members.
Fact #3
Estate planning is about so much more than what happens to your assets after you’re gone. Estate planning is a comprehensive process that encompasses how your affairs are to be handled for the benefit of your heirs and to protect your estate. A well-thought- out estate plan covers both present and future contingencies.
It is also not a static process. Your estate plan should be updated and reviewed regularly. Each year when you file your taxes is a good time to make any adjustments from a change in circumstances. Marriage, divorce, the birth of a child, acquisition or disposal of an asset are all events that would likely affect your estate plan.
Our One Financial Services team will be with you every step of the way as you journey toward a secure financial future.