Banner Wealth and Investment Services | Estate Planning

1. Be aware of probate.

Probate is the process the court uses in settling the deceased’s estate. The time and cost to complete the estate distribution can add up so navigating the probate process is worth exploring.

2. Create a will.

A valid will serves as a guide to your final wishes for the courts and the executor (the person chosen to act on your behalf). But a will is only a roadmap. It’s best to make sure that all of your financial assets and valuable possessions have beneficiaries named in other documents besides the will.

3. Decide who your beneficiaries are.

Naming your beneficiaries of your financial assets can help avoid probate. A retirement plan or life insurance policy are the most common instances, since owners are asked to name a beneficiary. But there are other everyday assets that allow for beneficiaries such as checking, savings and brokerage accounts.

4. Consider creating a revocable trust.

For larger assets such as a home or car that don’t typically allow for a named beneficiary, a revocable trust may be a solution to consider. Most anything placed in a revocable trust (also called a living trust) will avoid the probate process. Because the trust itself technically owns the assets, transition of ownership can go more smoothly.

5. Consider having a Power of Attorney (POA).

There are two types of POAs; a durable and healthcare power of attorney. A durable power of attorney assigns an agent or person to act on your behalf when you are unable to do so yourself. A healthcare power of attorney is a designated individual to make important healthcare decisions on your behalf in the event of incapacity.

6. Have “the talk” with your loved ones.

Perhaps the most important part of the estate planning process that requires no paperwork or expense is discussing your relatives’ wishes. Nothing will make that conversation easy, but a clear understanding of your family’s wishes can help avoid tough conversations at a time when loved ones need to rely on each other to get through a difficult time.

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