Estate Planning

What you need to know

Ensuring your estate is prepared now secures your family’s well-being in the future, even though contemplating it may be uncomfortable. There will come a time when someone other than you will handle all your assets. Estate planning ensures your assets follow your wishes, sparing your loved ones from complex legal matters during what’s already a challenging, grief-filled period.

Why Do an Estate Plan

Though it’s a tough topic, proper estate planning offers numerous advantages:

  • Protecting your loved ones financially by specifying asset distribution through a will or trust.
  • Minimizing estate taxes for your heirs.
  • Avoiding the unpleasant, time-consuming, and costly probate process.
  • Providing for your children’s financial and emotional well-being by appointing a guardian and setting up a trust.
  • Planning for your own care by creating a living will and appointing a healthcare proxy.

What’s Involved in an Estate Plan

To prepare, you’ll need various essential documents, preferably with guidance from a qualified attorney:

  • Will: Dictates asset distribution, appoints guardians and representatives
  • Trust: Transfers assets to a trustee for a beneficiary’s benefit, with various purposes.
  • Revocable Living Trust: Similar to a trust, but can be altered or revoked, potentially with tax benefits.
  • Durable Power of Attorney: Authorizes financial decision-making if incapacitated.
  • Advance Health Care Directive: States medical treatment preferences if unable to communicate.
  • Guardianship Designation: Appoints a guardian for minor children.
  • Letter of Instruction: Communicates posthumous wishes informally.

Given our digital lives, a digital estate plan detailing online accounts and instructions is also vital.

So Where Should I Start?

For those new to estate planning:

  • Educate yourself through various sources.
  • Consult an estate planning attorney to craft a tailored plan and address concerns.
  • Regularly review and update your plan to reflect changing circumstances.

While contemplating the future isn’t easy, ensuring your affairs are in order brings peace of mind for you and your loved ones. We’re here to support you through this process.

DISCLOSURE: Investment advisory services offered through Rely Wealth Partners, LLC, a DBA of tru Independence Asset Management, LLC, a Registered Investment Advisor with the U.S. Securities and Exchange Commission. This material is intended for informational purposes only. It should not be construed as legal or tax advice and is not intended to replace the advice of a qualified attorney or tax advisor.

We work with highly motivated individuals and families who want to be financially complete and value clarity.

Daniel Mauser — Founder and Managing Partner