“Planning is how you prepare to take care of what matters.”
October 20-26 is National Estate Planning Awareness Week—a great time to start thinking about planning for the future.
We all know that planning can be tough, especially for things that seem far off. It’s easy to push off making an estate plan, but here’s a way to look at it: planning is how you prepare to take care of what matters. It’s about organizing your assets to make sure your loved ones are looked after when the unexpected happens.
Creating an estate plan is more than just writing a will. It involves setting up a comprehensive strategy that outlines who can make decisions for you if needed, who will care for your dependents, and how to minimize taxes and delays for your beneficiaries.
Estate planning is important because it gives you peace of mind. You’ll know your wishes will be honored and you can even make a meaningful impact through your favorite charities or church.
A solid estate plan typically includes:
– Will: This legal document specifies how your assets should be distributed. Without a will, your assets will have to go through probate court, which can be time-consuming and costly.
– Trust: In place of a will, a trust is a legal arrangement that allows someone to manage your property for your benefit or for your beneficiaries. It helps avoid probate, allowing your assets to be distributed faster.
– Power of Attorney: This document lets you appoint someone you trust to make legal, financial, or medical decisions for you if you’re unable to do so.
– Living Will or Advance Directive: This outlines your preferences for medical care, including decisions about life-extending treatments and long-term care.
– Guardianship Designations: A key part of your will or trust, this specifies who will care for your dependents and manage their finances if you’re unable to.
– Beneficiary Designations: For accounts like IRAs or 401(k)s, you can name beneficiaries who will receive the funds directly, bypassing the probate process. You can choose individuals, charities, or churches.
– Digital Assets: Make sure to designate someone to handle your online accounts and digital files. This includes social media, email, online banking, and more. This helps protect your identity and preserve important memories and information.
Getting started with estate planning is crucial. It might seem overwhelming at first, but beginning with a will or trust can help you gradually add other documents as needed.
A great tool to kick things off is the FreeWill platform, which guides you step by step through creating your will in as little as 20 minutes. Remember to review and update your plan regularly as your life changes.
To start your will or trust, visit frwill.link/qp
For managing beneficiary designations, creating a Financial Power of Attorney, or setting up an Advance Health Care Directive, use the respective links provided below:
Advance Health Care Directive: FreeWill.com/AHCD
Financial Power of Attorney: FreeWill.com/POA
Beneficiary Designations: frwill.link/icc_beneficiaries
If you have questions or want to include ICC in your estate plan, feel free to contact Wendy Clark at 360-573-0429.
