Don’t Wait to Plan Your Estate

Believe it or not, you have an estate - nearly everyone does. Your estate is comprised of everything you own: your car, home, other real estate, checking and savings accounts, investments, life insurance, furniture, and other personal possessions. No matter how large or how small, everyone has an estate and something in common - you can’t take it with you when you die.

What is Estate Planning?

When your time comes, you probably want to control how your possessions are given to the people or organizations you care about most. To ensure your wishes are carried out, you need to provide instructions stating whom you want to receive something of yours, what you want them to receive, and when they are to receive it. You will, of course, want this to happen with the least amount paid in taxes, legal fees, and court costs. 

How to Create a Successful Estate Plan 

These items should be included in a thorough estate plan:

1. A Will: Name who will inherit your belongings and choose a guardian and inheritance manager for minor children.
2. Health Care Directives: Include a living will and a power of attorney.
3. Financial Power of Attorney: Grant someone legal authority to act on your behalf regarding financial issues if you become incapacitated and are unable to make those decisions yourself. 
4. File Beneficiary Forms: Naming a beneficiary for retirement plans and any bank accounts makes the funds automatically "payable on death" to your beneficiary and allows for the probate process to be skipped altogether. 
5. Life Insurance: Can help provide immediate cash at death. 
6. Preplan Your Funeral: Planning ahead enables you to make financial arrangements to cover your funeral costs. Even if you are leaving behind sufficient money, will your survivors be able to access it? Funeral insurance and funeral trusts are sound financial planning options you can consider ahead of time.

Individuals put off estate planning because they think they don’t own enough, they’re not old enough, they’re busy, think they have plenty of time, they’re confused and don’t know who can help them, or they just don’t want to face it. But what if something happened to them? Sage Rutty can help by offering step-by-step guidance to put you at ease. By evaluating and addressing any financial concerns, Sage Rutty provides peace of mind regarding important questions about personal estate plans.

Learn more about estate planning and how we can help by visiting SageRutty or calling 585-232-3760.