The Basics of Estate Planning

Do I need an estate plan?

Yes, an estate plan can be helpful for most people who have assets (such as a car, home, home goods, bank accounts, and investments) and a family. It isn’t solely for older adults. Documenting your wishes as an adult of any age can help your family make tough decisions and avoid disagreements that could occur when trying to guess what you would have wanted.

Key estate planning documents

• Will: Also called a last will and testament, this is a legal document that details how you want your assets and property titled in your name to be distributed after your death.
• Power of attorney: A legal document that allows you to give someone you trust (also called “the agent”) the authority to act on your behalf in various matters, both temporarily and if you become physically or mentally incapacitated.
• Health care directive: A collection of documents that outline your preferences for medical treatment and end of- life care if you become unable to communicate your wishes yourself.
• Beneficiary designations: Documents that specify who will receive your assets, such as life insurance policies, retirement accounts, and other financial accounts, when you die.
• Trusts: Trusts are legal arrangements where one party (the trustee) holds and manages assets for the benefit of another party (the beneficiary). Trusts aren’t necessary for every estate plan, and you can talk with your financial advisor about whether it’s a good choice for you.

Review and update your estate plan regularly to ensure it reflects your current wishes and circumstances. We recommend every five years or when a significant life event occurs (marriage, divorce, birth, death).

How to store and share your estate plan

Consider storing your estate plan in a fireproof and waterproof safe to protect it from any potential damage. You can also keep digital copies in a secure, encrypted cloud storage service as a backup. Make sure to:

• Let your family know where to find your estate plan and make sure they understand their roles.
• Keep relevant parts of your plan on file with your attorney, medical professionals, and financial advisor.

The information is general in nature and is not intended to be, and should not be construed as, legal or tax advice. In addition, the information is subject to change and although based upon information that INTRUST considers reliable, is not guaranteed as to accuracy or completeness. INTRUST makes no warranties with regard to the information or results obtained by its use and disclaims any liability arising out of your use of, or reliance on, the information. Past performance is no guarantee of future results.