Estate Planning "Tip of the Day'

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Two practical GRADUATION GIFTS

1) Life Insurance 2) An Estate Plan "WILL"

An estate plan typically consists of several key pillars to ensure your assets are managed and distributed according to your wishes. The main pillars include:

Will – A legal document that outlines how your assets should be distributed after your death and names an executor to carry out your wishes.

Trust(s) – A legal entity that holds and manages assets on behalf of beneficiaries, often used to avoid probate, provide tax benefits, and protect assets.

Power of Attorney (POA) – A document that grants a trusted person the authority to make financial and legal decisions on your behalf if you become incapacitated.

Healthcare Directive (Living Will) and Medical Power of Attorney – Documents that specify your medical care preferences and designate someone to make healthcare decisions if you are unable to do so.

Beneficiary Designations – Ensuring assets like life insurance policies, retirement accounts, and payable-on-death accounts have named beneficiaries to bypass probate.

Life insurance is considered an important part of an estate plan, as it can provide immediate liquidity to cover final expenses, estate taxes, debts, and ensure your beneficiaries receive a designated inheritance even if your other assets are not readily accessible during probate,

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email jnusslein@tandemhead.com