Feel good today knowing tomorrow is taken care of.
Having a plan for your estate—your home, your wealth, your possessions-means you can leave the legacy you want, whether that's to help your family, a charity, or an institution.
No matter how large or how modest, everyone has an estate. And an estate plan simply makes sure that everything you own, and what you wish to have happen, when you're no longer able to do it yourself or when you pass away, is handled the way you want. We work with a team of estate planning experts to help you develop the best strategies so that your family won't be burdened by speculating on what you may have wanted.
You do—no matter your age. If you're young and single, you most likely will only need basic estate planning, including things like a will and powers of attorney for your medical care and finances. If you have children, you'll want to name a guardian. And if you have substantial wealth, you may want to look into trusts to help control how your assets are taxed, managed, and distributed. Take a listen to our latest A Better Way to Money™ podcast. You'll find out why having an estate plan is so important.
A lot. Estate planning makes sure that everything stays on track when you're no longer in control. You can use a will, trust, and other estate planning documents to speak for you when you're not able to speak for yourself. If you don't have a plan for your estate when you pass away, state law (typically called intestate laws) will determine where your assets will go. Estate planning can also help maintain the value of your estate by minimizing costs associated with taxes and administration. Get more details on the estate planning process.
There's no single correct answer, but sooner rather than later is better. You can create an estate plan as soon as you become an adult. But typically, an estate plan comes into play because of major life events like you get married, have kids, buy real estate, etc. Even if you're not there yet, it's always a good idea to plan for the unexpected. Ask an advisor about the best options for you.
An estate plan has several components that will make sure your wishes are carried out the way you want. It begins with taking a comprehensive inventory of all assets, including real estate, investments, personal property, and business interests (if any). Once you have those, you'll want to draft a will that outlines how you want everything to be distributed after you pass away. A power of attorney is also essential, allowing you to appoint someone to manage your finances if you're unable to speak for yourself. You'll also want to have a healthcare directive, or living will to guide medical decisions if you are unable to communicate. Depending on your situation, you can consider setting up a trust to protect assets and potentially reduce estate taxes for your beneficiaries. Make sure you have all the things you need with our estate planning checklist.
An estate plan is a key part of a strong financial plan. While a financial plan will help you feel at ease about your money throughout your life, an estate plan will give you (and your loved ones) peace of mind knowing that your wishes will be followed no matter what. See how an estate plan can fit into your financial plan. Talk with an advisor today.
Having an estate plan in place is a good idea for anyone. If you choose not to have one, your estate will default to state law where they will control the decisions versus who you chose. Talk to an advisor about creating a plan for your estate.
More often than not, yes. You've likely built a life together, made decisions together, and managed your assets jointly along the way. So it's a good idea to figure out who will get what when you're not longer here, so there are no surprises to your spouse. Want to know more? Check out our couples' guide to combining finances first. Then when you're ready to create your estate plan, talk with one of our expert advisors.
If you don't have a plan for your estate when you pass away, state law (typically called intestate laws) will determine where your assets will go. Estate planning can also help maintain the value of your estate by minimizing costs associated with taxes and administration. Ready to create your estate plan? Get matched with an advisor.
Yes. Probate is when a court supervises the distribution of assets based on your will or a state's intestacy laws. It can create delays, add costs (filing and attorney's fees), and since records of probate court are public record, there's loss of privacy. Here are two ways an estate plan can avoid probate proceedings:
By making sure that you have beneficiary designations for your life insurance policy, individual retirement accounts, 401(k)s, etc.
By setting up a revocable trust that can give you flexibility and income throughout our life, then will transfer your estate to your beneficiaries when you die.
In general, you should update your estate plan every three to five years. You'll want to consider things like if your intentions have changed, that the right people are included, etc. However, there are some common milestones and life events that could require you to update your estate plan sooner, such as getting married or divorced, having kids, getting sick, or if you move to another state. Talk to an advisor about getting your plan up to date.
The estate tax is typically applied to your assets once you've passed away. The federal estate tax will be assessed on the current fair market value of your assets at the time of your death. However, assets inherited by your spouse or heirs (limited to just over $13.61M in 2024. However, it's set to expire at the end of 2025 and drop to about $7 million per person unless Congress takes action to extend the current tax law.) are generally not subject to the federal estate tax. At the state level, estate or inheritance laws and tax rates vary by state. Want to know more? This article lays out all the ins and outs of estates taxes. If you still have questions, one of our advisors can help answer them.
