Will – A will is a legal document outlining how a person’s assets should be distributed after death. It may also specify guardianship for minor children and appoint an executor to manage the distribution process.
Trusts – Trusts are legal entities that hold and manage assets for the benefit of designated beneficiaries. They can be used to minimize estate taxes, provide ongoing financial support to beneficiaries, and dictate how assets are distributed over time.
Power of Attorney – This document designates a person to make financial and legal decisions on your behalf if you become incapacitated or unable to manage your affairs.
Medical Power of Attorney – This allows someone you trust to make medical decisions if you cannot do so yourself.
Living Will – Also known as an advance healthcare directive, a living will should outline your preferences for medical treatment in case you cannot communicate your wishes, particularly in critical or end-of-life situations.
Beneficiary Designation – For assets like retirement accounts, life insurance policies, and certain bank accounts, you can name beneficiaries who will inherit these assets directly, bypassing the probate process.
Letter of Intent – While not legally binding, a letter of intent can guide your loved ones and the executor of your estate about your personal wishes, sentimental bequests, and other non-financial matters.
Guardianship Designations – If you have minor children, an estate plan can specify who will be their legal guardian in case both parents pass away.
Charitable Giving – An estate plan can include provisions for charitable donations or the establishment of charitable trusts or foundations.
Business Succession Planning – For business owners, an estate plan can outline how the business will be transferred or managed upon the owner’s death or retirement.
Estate Tax Planning – Depending on your jurisdiction and the size of your estate, an estate plan can include strategies to minimize estate taxes.
Estate planning involves careful consideration of personal and family circumstances, financial goals, and legal implications. Working with professionals is advisable to create a customized estate plan that aligns with your wishes and maximizes the benefits for your beneficiaries.
Contact Worby Wealth Management Regina so we can review your estate planning needs today.