Broker Check

Estate Planning

Preparation for life's unexpected events should be considered long before they happen. Having an estate plan is an important first step toward this peace of mind, knowing that your family will be provided for once you're gone.

Estate planning is important for everyone, especially those who have significant assets and/or families that depend on their longevity for support. Creating a well-written estate plan helps ensure that your wishes will be carried out and that, if you should become incapacitated and unable to communicate your wishes, your family will know what steps to take.

Throughout this process, it's important to keep in mind that estate planning is not an event but rather a continuous series of decisions about the management of your financial, legal, and personal matters.

<b>What is estate planning?</b>

What is estate planning?

Estate planning is the process of identifying who will receive a person's property after death and often includes drafting a will or trust. This essential step in life planning involves the preparation of documents so that a person's assets pass according to their wishes, and any taxes can be minimized.

<b>Should everyone have an estate plan?</b>

Should everyone have an estate plan?

Everyone should have an estate plan. An estate plan helps you or your loved ones determine what happens to your assets, such as property and cash after you die. This can help make sure your hard-earned assets go to the individuals or organizations you choose. It is important to start this process early to ensure your wishes are clear and plans can be enacted before the time of death.

What are the benefits of estate planning?

A comprehensive estate plan coordinates your wishes for what happens to your property, both during and after your lifetime. It allows you to appoint agents to handle financial decisions if you become incapacitated or after death. Other benefits include:

  • Minimizes probate costs
  • Eliminates delays in administering your will
  • Protects your privacy
  • Reduces transfer taxes
  • Protects your wealth
  • Minimizes family conflict
  • Facilitates the transfer of property at death, including charitable giving in your estate plan

When should I start estate planning?

Our first priority is helping you take care of yourself and your family. We want to learn more about your personal situation, identify your dreams and goals, and understand your tolerance for risk. Long-term relationships that encourage open and honest communication have been the cornerstone of my foundation of success.

Components of Estate Planning

Will

A will is a critical part of your estate plan, including beneficiary designations for retirement accounts, life insurance policies, and other assets.

Whether you wish to leave some of your property and assets to family and friends and help support a favorite charity, or simply intend for everything you own to be distributed per the laws of intestate succession, a will ensures that your plan can be carried out.

A will is often used in combination with trusts and powers of attorney, which allow individuals to name another person to handle financial and other affairs on their behalf.

Trust

A trust is a legal arrangement in which one party, known as a trustee, holds property such as real estate or financial assets for the benefit of another party, known as a beneficiary. The trustee is given legal title to the property and can manage these assets during the time the trust is in place.

In other words, a trust can let you decide who controls your assets — and when they get that control — after you're gone. By using a trust in your estate plan, you can help protect your loved ones without interfering with their financial freedom.

Assets held in trust do not count toward your taxable estate, and, depending on the type of trust you select, certain assets may avoid taxation altogether.

Power of Attorney

A power of attorney is a legal document that names a person or business to act on your behalf in all financial matters, including authorizing transactions and managing bank accounts, investments, and real estate holdings. It can be general (can handle any business transaction) or specific (limited/specified transactions).

Health Care Directive / Medical Directive

A health care directive (or medical directive) allows you to choose an individual you want to make decisions concerning your medical care if you are unable to make these decisions yourself.

Beneficiary Designations

A beneficiary designation is a document containing your specification on how retirement plan income and/or death benefits are distributed.

<b>Plan Your Future With Tremblay Financial</b>

Plan Your Future With Tremblay Financial

The estate planning process is an essential part of financial planning as well. It can seem daunting at first, but it is simple to get started.

If you haven't created a will or considered what happens to your assets if something happens to you, you're behind many people who do have a plan in place. We will take you through the basics of estate planning and prepare a complete plan that fits your needs and gives you peace of mind.

At Tremblay Financial, we offer step-by-step guidance through the entire process, including determining your assets, drawing the appropriate documents, and helping you manage your financial assets as well. Contact us.