Safeguarding Your Family's Future
Planning for the unexpected can help loved ones avoid guesswork at difficult times. The six topics below are a starting point for reviewing what may already be in place and what may be worth discussing with your financial, legal, and tax professionals.
1. Name Your Powers of Attorney
Someone you trust to step in if you can't.
- A power of attorney lets someone act for you if you become unable to. It's usually two separate roles: financial and medical.
- Financial agents handle money matters. Medical agents (health care proxies) make care decisions.
- Many people name a different person for each role.
2. Create a Living Will
Clarity for your loved ones in the hardest moments.
- A living will spells out the medical care you do and don't want.
- It can spare your family from guessing, and from the weight of making those choices for you.
3. Create a Last Will & Testament
Your instructions, in your own words.
- Your will names who receives your assets and, if you have minor children, who becomes their guardian.
- Without one, state law decides how everything is divided, which may not match your wishes.
4. Consider a Trust for Added Protection
More control over how and when assets pass on.
- Trusts aren't just for the wealthy. A living trust lets you keep control while you're alive, then passes assets to your beneficiaries.
- Depending on the type of trust and your circumstances, trusts may help avoid probate, set conditions on distributions, or offer protection from creditors. Some may also have tax implications, so consult your attorney and tax professional.
- If you set one up, you'll name a trustee to manage it and carry out your instructions.
5. Review and Update Regularly
A plan that keeps up with your life.
- Revisit every 2 to 5 years, and after big life events such as marriage, divorce, births, adoptions, or deaths.
- Big financial changes matter too: buying a home, retirement, a business sale, or bankruptcy.
6. Keep an Organized Legacy Binder
Everything in one place, when it's needed most.
- Gather the essentials your loved ones may need: your will and estate documents, account and contact information, insurance policies, and funeral instructions.
- Add key documents (deeds, certificates, passports), tax returns, a list of bills and debts, and a secure record of passwords and PINs.
To help you get started, the downloadable PDF includes a My Legacy Binder checklist. This is a first step toward getting organized. Use the list to help guide you in what documents and information you may want to gather for your loved ones that they may need.
This article is provided for general educational purposes only and is not legal, tax, or individualized insurance advice. Consult a qualified attorney about your specific situation.
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