Estate Planning Guidance by Elevate Wealth Advisory
Estate planning helps you consider how your wealth can be preserved for you and your family’s future and how your wealth can help others. At Elevate Wealth Advisory, our fiduciaries can help you design a robust estate plan that ensures your assets are protected and seamlessly transferred to your beneficiaries upon your death.
Our estate planning services are comprehensive, highly individualized, and flexible. We will help you create a plan that can evolve as your needs and goals change. While we specialize in wills, trusts, and estate planning guidance, we can also help you plan for more specific life events and transitions.
What Is Estate Planning?
All families and business owners can benefit from a carefully designed estate plan. An estate plan involves drafting specific documents that direct the distribution of your assets upon your death. Your plan can also include specific directives regarding the control of your business, the management of assets, charitable bequests, custody of children and pets, and more. Without an estate plan, your estate may end up in probate court, where strangers could determine how your assets are divided.
Key Components of Estate Planning
A successful estate plan is one that ensures your assets are properly managed after your death. The key components of your estate plan are the specific documents, directives, and letters of intent that handle this distribution seamlessly, without any questions or room for error. Our advisers can help you consider all possible components of estate planning and enact the ones that are most relevant to you:
- Will
- Trusts
- Durable power of attorney
- Beneficiary designations
- Letter of intent
- Healthcare power of attorney
- Guardianship designations
Preparing for the Estate Planning Process
We will help you work meticulously through your estate planning checklist to ensure you consider every possibility. We recommend that you consider these factors before your initial consultation with our advisers:
- Make a list of all of the valuable items in your home and business that you want to consider
- Carefully document your non-physical assets like 401(k) plans, IRAs, bank and brokerage accounts, and insurance plans.
- Create a spreadsheet of debts and open credit lines.
- Make a list of the memberships or organizations you belong to.
- Sign and date each of these documents and keep copies in multiple secure places, such as a safe deposit box, safe, or in the hands of a trusted family member or wealth adviser.
- Regularly review the terms of your retirement accounts.
- Regularly update your insurance policies.
- Choose an estate administrator.
Benefits of Estate Planning
Why is estate planning so important? The biggest reason is that it protects your family if you suddenly die or become incapacitated. Without an estate plan, your family must deal with the probate court. The benefits of estate planning are:
- Protecting your beneficiaries from financial hardship after you die
- Ensuring your assets are appropriately distributed according to your wishes
- Outlining business succession directives
- Naming specific beneficiary designations
- Planning for the care and custody of your minor children and pets
- Directing specific healthcare wishes and needs if you are incapacitated and can’t make healthcare decisions on your own
- Finding ways to protect assets from estate taxes
- Reducing the risk of family quarrels and disputes
FAQs About Wills and Trusts and Estate Planning
We want you to have all the information you need so that you feel empowered to take control of the process and prepare for your future. Here are some frequently asked questions:
What is an estate plan?
An estate plan is a collection of official legal documents that outline your wishes and how your assets should be distributed if you die or become incapacitated. It can include a will, trust, guardianship designations, healthcare power of attorney, beneficiary designations, funeral planning documents, durable power of attorney, and personal letter of intent outlining your wishes.
Why do I need an estate plan?
An estate plan can help you retain some control over your assets, even after you die. It can also offer you peace of mind by protecting your children, pets, business, and other important assets in the event you die suddenly. Your estate plan can even have provisions and directives for handling financial and medical decisions if you are temporarily or permanently incapable of making those decisions yourself.
What happens if I die without an estate plan, will, or trust?
If you die without a will, your estate will go to probate court, where strangers will determine how to divide your assets.
Can I create my own estate plan?
You can fill out certain ‘form documents’ related to estate planning and sign them before a notary. However, these documents are basic and do not account for all the personal details of your finances, and they aren’t ideal for more complex estate planning needs. If you live alone, don’t have a family or pets, and don’t have more than $5,000 in assets, that type of self-serve document might work for you. If you have a family, you should work with an expert on your estate plan.
Schedule a Consultation for Trusts, Wills, and Estate Planning
If you have more questions about the estate planning process or want to discuss how our team of advisers can help you create your estate plan, don’t hesitate to reach out. At Elevate Wealth Advisory, we offer no-pressure consultations so that we can formulate a personalized estate plan that protects your assets and outlines your wishes. Call us now or reach out to us online to begin the process of estate planning.
