Beyond the Will: Comprehensive Estate Planning for Every Stage of Life

Estate Planning is Life Planning

Many people equate estate planning only with a Will, but a truly comprehensive plan is about protecting your assets and your loved ones while you're living, not just after you pass away. It’s an essential part of risk mitigation and securing your family's future.

Three Crucial Planning Tools Beyond the Will

While a Will directs the distribution of assets, these three documents provide immediate protection and control:

1. Power of Attorney (POA)

A POA gives a designated person (your agent) the legal authority to make decisions on your behalf if you become unable to do so yourself. You need two types:

• Durable Financial POA: Authorizes your agent to manage your finances, pay bills, and handle banking. This is immediately critical if you suffer a sudden incapacitating illness.
• Healthcare POA: Authorizes your agent to make medical decisions if you cannot communicate your wishes.

2. The Living Will (Advance Directive)

This document is your voice in a medical crisis. It outlines your specific desires regarding end-of-life medical treatment, such as life support and feeding tubes.

• Benefit: Removes the burden of making difficult choices from your family during an already stressful time.
• Becker's Focus: Ensuring your wishes are clear, reducing the chance of legal disputes or family conflict.

"Estate planning is not about death; it is about life. It’s the ultimate act of financial kindness you can perform for the people you care about most."

Protecting Assets and Avoiding Probate

For most retirees, the next step beyond a Will is organizing assets to avoid the costly and public probate process.

• Beneficiary Designations: For accounts like IRAs, 401(k)s, and life insurance policies, the beneficiary forms override your Will. Ensure these are current and accurate.
• Titling of Assets: Holding property jointly with rights of survivorship, or using Payable-on-Death (POD) designations on bank accounts, allows assets to transfer immediately outside of probate.
• Trusts: As previously discussed, a Revocable Living Trust is the most effective tool to manage assets both during your life and after death, avoiding probate entirely and offering maximum privacy.

When to Review Your Plan

Estate planning is not static. We recommend reviewing your full plan whenever you experience a significant life change:

• A change in marital status (marriage, divorce).
• The birth or adoption of a child or grandchild.
• A major change in asset value (large inheritance or sale of a business).
• Relocation to a new state (laws vary significantly).

At Becker Retirement, we integrate a comprehensive estate review into your overall financial check-up, ensuring your protective framework is current and secure.