Did you know the most important piece of your estate plan may be the most basic? It's your will. Your will stipulates how to distribute your assets, appoints a guardian for any minor children you have, and finally, names an executor or a personal representative to settle your estate and carry out your final wishes. If you die without a will (referred to as dying “intestate”), a court will generally make these decisions for you.
Need help drafting your will? Consider hiring an attorney who specializes in estate planning. Bring the following information to your first meeting:
A list of assets, along with their locations and estimated values, including bank, brokerage, and investment accounts; real estate and other tangible property; jewelry and/or art collections; and other valuables
A list of retirement accounts, along with account numbers and beneficiaries
Names of any charities you plan to gift in your will
Estate beneficiaries with their contact information
Copies of documents relating to divorce, separation, annulment, or adoptions; property deeds; and any gift-tax forms you've filed
A strategy you might want to consider is setting up a testamentary trust, or trust under will. The trust is created in your will and takes effect at your death. A testamentary trust can be designed to accomplish any number of estate-planning goals, including providing for loved ones, implementing tax-saving strategies, or benefiting a charity, among other objectives.
Need help designing a plan? Want to know more about testamentary trusts? BECU Trust Services is here when you need us. Contact us for more information: Call 206-812-5176 or email firstname.lastname@example.org.
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BECU Trust Services is a trade name used by MEMBERS® Trust Company under license from BECU. Trust services are provided by MEMBERS® Trust Company, a federal thrift regulated by the Office of the Comptroller of the Currency. This is for informational purposes only and is not intended to provide legal or tax advice regarding your situation. For legal or tax advice, please consult your attorney and/or accountant. Trust products not federally insured, not subject to credit union or affiliate guarantee, and may lose value.