Estate Planning – Tips For You

Estate Planning is important for people of all ages.  Lighthouse Financial Advisors is here to help with our clients’ Estate Planning.  If you do not have one in place, please feel free to contact us to schedule an appointment to discuss and plan for yours.

Here are some tips to help you with your Estate Planning:

Important steps when creating an Estate Plan:

  • Create Healthcare Directive or Living Will –

Choose a Medical Agent – to carry out your wishes for medical care in the case you are incapacitated and cannot make decisions for yourself.

  • Create a Durable Power of Attorney

Choose a Financial Agent – name this person or persons as your Power of Attorney, who can carry out your wishes and keep your finances in order if you are incapacitated.

  • Draft a Will –

Choose an Estate Administrator (Executor of Will)

Make a List of Assets as well as a list of your debts

Itemize Your Inventory (Financial as well as personal properties)

Decide the Beneficiaries

Once Will is finalized, Sign, Date and Keep in a Secure Place (and let your Executor know where it is and have access to it upon your demise)

  • Update Your Life Insurance
  • Create a Living Trust – if you have the need for one.

**Which is better, A Will or a Trust? 

A will does not go into effect until after you die, whereas a living trust is active once it is created and funded. This means that a trust can provide protection and direct your assets if you become mentally incapacitated, something a will is unable to do.