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4 Steps To Help With Estate Planning

September 6, 2018 As much as we’d like to avoid the thought of our loved ones passing away, setting up a plan for transferring wealth is an important way to make sure our loved ones’ wishes are honored. It’s a tough conversation, but you’ll both feel so much better when you can cross this task off your list and get back to enjoying quality time together while you still can. Whether you’re setting up your own estate plans or working with a family member on theirs, here’s a checklist to help you navigate the transfer of wealth.
  1. Create a Loved Ones List
    To get started, work together to create a list of your family members and loved ones that should inherit your wealth and valuable belongings. You may also want to consider when those people should receive their inheritance. For example, in the event that children are still under 18, you can stipulate that they reach the age of 25 before having access to their inheritance. These are all things you can specify during the estate planning process.
  2. Inventory Assets and Liabilities
    Next, start an inventory of your or your loved one’s assets, which could include things like bank accounts, investments, real estate property, life insurance plans, personal property and safe deposit boxes. Document any important information about these assets, including their location, account details and approximate value. Another thing to think about is liabilities, such as mortgage payments or debt. That way, you can be sure that your family is aware of any payments still owed, and there won’t be any unpleasant surprises down the road.
  3. Talk to the Experts
    With these details compiled, you’ll be ready to meet with a financial advisor and estate planning attorney. They will review assets and liabilities with you, so you can create a detailed wealth transfer plan. On top of setting up a will, these estate planning experts can also advise you on whether or not to set up a trust. A trust is an arrangement that allows a third party — usually a financial institution — to hold onto a person’s assets until the time beneficiaries are to receive them.
  4. Tackle the Paperwork
    After you’ve established the will, you can work with your financial advisor and estate planning attorney to get legal documents in order. Now’s the time to make sure the following materials are up to date:
    • Insurance Policy Beneficiaries: the person or people who will receive any life insurance payouts
    • Power of Attorney: the person who becomes legally authorized to represent another person’s wishes if they become unable to do so
    • Healthcare Proxy: the person who can make healthcare decisions on someone’s behalf after they’re no longer able to
    • Organ Donor Form: a person’s written wishes to donate organs once they’ve passed away
Wealth transfer can be a tricky situation to manage, but ultimately it’s all about ensuring that a loved one’s last wishes are honored and their finances can be transitioned smoothly. To help make sure the transition goes as designed, be sure to let the places that hold your assets know what your plans are, too. If you or a loved one is preparing for a transfer of wealth, know that to answer questions. You might also be interested in Financial success isn’t how much money you have — it’s feeling good about what you’re doing with the money you have. Here are some tips on how to prioritize your debts and bills, negotiate with creditors and get your late payments back on solid ground. Even in these challenging times, there's  whole lot of good happening! At Summit, we've always believed financial success happens together and that's been truer than ever this past month. Here's what "together" has meant for our community. Navigating finances after college is hard, but you can take it one lesson at a time. Get tips for managing money and paying off student debt after graduation. Navigating finances after college is hard, but you can take it one lesson at a time. Get tips for managing money and paying off student debt after graduation. If you’re not sure if something is a scam, it’s ALWAYS better to act like it could be! Fraudsters are always coming up with creative new ways to steal from you and quick to take advantage of a crisis. Here are some of the most popular recent scams to watch for. With a little planning, you may be able to actually save a little money during the holidays. Check out these tips to keep costs down without missing out on the holiday fun. Some scams go right for your money; others try to get you to part with personal information – like account numbers, Social Security numbers, passwords, and personal identification numbers (PINs). Find out what you should look for and how to protect yourself. The holidays can be stressful & that’s why it’s important to prioritize your self-care. Use these tips to reduce stress without draining your bank account. Your home is your castle, your refuge and—let’s face it—a place where it can be very easy to sink a big chunk of money. Which is why you’re always on the lookout for “sweet spots”:  those home improvements that add comfort, safety or a little zing of style while you’re living in your house and will boost the asking price when it’s time to sell. And if you can find a way to save money on those improvements or cut home expenses at the same time, well that sweet spot just got a little sweeter! Featured Products Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Financial Education Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts About Equity in Money™ About Summit Careers News Community Giving Equity in Money™ About Summit Careers News Community Giving Help & Support Contact Us Member Support Center Schedule an Appointment Find a Branch Contact Us Member Support Center Schedule an Appointment Find a Branch Please read the following before proceeding to: The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. NCUA Insurance Estimator Privacy, Security & Accessibility Rates, Fees, Terms & Disclosures Routing Number *  The Wisconsin's #1 Mortgage Lender designation is based on the number of loans in 2022, gathered from the Home Mortgage Disclosure Act data compiled annually by the Consumer Financial Protection Bureau. The results of the data were obtained through the LEI: 254900NTAC4H10MGSU23 **  SBA Lender of the Year Award for Credit Unions as awarded by the Small Business Administration of Wisconsin in 2023. Copyright 2024 © Summit Credit Union. All rights reserved. If you are using a screen reader and are having problems using this website, please call 608-243-5000 for assistance. Insured by NCUA