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What makes up a great estate plan

October 22, 2018 | TS Prosperity Group

There are many aspects of making a great estate plan. The steps to be taken and the paperwork involved can sometimes be fairly complex. In other situations, it can be quite simple and everyone’s circumstances are unique. Let’s take a look at some of the things that help make a great estate plan.

Create a Will
A great place to start is with a will, as everyone should have one. Be sure to list a personal representative or executor of your estate, name a guardian for your minor children and a list of your personal property with who these items should be left to. Examples would include jewelry, family heirlooms and antiques.

Consider a Trust
It's important to consider a trust. Research the various types and find out which is correct for you and your family. Sometimes you or a family member can serve as the trustee of your trust while other times it is wiser to name a non-family member as the trustee, such as a corporate trustee (bank).

Health Care Directives
Make sure to provide your health care directives such as a living will health care declaration and power of attorney, along with a durable financial power of attorney. Additionally, make sure to review the beneficiaries on ALL of your accounts. Make sure they are up-to-date as this is very important and could overrule what you have listed in your will.

Building Your Team
Most of us don’t have the time, knowledge, or expertise to set up an estate plan by ourselves. With that in mind, you need to utilize a number of professionals that you can trust, and that are knowledgeable about estate planning matters. Identify an estate planning attorney, an accountant, an insurance agent and a financial planner or advisor.

Final Arrangements
Plan ahead with your final arrangements as it will be much easier on the loved ones you leave behind. Pre-planned funerals are a great option. Make sure your end-of-life wishes are documented such as cremation or burial, do you wish to donate your organs?

Miscellaneous
Keep yourself organized by putting all of your important papers together in a three-ring binder or folder. Make sure to list the location of items, bank accounts, retirement accounts, investment accounts, life insurance policies, safe deposit boxes and the keys to them. Also include contact information for your attorney, accountant, banker, insurance agent, financial planner and/or advisor.

Family Meetings
Consider holding family meetings to keep your family members informed. Discuss what you are contemplating doing, or what you have already done, with regard to setting up an estate plan and this will facilitate discussion and eliminate any surprises.

Executors, Trustees, & Guardians
Name someone who will handle your affairs according to your wishes, and who is trustworthy and knowledgeable. An advantage of naming a bank’s trust department, is that they are knowledgeable in the area of administering estates and trusts. Another advantage to naming a bank as your Executor and/or Trustee is that the bank will likely be here. Whereas, if you name an individual, he or she could possibly predecease you.

Review, Monitor and Update
You should review your estate plan every three to five years as circumstances change: people pass away, minors become adults. As time goes by, it’s not unusual for clients to decide to change who they’ve named as a guardian for their children, or who they’ve named as their executor, etc. Laws change too. If the law changes, perhaps you will need to change your estate plan as well.

The above is intended to serve as a quick guide to the things that you should consider when putting together an estate plan. For most people, it’s simply a question of taking that first step and getting started. If you partner with the right professionals, and if you take the steps recommended above, I truly believe that you’ll have what is needed to make up a great estate plan!

At TS Prosperity Group, we IGNITE PROSPERITY® by helping our clients do more with their money. Whether it’s saving a little extra cash each month or accomplishing a long-term strategy, our goal is to help you transform your financial life. Call and schedule an appointment today, one of our team members would love to help you do more with your money at TS Prosperity Group. TS Prosperity Group is based in Council Bluffs, Iowa, with clients across the midwest. For more information visit tsprosperitygroup.com or call 844-487-3115. #igniteprosperity


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Rich Purdy, CFP®
Fiduciary Officer, VP

Rich has been with TS Bank since 1984, and currently serves as a Fiduciary Officer with TS Prosperity Group. Rich works with clients in all areas of wealth management and financial planning. Rich obtained his CERTIFIED FINANCIAL PLANNER™ designation in July of 2000. He also provides farm management services to TS Prosperity Group clients, and is a licensed real estate broker. Rich grew up on a farm in southwest Iowa. He is a graduate of Iowa State University, with a Bachelor of Science Degree in Agricultural Business. His work experience includes seven years as a Consultant with the Southwest Iowa Farm Business Association, 30 years as a licensed real estate agent/broker and 32 years of banking.