Estate planning and protecting your loved ones can seem like an overwhelming task, but it really comes down to a few important concepts. Planning your estate early helps to ensure your wishes are recorded and carried out at the time of your death. It can help ease the burden if anything would happen to you. Let’s look at some things to think about when you are planning:
The most common estate-planning document is a “will.” A will lets you direct how and to whom your assets should be administered. It will also indicate the circumstances under which your assets should be distributed and who should manage your assets after death.
A “trust” is an estate-planning tool that can replace or supplement your will, as well as help manage your assets during your lifespan. When you establish a trust, you create a legal arrangement through which assets are on hold for one or more beneficiaries. You designate a “trustee” to manage the assets according to the terms in the trust agreement. This trust document provides direction about how the trustee should manage the assets and under what terms those assets should be distributed.
There are many good reasons to create a trust. For example, providing financial security for your beneficiaries and perhaps minimizing or eliminating estate taxes. Having a comprehensive estate plan in place can help you feel more confident about the future. You can have peace of mind knowing that your assets will go to the people or organizations you care about.
What to Consider in Estate Planning
Many factors can influence the design of a comprehensive estate plan. Your plan should be customized to achieve your personal goals and objectives. Since everyone’s circumstances are unique, you should talk with an attorney who specializes in estates. They can help you decide whether a trust is appropriate for your situation. Some objectives to consider may include:
- Providing support and financial stability for your spouse
- Preserving assets for future generations
- Supporting a favorite charity or other worthy cause
- Ensuring the distribution of your assets according to your wishes
- Minimizing taxes and expenses
- Ensuring that individuals you choose can make decisions on your behalf in the event you become incapacitated
Your Partner for Trust and Estate Solutions
Allowing First Keystone Community Bank to act as your trustee can benefit you now and help your family in the future. You can also name First Keystone Community Bank as executor of your will, which alleviates some of your family’s emotional stress upon your death. For more information, contact one of our estate-planning experts today at (570) 802-8200.