KEY TAKEAWAYS
- Planning ahead—through wills, beneficiaries, and documents—helps ensure your loved ones are financially protected if the unexpected happens.
- Estate planning should address both money and care, including guardianship, insurance, and health care decisions.
- Clear communication and guidance from trusted professionals make your wishes easier to follow and less stressful for your family.
Plan ahead for peace of mind
What would your loved ones do without you? It’s hard to contemplate, especially when you’re in the prime of life. However, if you’re a primary earner in your household, preparing now can help ensure that your partner, children and anyone else who depends on you can continue to support themselves even if the worst happens. Your financial professional can help you take proactive steps so you can protect your loved ones. Here are some tasks you can tackle together.
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Create a will.
Creating a will is a great first step in planning your legacy to your family. It makes sure that your assets go to the people you want to take care of and can designate trusted individuals to take care of your children if you pass away while they’re still young. Consult with a qualified estate attorney to make sure your will is properly written and executed.
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Update beneficiaries of your assets.
If you have company retirement benefits like a 401(k) or 457 plan, or a life insurance policy, make sure you update your beneficiaries whenever your family situation changes. Assets in company benefit plans generally pass directly to your heirs without going through probate, so they can be extremely important for financial support during estate settlement.
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Appoint a guardian for your children.
If you have young children, designating a legal guardian is paramount. Discuss this responsibility with your chosen guardian to ensure they’re comfortable with the responsibility and aligned with your values.
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Consider life insurance.
Life insurance can be a cost-effective way to protect your family's financial future. Consult with your financial professional to determine the right coverage that balances your family's needs with affordability.
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Plan charitable gifts.
Beyond family, consider leaving gifts to charities that resonate with your values. Talk to your financial professional or estate attorney about how to structure these gifts to maximize their value to charity, while also reducing your family’s tax liability.
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Prepare for end-of-life care.
A living will outlines how you want to be taken care of if you become too ill or disabled to communicate. Documents like a power of attorney or healthcare power of attorney can designate decision-making about your care to someone you trust. Additionally, long-term care insurance can alleviate potential financial burdens on your family, providing peace of mind.
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Organize essential documents.
Compile a comprehensive file containing your will, asset lists, account information and contact details for your financial professionals. Keep this information accessible and up to date, ensuring your loved ones can navigate smoothly in your absence.
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Communicate with your loved ones.
It’s not easy to talk about what will happen when you’re gone, but sharing information about what they’ll inherit and who will take care of them can ease everyone’s mind. No one wants to think about losing a loved one, but taking these simple steps to prepare can ease the burden if the unexpected happens.
A financial professional can help
At Equitable Advisors, our goal is to understand your unique story and guide you with empathy. We're here to support you in crafting a plan that reflects your values and ensures your loved ones are cared for, no matter what the future holds.
Let’s start planning your financial future
Ready to take the next step?
Connect with a trusted financial advisor to see what personalized advice can do for you.
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