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decca | private wealth management
Estate Planning Services
Most people plan carefully to meet long-term financial objectives, such as providing for children's education and saving for retirement. However, many people put off estate planning or are not aware of its importance. Proper estate planning can protect you and your family during incapacitation, ensure accurate distribution of your assets to your heirs following your death and help minimize unnecessary fees and taxes. Finding the right plan for you requires careful evaluation and assistance from a team of professionals.
1
Take inventory
No matter how modest, everything you own is considered your estate. Taking stock of what you own is the first step in understanding how best to protect it. To start your estate plan:
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List the value of your home and other real estate along with cars, jewelry, artwork, and other physical assets.
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Gather recent statements from your bank, brokerage, and retirement accounts.
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Include the location and contents of any safety deposit boxes or safes.
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Make a list of all insurance policies, noting their cash values and death benefits.
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List all liabilities, including mortgages, lines of credit, and other debt.
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2
draft your estate plan
Prepare to meet with an estate planning attorney by answering these important questions about how to settle your affairs:
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Who should inherit your assets, and in what proportions?
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Who should care for your minor children?
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How much is needed for your children's care and education?
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Who should manage your financial affairs if you become incapacitated?
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Who should be responsible for distributing your assets?
3
put your plan into action
When you're ready, meet with an estate planning attorney to draft your will, medical and financial powers of attorney, and trust documents, if applicable. Keep the tips below in mind.
What you can do now:
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If you set up a trust, fund it promptly. If you don't, the agreement won't take effect, and your assets may not pass to your beneficiaries as you intended.
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Review and update the beneficiaries on all of your investment accounts, if needed.
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Make sure that all assets that you want included in the trust are retitled to reflect this ownership change, and that you keep copies of the relevant documents.
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Once your attorney has created your plan, clients can call our Trust and Estate Specialists at (512) 428-8806 for answers about asset titling and beneficiary designations on your Schwab Bank, brokerage, and retirement accounts.
4
update your estate plan regularly
Review and update your documents and accounts as your situation changes or as current laws change.
What you can do now:
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Keep your beneficiary designations up to date so that your assets will be distributed according to your wishes.
