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Estate Planning Considerations
Proper estate planning helps ensure the preservation of your wealth – and its intended destination. It is critical that you create a well thought out plan, so when you are incapacitated or you pass away, what you would like to happen to you and your assets, actually does.
There are four core estate planning documents that everyone should possess:
- Revocable Trust or Joint Revocable Trust
- Pour-over Will
- Durable Power of Attorney
- Health Care Directive
Revocable Trust
A Revocable Trust (also known as a “living Trust” or “inter vivos Trust”) is a trust that allows the grantor to change its terms, or even revoke it in full, while the trustor is alive. Once the trustor passes away, the trust is distributed by a trustee according to its terms. It is a way for a person to manage and control their assets while they are living and have those assets pass to their loved ones when they die.
There are distinct advantages to using a revocable trust as an estate planning tool. The ability to avoid probate is the main reason people consider placing assets in a revocable trust. Probate is the process where a decedent's estate is administered through the court system. It can be a laborious and time-consuming procedure. Assets placed in a revocable trust typically do not have to go through this court-supervised process.
Pour-over Will
A Pour-Over Will directs any probate assets to your Revocable Trust after your death, ensuring that all of your assets pass by way of your Revocable Trust.
Durable Power of Attorney (POA)
A Power of Attorney grants agents certain powers to act on your behalf and manage your personal, financial and business affairs. A durable Power of Attorney is of particular value in the event of your temporary or permanent incapacity as it remains effective even if you become incapacitated.
Health Care Power of Attorney and Advance Health Care Directive
A Health Care Power of Attorney grants agents certain powers to act on your behalf and manage medical care in the event of your incapacity. An Advance Health Care Directive (also known as a “Living Will” or “Medical Directive”) specifically allows you to express your desires concerning life-prolonging and/or end-of-life care.
If you die without a Will, your estate will go through probate which is a long and costly process for you and your loved ones. It will take a long time for your assets to reach your heirs and they may even be defaulted to local state laws instead of your wishes.
There are additional estate planning techniques for families or individuals who have significant wealth and wish to do multigenerational and charitable giving. For example, you may want to consider whether trusts might serve your objectives.
It is also important to keep in mind that estate planning is an ongoing process, and reviewing your plan regularly can help ensure that your wishes are aligned with your goals.
As always, estate planning is unique to your own situation, however estate planning gaps are one of the few financial planning risks that are very preventable. Speak with your Ingalls advisor to determine what is most appropriate for you and your circumstances.
Ingalls & Snyder is a brand name used for the affiliated companies of I&S Group, LLC. Bridgehampton Group is a team at Ingalls & Snyder that offers investment advisory and brokerage services. Investment advisory services are offered through Ingalls Investment Management, LLC ("IIM"), an SEC registered investment adviser, and brokerage services are offered through Ingalls & Snyder, LLC ("INGS"), a member of FINRA and SIPC. When offering investment advisory services, individuals act as investment advisor representatives or, otherwise, employees of IIM. When offering brokerage services, individuals act as a registered representatives or associated persons of INGS.
The content provided herein is for informational purposes only. The statements are believed to be accurate at the time of writing, but tax laws may change. The statements provided do not contemplate each individuals unique financial circumstances. Therefore, you should consult a professional legal and tax advisor for your estate planning needs before taking action.
Ingalls & Snyder is a brand name used for the affiliated companies of I&S Group, LLC. Bridgehampton Group is a team at Ingalls & Snyder that offers investment advisory and brokerage services. Investment advisory services are offered through Ingalls Investment Management, LLC ("IIM"), an SEC registered investment adviser, and brokerage services are offered through Ingalls & Snyder, LLC ("INGS"), a member of FINRA and SIPC. When offering investment advisory services, individuals act as investment advisor representatives or, otherwise, employees of IIM. When offering brokerage services, individuals act as a registered representatives or associated persons of INGS.
For more information and disclosures regarding Ingalls & Snyder, LLC and Ingalls Investment Management, LLC, please visit the Important Information page. In addition, you may check Ingalls’ regulatory history and background on FINRA’s BrokerCheck website.