Estate Planning For Serenity And Empowerment

By Andrea Young on April 19, 2022

Creating your estate plan can bring about many feelings. There’s a sense of pride and relief knowing that you have planned for loved ones when you are gone. But it can also be somber when you are thinking about your mortality. We were fortunate to have Ellen Glickman-Simon host our April Empower Women Event to talk to us about the importance of estate planning. She shared helpful insight for when you are drawing up your estate plan.

Take the first step

So many people put off creating an estate plan. Sometimes it’s because they don’t want to think about dying, and other times it could be because they feel they are not “wealthy” enough to have one. It doesn’t matter what your financial situation is, an estate plan is more than trust funds and inheritances. It contains important documents for healthcare decisions and allows you to make sure your wishes are honored.

Revisit your estate plan

Once you create your estate plan, you’ll want to revisit it every few years. Circumstances can change as well as relationships. It’s a good idea to make sure that your appointed persons and/or beneficiaries are correct. This also goes for any changes in assets. You’ll want to ensure that nothing gets left out in your estate plan.

What to include in your estate plan

Will– A document that states how someone’s assets are to be dispersed upon their death.
Health Care Proxy– An appointed person who acts as your agent to make healthcare decisions on your behalf should you become unable to.
Power of Attorney– An agent who has legal authorization to make decisions on healthcare, financials and property on someone’s behalf.
HIPPA Authorization– You can designate who has access to your private medical information.
Trust– A legal vehicle used to protect the privacy of an estate as well as to protect assets from creditors. There are also estate tax benefits to using a trust.

Other Considerations

If you are reluctant to create an estate plan due to cost, remember planning will cost less than settling an estate through probate.
Scan important documents like your healthcare proxy and HIPPA authorization to you your phone and/or share them with your fiduciary. This will save time in the event of an emergency.
Be sure to notify more than one person where your estate plan documents are.
Be sure to update your retirement account beneficiaries. Those are legally binding documents, so you’ll want to make sure you have the correct person(s) listed.

Empower Women is a group comprised of investment professionals registered with Hightower Advisors, LLC, an SEC registered investment adviser. Some investment professionals may also be registered with Hightower Securities, LLC (member FINRA and SIPC). Advisory services are offered through Hightower Advisors, LLC. Securities are offered through Hightower Securities, LLC.

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