Estate Planning

Estate services can help you plan what happens to all your assets (your estate) if you should pass away. You may need to consider how your wealth is transferred to your beneficiaries, as well as how that wealth transfer will be taxed. The experts can help you understand this process and make a plan that is not burdensome on your loved ones if something should happen to you. The process of estate planning branches off into a number of individual tasks that should all be completed to create a comprehensive strategy.

Estate services can walk you through each step that will help to secure your legacy for your loved ones. These facets may include:

• A last will and testament – Your last will and testament, often just called a will, is a legal document that goes into effect after you pass away. It clarifies what you want to have happen to your assets. For example, you may leave money or other items to heirs, or you can set up charitable contributions in your name. A bank can help you create the proper accounts to prepare for this.
• Powers of attorney – A power of attorney document grants the authority for someone who is not you to make decisions on your behalf. Many people create a POA so that important decisions are left up to people whom they trust when they can no longer care for themselves in this way.
• Advance directives – An advance directive is similar to a power of attorney, but it relates specifically to health and medical care. It can outline, for example, if you would like not to be resuscitated in the event that you suffer a life-threatening medical event, or if you would like your life to be prolonged should you fall into a coma.

These are just a few of the potential considerations you must keep in mind when determining how to allocate your estate and finances. The experts you rely on will vary by task; a bank can help you plan for account transfers, while a legal professional may step in when crafting the powers of attorney.

Be sure to choose a bank like Woodsboro that offers customized service for each client and is willing to work closely with other experts like attorneys.