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Highlights from Indiana University Center of Excellence in Women’s Health/AMWA Webinar

“Your Will…Is It Updated?”

Estate planning is the process of planning the management and distribution of a persons’ assets, below is a list of some key points to remember:

  • Your assets were not accumulated easily, take the time to consult a professional and stay away from cookie cutter solutions. Every situation is different and your family’s financial security is worth taking the time to do it right.  Most people spend more time looking for a new TV for their house than creating a proper estate plan.
  • Make sure the beneficiaries on your retirement accounts (401(K), 457, 403B…), IRA accounts, brokerage accounts, and life insurances are updated and match your estate plan.
  • Wills give you the ability to appoint a trusted person to make critical medical decisions on your behalf, should you become incapacitated, hence taking that burden off your loved ones’ shoulders.
  • There are different kinds of trusts, make sure you fully understand what is being recommended to you to solve for your specific situation.  Some trusts you can change, some trusts you can’t change, and other trusts are only created after you have passed.
  • Trust departments are different and can have different specialties.  When looking for a trust company, look around to 2 or 3 or go with a firm that has open architecture.
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