Estate Planning
“Why do I need an estate plan and what are the basic documents?”
Why do I need an estate plan?
In our busy lives, many of us fail to stop and consider what would happen to our assets in the event of our untimely incapacity or death. Estate planning is the life-long process of preparing for your incapacity and/or death. Estate planning allows you to plan for you and your loved ones, giving you peace of mind that your wishes will be carried out. Without estate planning, several unintended consequences may occur:
- Your assets will be distributed to persons who are designated by the state intestacy laws, not designated by you.
- Your assets may be subject to estate taxes that may have been avoidable.
- The court, not you, will appoint a personal representative to administer your estate.
- The court, not you, may appoint a conservator and guardian for your minor children.
What are the basic estate planning documents?
- Last Will and Testament/Revocable Trust. A Last Will and Testament by itself, or in connection with a Revocable Trust, may be used to direct your treasures and property to your preferred beneficiaries, including family members, All Saints and any other charities. Therefore, your plan documents, not state intestacy laws, determine who will receive your assets on your death. Your Last Will also will determine the person who will serve as guardian of minor children, not the court. A Last Will and Testament may be used in combination with a Revocable Trust in order to minimize estate taxes, assist with the administration of your assets in the event of your disability, and to avoid probate. In addition, a Trust allows your assets to be held and used for the benefit of minors until they are old enough to be responsible for the management of their inheritance.
- Durable Power of Attorney. A Durable Power of Attorney designates a family member or trusted person to make financial decisions on your behalf during periods of your incapacity. This normally avoids the expense and hassle of a court-supervised conservatorship and guardianship.
- Health Care Power of Attorney/Living Will. A Health Care Power of Attorney is a document in which you designate a family member or other trusted person to make vital health related decisions on your behalf if you are unable to do so. A Living Will expresses your wishes of preferable methods of treatment and life support in the event of a terminal condition or irreversible coma and communicating those wishes directly to the world. A Health Care Power of Attorney and Living Will may be combined.
In addition to the foregoing documents, estate planning includes reviewing and updating ownership of property and beneficiary designations for retirement plans, individual retirement accounts, and life insurance.
If you would like to discuss starting an estate plan, you may contact any member of the Planned Giving Team listed below.
We would be happy to discuss planning ideas with you and your advisor.
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Jeff Pirruccello
(402) 633-1432 (W)
(402) 493-1133 (H)
John Hancock
402-391-1065.(W)
402-390-9276 (H)
Matt Payne
397-5500 (W)
496-0661 (H)
Joe Barker
(402) 397-8600 (W)
(402) 391-6919 (H)
Millennium Development Goals
The MDGs represent a global partnership that has grown from the
commitments and targets established at the world summits of the 1990s. Responding to the world's
main development challenges and to the calls of civil society, the MDGs promote poverty reduction,
education, maternal health, gender equality, and aim at combating child mortality,
AIDS and other diseases.
