Beyond a will, several important components can help document your wishes, organize important information, and provide guidance to loved ones.
This checklist outlines key estate planning documents, the role each plays, and why they are important.
While your specific needs may vary, consider including the following in your estate plan:
Last will and testament: Outlines how your assets are intended to be distributed, names an executor to carry out your wishes, and can designate guardians for minor children.
Living trust: Allows assets held in the trust to be managed during your lifetime and distributed to beneficiaries after your death, subject to the terms of the trust and applicable law.
Power of attorney: Authorizes someone you trust to manage financial or legal matters on your behalf, including if you become incapacitated, depending on the terms of the document.
Advance health care directive: Communicates your medical treatment preferences and may designate someone to make health care decisions on your behalf if you are unable to do so.
List of assets and liabilities: Helps your executor or other designated representative identify and locate your financial accounts, property, outstanding debts, and other obligations.
Titles, mortgages, and property deeds: Provide important ownership and loan information for your home, vehicles, and other property.
HIPAA (Health Insurance Portability and Accountability Act) authorization: Allows individuals you designate to access certain protected medical information as permitted by the authorization and applicable law.
Beneficiary designations: Identify who will receive assets held in certain accounts or policies, such as retirement accounts and life insurance, according to the applicable account or policy terms.
Funeral instructions: Communicate your preferences for funeral services, memorial arrangements, and other end-of-life wishes.
Keep Your Estate Plan Up to Date
Your estate plan should evolve as your life and circumstances change. Major milestones, such as marriage, divorce, retirement, the birth or death of a family member, or a change in employment, may warrant a review.
Even if your circumstances remain unchanged, periodically revisiting your estate plan can help confirm that it still reflects your wishes and consider whether changes in applicable laws may affect your plan.
Working With Janney
Depending on your financial needs and personal preferences, as well as the fees and costs associated with those services, you may opt to engage in a brokerage relationship, an advisory relationship, or a combination of both. Each time you open an account, we will make recommendations on which type of relationship is in your best interest based on the information you provide when you complete or update your client profile.
If you engage in a brokerage relationship, you will buy and sell securities on a transaction basis and pay a commission for these services. Our recommendations for the purchase and sale of securities will be based on what is in your best interest and reflect reasonably available alternatives at that time.
If you engage in an advisory relationship, you will pay an asset-based fee, which encompasses, among other things, a defined investment strategy, ongoing monitoring, and performance reporting. Your Financial Advisor will serve in a fiduciary capacity for your advisory relationships.
For more information about Janney, please see Janney’s Relationship Summary (Form CRS) on www.janney.com/crs which details all material facts about the scope and terms of our relationship with you and any potential conflicts of interest.
By establishing a relationship with us, we can build a tailored financial plan and make recommendations about solutions that are aligned with your best interest and unique needs, goals, and preferences.
Contact us today to discuss how we can put a plan in place designed to help you reach your financial goals.
Janney Montgomery Scott LLC, its affiliates, and its employees do not provide legal or tax advice. Consult a qualified attorney or tax professional regarding your individual circumstances.
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