- Provide for Your Loved Ones
- Get a Will and Other Documents Prepared
- High Net Worth - Estate Tax-Saving Strategies to Consider
- Saving Estate Taxes for a Married Couple
- Getting Life Insurance Out Of Your Estate
- Consider a Basic Gifting Program
The basic building block of your estate plan is a will. Even if you think that your estate is minimal, a will is still an essential document. We suggest that you use an attorney to prepare your will.
If you are married, each spouse should have a separate will indicating how the assets should be distributed under two scenarios: 1) if you survive your spouse; and 2) if he or she survives you.
SUGGESTION: If you are leaving your estate completely to your spouse through your will, ask your attorney to include a Simultaneous Death Clause. It states that if your spouse dies within a short period of time (two to six months) of your death, the executor should act as if your spouse predeceased you. Without this clause, all your assets would go to your spouse and then pass under his or her will. Your own family (example: parents and siblings) runs the risk of not receiving anything.
When the will is prepared, make certain that you read it carefully and understand each clause of the document. Have the attorney explain each part to you, and if it is unclear, ask questions. Once you sign this document, the court will assume that it is what you want to do. Be sure that what you're signing represents your wishes.
SUGGESTION: Bring your worksheets with you and have the attorney use them for guidance in drafting the will.
While you are with the attorney, ask about other legal documents, (durable power of attorney, living will, and medical durable power of attorney). These important tools should be part of your complete estate plan.
SUGGESTION: Make sure you prepare your Letter of Instruction.
- ARE NOT A DEPOSIT
- ARE NOT FDIC-INSURED
- ARE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
- ARE NOT GUARANTEED BY THE BANK
- MAY GO DOWN IN VALUE
Important information about procedures for opening a new account
To help the government fight the funding of Terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.
What this means to you: When you open an account, we will ask you for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
Investment products are offered through Osaic Institutions, Inc., Member FINRA/SIPC. Insurance products offered through Osaic Institutions, Inc.
