Estate Planning

3 Essentials For Your Estate Plan

It's not just wealthy people who need an estate plan. In fact, everyone should have a basic estate plan with these elements:

1. Will. This may determine who will inherit your home and other assets, and who will serve as the guardian of your minor children.

2. Health care proxy. It lets you designate the person you want to make medical decisions on your behalf if you are unable to.

3. Durable power of attorney. This provides person of your choice the authority to handle your financial affairs while you are living.

Without these documents, your estate plan will likely be incomplete and may not reflect your true desires. You should visit with your estate planning attorney to review all of your estate planning documents any time your family situation changes, you move to another state, your financial situation changes significantly, your intentions change or the laws change.

You might also want to consider establishing a trust. Trusts allow you to establish conditions on how and when your assets will be distributed after your death. They also can help you reduce estate and gift taxes and allow you to distribute assets to heirs without probate court.

For more on retirement and investing planning:

Call SunTrust Investment Services Client Advisory Center at 844.206.8900 or learn more online.

Note: Center hours are 8-6 ET, Monday through Friday

 

SunTrust Bank and its affiliates and the directors, officers, employees and agents of SunTrust Bank and its affiliates (collectively, “SunTrust”) are not permitted to give legal or tax advice.  While SunTrust can assist clients in the areas of estate and financial planning, only an attorney can draft legal documents, provide legal services and give legal advice.  Clients of SunTrust should consult with their legal and tax advisors prior to entering into any financial transaction or estate plan.  Because it cannot provide legal services or give legal advice, SunTrust’s services or advice relating to “estate planning” or “wealth transfer planning” are limited to (i) financial planning, multi-generational wealth planning, investment strategy, (ii) management of trust assets, investment management and trust administration, and (iii) working with the client’s legal and tax advisors in the implementation of an estate plan.

This content does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.

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