Planning to Pass on Your Legacy

Planning for the future is often something we put off. However, early planning is one of the most important steps you can take to ensure loved ones are taken care of and your wishes are honored in the future. Whether it’s getting your assets and accounts in order or declaring a power of attorney, having a plan in place brings peace of mind and reduces unnecessary complications for those you care about most.  

Here are a few things you can start doing now: 

Have conversations 

If you haven’t already, start having conversations with the people you want to involve in legacy planning. It’s especially important to talk to the key person or people you designate to be in charge of your legacy so they can ask any clarifying questions now.  

Be prepared 

Consider a Power of Attorney (POA) – A POA allows one or more people to manage money and property on your behalf.  The person you appoint doesn’t have to be an attorney or lawyer — they can be a family member, trusted friend or professional. And, if you designate someone as a POA, you should communicate with them about this important role and your wishes.  

List and title accounts – Clearly list every bank or financial institution where you have money or investments for your loved ones. Provide them with the documentation and instructions each bank or financial institution will require to have access granted to them. Also be sure any bank accounts you may want included in a trust are titled appropriately. Your banker can assist with this. 

Review safe deposit box details – Check your banks’ procedures on how a loved one could recover items within your safe deposit box. This may require extra documentation, which you should explain and provide for any beneficiaries. 

Designate titles – To avoid any confusion, clearly designate beneficiaries for titles of cars, property, etc. 

Update trusts – A successor trustee, or the person who takes over management of your trust, may need to provide third parties with specific documentation that differs based on the terms of your trust proving their authority to act on behalf of the trust. Your successor trustee will need to provide your named beneficiaries a comprehensive inventory of all the trust’s accounts and property. If your information is kept up to date, you should have a helpful preliminary list for your successor trustee to use. 

Ask questions 

Start asking your banks and financial institutions questions on what you need to do to be able to provide a smooth transition for your loved ones. You may need to change titles of your accounts, trusts, safe deposit boxes, etc. Preparing these things ahead of time is typically easy and free of charge. 

Preparing your legacy plan early ensures your assets and wishes are handled with care, and leaves a lasting, positive impact on those who matter most to you. 

Speak with your banker about how you can start preparing your legacy for your loved ones.