Legacy Tips of the Week

Trivia Question❓

What term refers to the transfer of assets and properties to heirs or beneficiaries upon the death of the owner?

Answer at the bottom of the newsletter

May welcomes us with open arms! It's a time of blooming colors and a gentle reminder to look ahead. Here's why May is a great time for estate planning:

1. Revitalization and Growth: Just like nature thrives in May, it's a chance for your estate plan to bloom too. Update your documents to ensure they match your current wishes and situation.

2.Family Get-togethers: With Mother's Day and Memorial Day bringing families together, May is perfect for discussing estate plans. Open talks can avoid confusion and ensure everyone is on board.

3. Tax Considerations: May is crucial for reviewing tax implications in your estate plan. Consulting a financial advisor or estate planning attorney can help reduce tax burdens and maximize benefits for your loved ones.

Estate Planning Tips for May:

- Review Wills and Trusts: Make sure your will and trusts accurately reflect your wishes, including any changes in beneficiaries or assets.

- Update Beneficiary Designations: Review and update beneficiaries on accounts like retirement plans and life insurance to reflect life changes.

- Consider Healthcare Directives: Create or update healthcare directives such as a living will and healthcare power of attorney.

- Organize Important Documents: Keep financial information, deeds, titles, and insurance policies in order for easy access during emergencies.

As May unfolds, full of new opportunities and growth, let's not forget the importance of planning ahead. Whether you're starting your estate plan or revising existing ones, May is a perfect time to take proactive steps toward securing your legacy.

💡 Answer to Trivia Question:

Inheritance.