{"id":7885,"date":"2024-10-11T11:30:00","date_gmt":"2024-10-11T11:30:00","guid":{"rendered":"https:\/\/riverbend.objectivebrand.com\/?p=7885"},"modified":"2024-11-25T15:00:38","modified_gmt":"2024-11-25T15:00:38","slug":"components-of-your-estate-plan","status":"publish","type":"post","link":"https:\/\/riverbend.objectivebrand.com\/?p=7885","title":{"rendered":"Helping to Protect Your Family\u2019s Legacy &#8211; Finger Financial Five #192"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"7885\" class=\"elementor elementor-7885\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-4ed67a6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4ed67a6\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a095907\" data-id=\"a095907\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6739f70 elementor-blockquote--skin-border elementor-blockquote--button-view-icon-text elementor-blockquote--button-skin-classic elementor-widget elementor-widget-blockquote\" data-id=\"6739f70\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"blockquote.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<blockquote class=\"elementor-blockquote\">\n\t\t\t<p class=\"elementor-blockquote__content\">\n\t\t\t\t\"Failing to plan is planning to fail\"\n\t\t\t<\/p>\n\t\t\t\t\t\t\t<div class=\"e-q-footer\">\n\t\t\t\t\t\t\t\t\t\t\t<cite class=\"elementor-blockquote__author\">Benjamin Franklin<\/cite>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/twitter.com\/intent\/tweet?text=%22Failing+to+plan+is+planning+to+fail%22%0A+%E2%80%94+Benjamin+Franklin&amp;url=https%3A%2F%2Friverbend.objectivebrand.com%2F%3Fp%3D7885\" class=\"elementor-blockquote__tweet-button\" target=\"_blank\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fab-twitter\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M459.37 151.716c.325 4.548.325 9.097.325 13.645 0 138.72-105.583 298.558-298.558 298.558-59.452 0-114.68-17.219-161.137-47.106 8.447.974 16.568 1.299 25.34 1.299 49.055 0 94.213-16.568 130.274-44.832-46.132-.975-84.792-31.188-98.112-72.772 6.498.974 12.995 1.624 19.818 1.624 9.421 0 18.843-1.3 27.614-3.573-48.081-9.747-84.143-51.98-84.143-102.985v-1.299c13.969 7.797 30.214 12.67 47.431 13.319-28.264-18.843-46.781-51.005-46.781-87.391 0-19.492 5.197-37.36 14.294-52.954 51.655 63.675 129.3 105.258 216.365 109.807-1.624-7.797-2.599-15.918-2.599-24.04 0-57.828 46.782-104.934 104.934-104.934 30.213 0 57.502 12.67 76.67 33.137 23.715-4.548 46.456-13.32 66.599-25.34-7.798 24.366-24.366 44.833-46.132 57.827 21.117-2.273 41.584-8.122 60.426-16.243-14.292 20.791-32.161 39.308-52.628 54.253z\"><\/path><\/svg>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-blockquote__tweet-label\">Tweet<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/blockquote>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-493637b elementor-widget elementor-widget-text-editor\" data-id=\"493637b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Estate planning is an essential component of aligning your assets and healthcare decisions with your wishes before and after your passing. While Estate Documents should only be written up by an Attorney, the planning process can begin before those documents are complete.<\/p><h2><strong>The Potential Benefits of a Well-Structured Estate Plan<\/strong><\/h2><ul><li>Align your assets with your desires<\/li><li>Reduce potential conflicts among heirs<\/li><li>Provide clear healthcare instructions<\/li><li>Simplify the transition for your loved ones<\/li><li>Help to protect your family\u2019s legacy<\/li><\/ul><p><strong> <a href=\"https:\/\/riverbend.objectivebrand.com\/website-in-content-images-3\/\" rel=\"attachment wp-att-7893\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-7893\" src=\"http:\/\/riverbend.objectivebrand.com\/wp-content\/uploads\/2024\/10\/Website-In-Content-Images.png\" alt=\"Components of Your Estate Plan\" width=\"900\" height=\"600\" srcset=\"https:\/\/riverbend.objectivebrand.com\/wp-content\/uploads\/2024\/10\/Website-In-Content-Images.png 900w, https:\/\/riverbend.objectivebrand.com\/wp-content\/uploads\/2024\/10\/Website-In-Content-Images-300x200.png 300w, https:\/\/riverbend.objectivebrand.com\/wp-content\/uploads\/2024\/10\/Website-In-Content-Images-768x512.png 768w, https:\/\/riverbend.objectivebrand.com\/wp-content\/uploads\/2024\/10\/Website-In-Content-Images-610x407.png 610w, https:\/\/riverbend.objectivebrand.com\/wp-content\/uploads\/2024\/10\/Website-In-Content-Images-272x182.png 272w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><\/a><\/strong><\/p><h2><strong>Components<\/strong><strong> of Your Estate Plan<\/strong><\/h2><ol><li><strong>Inventory Your Assets &#8211;<\/strong> Create a detailed list of your assets\u2014homes, vehicles, investments, personal items, and online accounts. This is the foundation for distributing your estate according to your wishes.<\/li><li><strong>Designate Beneficiaries &#8211;<\/strong> Assign both primary and contingent beneficiaries for your accounts and insurance policies. We recommend that you communicate your plans to the person who you intend to appoint as the Executor of your Estate. They will need to know who to call, how to access your house, where to find your inventory of your accounts, passwords, and legal documents.<\/li><li><strong>Consider Gifting \u2013<\/strong> Strategically gifting the right assets at the right times could allow you to provide for loved ones and potentially reduce taxes. A financial advisor and a CPA can help to determine the appropriate approach here.<\/li><li><strong>Draft a Will &#8211;<\/strong> A will outlines how your property should be distributed after your death. It also allows you to appoint an executor to manage your estate and carry out your wishes.<\/li><li><strong>Establish Trusts &#8211;<\/strong> Trusts can provide flexibility and protection but might not be for everyone. Trusts can be particularly useful for family members with special needs.<\/li><li><strong>Assign Power of Attorney (POA) &#8211;<\/strong> A power of attorney gives someone you trust the legal authority to make decisions on your behalf if you\u2019re unable to. There are several types of POA which can range from helping make financial and\/or healthcare decisions for you if you can\u2019t make those decisions for yourself at some point.<\/li><li><strong>Create an Advance Directive &#8211;<\/strong> An advance directive specifies your healthcare wishes if you\u2019re unable to communicate them. This may include decisions about life support, resuscitation, or organ donation.<\/li><li><strong>Guardianship for Minor Children &#8211;<\/strong> Appointing a guardian helps to solidify a child\u2019s care needs if something happens to you. Consider naming a backup guardian as well, and make these designations legally binding can help avoid family disputes.<\/li><li><strong>Regularly Review and Update \u2013<\/strong> Certain major life events such as marriage, divorce, moving, or receiving an inheritance warrant a review of your plan. Make it a habit to revisit your estate plan every 5 years or after significant changes to your life or assets.<\/li><\/ol><p><strong>\u00a0<\/strong><\/p><h2><strong>Steps to Implement Your Estate Plan<\/strong><\/h2><ol><li><strong>Engage Professionals<\/strong><br \/>You will want to consult with an attorney to identify and write up all potential documents to draft to meet your wishes. Prior to that meeting, write up a list of questions and your most important considerations on this matter so they can help address each unique need.<\/li><li><strong>Communicate with Your Family<\/strong><br \/>Let your loved ones and your executor know about your estate plan and provide them with contact details for the professionals involved. Clear communication helps prevent misunderstandings later.<\/li><li><strong>Secure Document Storage<\/strong><br \/>Keep your estate documents in a safe and accessible place. Make sure that copies are accessible by your trusted family members and executor. If they can\u2019t find a copy, they should at least know who your estate attorney is, as they will almost always keep a copy in their office.<\/li><\/ol><p>Estate planning requires some careful thought and collaboration, but once complete, it can reduce the burden on your loved ones, potentially avoid unnecessary legal battles, help to protect your legacy, and hopefully bring you confidence along the way.<\/p><p>\u00a0<\/p><h2>On The Lighter Side<\/h2><p>Riverbend has now been in business for over 5 years. The journey so far has been extremely fulfilling, and we\u2019re just getting started! We are extremely grateful to all of you who have been a part of our story, and we are committed to continued growth, both professionally and personally.<\/p><p>Hope all is well with you and your family,\u00a0\u00a0<br \/>Jeremy\u00a0\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0aa9a11 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"0aa9a11\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fdffa86 elementor-widget elementor-widget-text-editor\" data-id=\"fdffa86\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><em>Riverbend Wealth Management and it\u2019s employees are not attorneys. For specific legal advice, consulting with an estate attorney is highly recommended.<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>&#8220;Failing to plan is planning to fail&#8221; Benjamin Franklin Tweet Estate planning is an essential component of aligning your assets and healthcare decisions with your wishes before and after your passing. While Estate Documents should&#8230; <a class=\"read-more\" title=\"FULL STORY\" href=\"https:\/\/riverbend.objectivebrand.com\/?p=7885\">Read More<\/a><\/p>\n","protected":false},"author":11,"featured_media":7892,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[39,4],"tags":[177,180],"class_list":{"0":"post-7885","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-estate-planning","8":"category-finger-financial-five","9":"tag-estate","10":"tag-legacy","11":"entry"},"acf":[],"_links":{"self":[{"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=\/wp\/v2\/posts\/7885","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7885"}],"version-history":[{"count":14,"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=\/wp\/v2\/posts\/7885\/revisions"}],"predecessor-version":[{"id":7903,"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=\/wp\/v2\/posts\/7885\/revisions\/7903"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=\/wp\/v2\/media\/7892"}],"wp:attachment":[{"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7885"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7885"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7885"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}