When planning for the distribution of your assets to family members and other beneficiaries, it’s important to consider the:
As you work through the estate-planning process, consider seeking insight and advice from your attorney and your tax advisor.
In addition to creating a distribution plan for your assets, a will gives you the opportunity to select an executor and name guardians for any minor children or dependents.
Update your beneficiary designations on a regular basis, especially following major life events, such as births, deaths, marriages and divorces. Inform all beneficiaries of any plans in which they are designated. Consider a Stretch IRA to create a source of income for several generations of your family.
Also known as a living will, a health care directive provides explicit and legally binding instructions as to whether or not you wish to receive life-sustaining medical treatment should you become incapacitated or terminally ill.
A durable power of attorney authorizes someone you trust to handle your financial matters should you become incapacitated. Update your power of attorney documents on a regular basis to ensure that they remain compliant with current laws.
Legacy planning requires a good deal of thought and expertise. Your attorney and your tax advisor may be able to provide valuable assistance.
Establishing a trust allows your estate to avoid probate and increases the likelihood of a more expedient and less expensive settlement.
Learn more about trusts and estate planning.
Any assets that you donate may reduce the taxable amount of your estate. Popular forms of gift giving include charitable donations and college savings plans.
Although property received by a surviving spouse is generally exempt from estate taxes, your tax advisor and your attorney may be able to help identify ways to structure your bequests to take advantage of exclusions and minimize estate taxes.
Wills, powers of attorney, trusts and other wealth transfer options are important considerations that may help in meeting your estate planning goals. Establishing these will require the help of an attorney or a tax advisor. However, a BB&T Investment Services, Inc. Investment Counselor can work closely with you and can provide the investment services needed to implement your plan.