Three Essential Components of an Estate Plan

Founded and headed by Certified Financial Planner professional Bob Bennie, Bob Bennie Wealth Management holds to the highest standards of quality customer service in the financial planning industry. Recognized among Barron’s Top 1000 Financial Advisers, Bob Bennie Wealth Management advises high net worth individuals on retirement planning and estate planning. 

Estate planning is something every person should consider. It ensures your assets are distributed according to your wishes after death and that the person or persons you wish to raise your children will actually do so. A comprehensive estate plan will usually consists of more than one component. Here are three essential elements of an estate plan: 

- Will 

This is a legally binding document that you can draft with an attorney. It defines who will receive all the various assets and property of your estate after death. You can choose who to include as a beneficiary and who to leave out. Without a will, your assets will be distributed by the state according to state laws. 

- Power of attorney 

This is a legal document appointing an attorney to act on your behalf when you cannot because of incapacitation or some other reason. This person will be responsible for keeping your financial affairs in order and making decisions for you. Without a power of attorney, the court will appoint a conservator to act on your behalf. 

- Living trust 

This is a legal document with which you can guide the management of your assets before and after death. With it, you can choose who your beneficiaries will be, maintain control of your assets even during incapacitation, avoid probate for assets that are not included in your will, and realize the tax advantages associated with certain trusts.

Securities and Advisory Services offered through Prospera Financial Services, member FINRA/SIPC

Three Benefits of a Living Trust

For more than 20 years, Bob Bennie Wealth Management has been helping clients grow their wealth and plan for retirement. Led by Certified Financial Planner™ Bob Bennie, the Nebraska-based company offers a variety of services. One service available at Bob Bennie Wealth Management is estate planning, a process that often includes the creation of a living trust. 

Here are three benefits of a living trust:

1. Avoids probate. When only a will is in place, an estate must go through the long, costly, and public probate process. However, assets placed into a living trust do not go through probate. Instead, they are quickly and privately passed to beneficiaries and heirs.

2. Saves money. One of the biggest deterrents of a living trust is the perception of a high upfront cost. In most situations, the cost of a living trust is higher than the cost of a will. However, paying this cost upfront actually saves money in the long run. With a living trust in place, beneficiaries do not have to pay probate costs and may see a reduction in estate taxes. As a result, more money is left for heirs.

3. Provides certainty. Once a living trust is in place, individuals can feel that their families will be properly cared for after they pass. For many, a living will provides peace of mind.

Securities and Advisory Services offered through Prospera Financial Services, member FINRA/SIPC