Estate Planning: An Achievable New Year's Resolution

For many people, the new year is the perfect time for resolutions. Although common resolutions include losing weight, saving money or trying something new, opting to create an estate plan is one of the best goals you can make. While it may seem daunting at first, it’s actually the most achievable goal when provided the proper guidance and resources. As part of our service to you, RBFCU Trust Services has provided four simple steps to create an estate plan this year.

1. Evaluate your financial situation

By compiling a comprehensive list of your assets and debts, you will have a better understanding of your financial status and will be able to calculate your net worth.

Your list should include the following:

Assets

  • Bank and investment accounts
  • Personal property (i.e., jewelry, collectibles, motor vehicles)
  • Retirement plans
  • Life insurance
  • Real estate

Debts

  • Credit cards
  • Car loans
  • Personal loans
  • Student loans
  • Mortgages

2. Develop a contingency plan

Good estate planning enables you to create a contingency plan for your wealth, your health care and your heirs. It helps ensure your loved ones' financial security by protecting your hard-earned assets if something should happen to you. The plan can also help avoid probate so that beneficiaries receive your assets according to your wishes. Take the time to write down your objectives and review it with an experienced estate planning attorney and financial advisor so that all your estate planning documents are completed correctly.

3. Determine your beneficiaries

Many people choose their spouse, children or even a charity to inherit their belongings when the time comes. While this personal decision may seem easy, understanding particular implications and how certain assets are distributed can be quite complicated. Create a list of your beneficiaries and review the tax impact and distribution methods with qualified professionals.

4. Revisit your estate plan annually

Once you have established your estate plan, take the time to review it regularly, and update the documents after key life events such as new beneficiaries, marriage status changes or modifications to your assets. An annual review will help ensure your plan aligns with your current wishes.

If you have decided to create an estate plan this year, it's important to remember that you don't have to do it alone. RBFCU Trust Services, along with our network of attorneys, can help develop a customized and structured financial strategy that protects your finances and supports your loved ones for generations.

Schedule a no-cost, no-obligation appointment today.

210-637-4117 | trustservices@rbfcu.org | rbfcu.org/trustservices

RBFCU Trust Services is a division of RBFCU Investments Group LLC. RBFCU Investments Group LLC is a wholly-owned subsidiary of RBFCU Services LLC. RBFCU Services LLC is affiliated with Randolph-Brooks Federal Credit Union (RBFCU). Trust services available through Members Trust Company, a federal thrift regulated by the Office of the Comptroller of the Currency.

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