Solidify Your Plans – Gain Peace of Mind by Following These TipsGo Back Go Back
Whether you already live at Westminster Canterbury Richmond, think you might move here in a few years, or have other plans, everyone needs an estate plan. Make sure that your plans for the future cover all the important aspects of protecting yourself and your loved ones. This list has helpful suggestions on ways to add to your security.
- Review your will or living trust. Update your will or trust after significant life events, such as a change in marital status, death, birth, adoption, move to another state or significant increase in your estate. Remember that tax law changes can also have an impact on your existing estate plan.
- Choose an executor or trustee. This person holds an important job, serving as the quarterback of the estate settlement process. You should pick someone responsible, organized and trustworthy.
- Name a power of attorney. Assign someone to handle your financial affairs in the event that you are unable to do so yourself.
- Create a living will. Draft a living will that makes your wishes known regarding extraordinary measures for keeping you alive. You should inform your family members of your wishes in advance.
- Check up on insurance. Evaluate your insurance periodically. Make sure that you have enough to cover changing needs.
- Watch your investments. Your finances are your future, and the more you learn about investing, the easier it becomes.
- Give a gift. Take advantage of the annual gift exclusion, which allows you to give up to a specified dollar amount to any number of individuals each year without the gifts becoming subject to gift tax.
- Support a favorite cause. An unlimited amount of money can be given free of federal gift and estate taxes to a qualified charitable organization, such as Westminster Canterbury Foundation, during your lifetime or after. There are many ways to give and our Foundation staff and trustees are happy to discuss these with you.