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Estate Planning 101

By September 13, 2023February 2nd, 2024One Wealth Perspectives

Estate planning is an integral part of wealth management, and it’s essential to have several basic estate planning documents in place including a will, a durable power of attorney, and an advance medical directive. It’s also important to ensure that the wealth you’ve worked hard to accumulate is effectively and efficiently passed on based on your wishes. Additionally, if you live in a state like California, you will want to avoid the costly and public probate process.

A smooth and effective transfer of assets, as well as the avoidance of probate, can be accomplished through three avenues of state law: contract, titling, and trust. A revocable living trust is the most common tool used by estate planners, and represents a fundamental building block for most estate plans. A trust allows you to be very specific about how, when, and to whom your assets are distributed. In addition to a revocable living trust, there are dozens of other types of trusts that can be established to meet various estate planning goals, such as charitable giving and tax reduction.

While we do not provide tax or legal advice, we do play a role in coordinating information with your estate attorney to ensure that your wishes and the information listed on your accounts are consistent. Although it may not be top of mind like goal setting and portfolio performance, estate planning is an essential tool that helps our clients to live happier, more peaceful lives.

The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor.
The views expressed in this commentary are subject to change based on market and other conditions. These documents may contain certain statements that may be deemed forward‐looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Any projections, market outlooks, or estimates are based upon certain assumptions and should not be construed as indicative of actual events that will occur.