4 PLANNING FEATURE: Five Key Estate Planning Matters to Consider Annually CALLIE GEIST, CFP®, J.D., MBA, INTEGRATED WEALTH ADVISOR KATY VERMEER, CFP®, INTEGRATED WEALTH ADVISOR Beneficiary Designations Beneficiary designations are a very important part of one’s broader estate plan because they list the person or entity who would benefit when the account owner passes away. For many, beneficiary- designated accounts represent the majority of their assets so it is critical to be deliberate about who is named to receive these assets.These include Individual Retirement Accounts (both Traditional and Roth), 401(k)s, pensions, annuities, and insurance policies. We encourage clients to name both primary and contingent beneficiaries and review these designations annually to ensure they are consistent with their intentions. Asset Titling If one has a trust-based estate plan, it is critically important to properly title the assets in the name of the trust.Assets may include primary residences, vacation homes or cabins, bank accounts, and brokerage accounts, among others.Assets not titled in the name of one’s trust will likely go through probate, which may be contrary to the intentions of a trust-based estate plan.We recommend that clients regularly review the ownership of all of their assets to ensure titling is consistent with the design of their estate plan. Incapacity Documents The two main incapacity documents are a healthcare directive and a financial power of attorney.These legal documents allow a person to name an agent who may make medical and financial decisions on their behalf during times of incapacity. Note that these documents vary by state, so if an individual has a second home or spends significant time in a state other than where the documents were drafted, the individual may want to ask an attorney about drafting additional incapacity documents for that other state. Estate planning is one of the key components of the integrative wealth management process. However, for many people, absent major life changes, drafting or updating estate documents is a process they may only consider every five to ten years.We recommend, however, that clients consider the following five key related items on a more frequent basis: FINANCIAL PLANNING 1 2 3