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Craig Lundquist, MBA, ChFC®, CRPC®
VP of Wealth Management
651-773-2757
Kristin Becker
Senior Administrative Assistant
651-773-2821
Ideal Wealth Advisors
Located at Ideal Credit Union
8499 Tamarack Road
Woodbury, MN 55125
CRPC conferred by College for Financial Planning
May/June 2022
Estate Planning: The Basics and Beyond
Like most people, you'd probably rather not think about a time when you're no longer around. Still, it's important to have a plan in place that relays your final wishes and gives directions for carrying them out. You may already have a will that describes how your possessions should be distributed and names a guardian for any minor children. However, that's only one piece of an estate plan.
Advance Directives
An advance directive is a legal document that specifies what actions should be taken if you aren’t able to make healthcare decisions yourself. A living will outlines the type of medical treatment you would or wouldn’t want at the end of life. A health care power of attorney (or health care proxy) appoints someone to make health care decisions on your behalf. It’s also important to designate a financial power of attorney who can conduct your financial affairs if you’re incapacitated.Beneficiary Designations
Some assets, such as retirement plan accounts and life insurance, are distributed to beneficiaries you list. Beneficiary designations supersede your will, so it’s essential that you review them periodically to make sure they’re up to date.Digital Assets
Without careful planning, photos, email accounts, and other online assets may be lost after your death. In addition to making sure passwords to all online accounts are stored offline, talk to your estate-planning attorney about the steps you may need to take to preserve digital assets.Your Pets
If you have pets, appointing a caregiver you trust for them in your will ensures that they’ll be taken care of after you’re gone. Caring for a pet is a big responsibility, so make sure the person you choose is willing.Letter of Instruction
A letter of instruction helps your executor or personal representative with the process of settling your estate. At a minimum, your letter should include: a list of your assets, account numbers and passwords; contact information for friends, relatives, legal and other professionals; bequests that aren’t part of your will, such as gifts of heirlooms; funeral preferences; and anything else you feel is important.1-05239125
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