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Devon Littlefield

Financial Advisor

 

Reliant Investment Services

Located at

Reliant Community Federal Credit Union

10 Benton Place, Sodus, NY 14551

 

Phone:  800-724-7889 Opt. 1

 

Email: devon.littlefield@lpl.com

March/April 2025

Estate Planning Basics Protect Your Family

A close-up of a last will and testament document accompanied by a luxurious black pen, emphasizing the importance of legal documentation in estate planning and asset distribution.

Your will is a primary estate planning document that specifies how you want your assets distributed when you die and names a guardian for any minor children. Additional essential documents most people should have include a financial power of attorney, which allows someone to make financial decisions for you, and a health care proxy, which designates another person to make health care decisions on your behalf when you cannot do so yourself.


Your Personal Representative
You will have to name a personal representative (formerly called executor) in your will to carry out your final wishes. The person you choose will be responsible for cataloging assets, paying final bills, settling debts, overseeing your financial and investment accounts, and distributing property. Settling an estate can be complex and time-consuming, so you want to be sure the person you name is willing and able to undertake this task.


Making a Choice
What are some things you should consider when naming a personal representative? Consider whether the person you want to name will have time to settle your affairs. Someone with a young family or a demanding work schedule may not be a good choice. And, if cataloging items in your home and arranging for their disposal or distribution is necessary, you should select someone who lives close to you.


Avoid Arbitrary Choices
Choosing your personal representative based on arbitrary factors, such as the age or gender of one of your children, may not be a wise decision. Consider more than birth order if you plan to appoint a child. While you can name multiple children to serve as co-representatives, doing so can lead to disagreements and delays in settling your estate.


Naming an Institution
If you don't have family members or friends who are experienced enough in financial matters to undertake the tasks of a personal representative, you might consider naming an institution as representative or co-representative with a loved one. However, most institutions charge a hefty fee for this service and may not accept the position unless your estate is large.


An estate planning attorney can help you explore all your options.

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Devon Littlefield is a financial advisor with, and securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Reliant Community Federal Credit Union and Reliant Investment Services are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Reliant Investment Services, and may also be employees of Reliant Community Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of Reliant Community Federal Credit Union or Reliant Investment Services. Securities and insurance offered through LPL or its affiliates are:

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