May 28, 2019
This is the first blog in a four-part series that focuses on estate planning.
Many people find a sense of satisfaction and joy from using their wealth for themselves, their family, and the causes they hold most dear. However you define success, envisioning your legacy often requires the peace of mind that your financial affairs are in order—a goal that can usually be achieved by developing a comprehensive wealth plan. Providing for yourself and those you love well into the future means thoughtfully planning for, and ultimately distributing, the assets you’ve accumulated in a way that makes sense for you and your family. Whether you’re creating a new estate plan or revising an existing one, a few key considerations can help you effectively meet your objectives.
Whether you’re creating a new estate plan or revising an existing one, a few key considerations can help you effectively meet your objectives.
While your family’s needs may be your primary motivation for estate planning, your estate plan should first consider and adequately address your needs, including:
To meet the needs of your family, your assets should be distributed in a consistent and thoughtful manner—both through your estate plan and through your beneficiary designations. To do so, you’ll want to work with your attorney to establish or update the necessary documentation, including:
The people or institution you choose to carry out your plan can, in large part, determine its success. Understanding the responsibility and authority that is a part of these roles can help you select the right fiduciaries, which include:
Developing an overall wealth plan, which includes an estate plan, can be beneficial at any stage of life. For more information, visit our Estate Planning Fundamentals resource page.
Becky Milliman is a senior wealth strategies professional and fiduciary representative for CIBC Private Wealth Management in Chicago, with 19 years of industry experience. In this role, she is responsible for the development of integrated wealth management plans for clients and provides the fiduciary administration for individual trusts and foundations. She also sits on the firm's Trust Discretionary Committee.
October 18, 2018
Judy Saxe, AEP®, CAP®
February 12, 2019
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