Page 25 - LIN_April_2026_web-file

Retirement Plan

Five Important Estate Planning Documents to Consider

by Richard (Rick) Childress, CIMA , CRPC .
®
®
First Vice President. PIM Portfolio Manager
®
here is a common misconception A power of attorney lets you give a trusted individual
that we can safely put off estate management power over your assets if you can’t manage them
Tplanning until our health starts yourself. Powers of attorney can be “general” (which become
failing or someone close to us dies. In ineffective upon your incapacity), “durable” (which stay in effect,
reality, everyone already has an estate even during incapacity, until they are revoked), immediately
plan — the only question is whether it effective, or “springing” (effective only upon a certain event like
is your own or your state’s plan for you. your incapacity). Each kind is effective only while you’re alive.
A good estate plan identifies whom you A health care power of attorney lets you choose someone to
want to: make medical decisions for you if you are unable to communicate
• Inherit your assets, such as bank, your wishes or don’t have legal capacity to make treatment
retirement, and investment accounts decisions for yourself.
• Take care of your minor children A living will expresses your intentions regarding the use of
• Make legal and/or health care life-sustaining measures if you are terminally ill. It doesn’t give
decisions for you if you become ill and incapacitated anyone the authority to speak for you.
Developing an estate plan is about taking control. You are If you have an estate plan, remember to review and update it
controlling how assets are managed and distributed along with Remember, establishing a plan is only the beginning. It’s
who will handle these tasks when you are unable to do so. important to review your plan regularly to ensure it continues to
Bottom line: If you don’t decide, state law has already decided meet your needs. Significant life events, such as relocation to a
for you. different state, marriage, divorce, or the birth of a child, are likely
Five Important Documents to call for changes to your plan. You need to consider whether
Your situation’s complexity will determine which documents your estate planning documents, asset titling, and beneficiary
your plan requires; however, these five are often included in an designations have been coordinated to allow your assets to be
estate plan: distributed according to your wishes. A regular review of whom
A will provides instructions for distributing your assets to you have named as agent, executor, guardian for minor children,
your beneficiaries when you die. In it, you name a personal and trustee is important to ensure those named are still willing
representative (executor) to pay final expenses and taxes and and able to serve when needed.
distribute your remaining assets. Many wills are drafted to “pour Turn to a team of professionals
over” into a trust, which can keep your estate from having to be Taking the first steps to create an estate plan can seem
administered through the courts — a long and expensive process intimidating, but it doesn’t have to be. The key is to rely on a
called “probate.” team of trusted professionals, including a financial advisor, estate
By transferring assets to a revocable living trust you can planning attorney, and accountant. They know the questions to
provide for continued management of your assets during your ask and can help you avoid potential pitfalls.
lifetime and after your death — possibly for generations to come. If you don’t currently have relationships with these
individuals, a financial advisor is a good place to start. He or she
can discuss his or her role in the planning process and can refer
you to an estate planning attorney who can work with you to
draw up the necessary documents.

1 In states that have adopted the Uniform Health Care Decisions Act, like California, health care powers of attorney and living wills are often combined into a single document called an “advance health care directive.” Trust
services are available through Wells Fargo Bank, N.A. and Wells Fargo Delaware Trust Company, N.A.
This article was written by Wells Fargo Advisors Financial Network and provided courtesy of Richard, Childress CIMA®, CRPC®, PIM® Portfolio Manager, First Vice President in Naples at 239.264.1000
[If there is a charge to publish, produce, or distribute an article, use the following disclosure instead of the above:]
This advertisement was written by Wells Fargo Advisors Financial Network and provided to you by Richard, Childress CIMA®, CRPC®, PIM® Portfolio Manager, First Vice President
Investment products and services are offered through Wells Fargo Advisors Financial Network, LLC (WFAFN), Member SIPC. Agape Wealth Partners of Edwards Asset Management is a separate entity from WFAFN.
©2023 – 2024 Wells Fargo Clearing Services, LLC. All rights reserved.

Life in Naples | April 2026 25