Your estate plan is an ongoing process. For a young person, it may consist of a simple will and healthcare directive, while a couple just starting out might each have a will or trust, own a modest home and share a joint bank account in their names. When children arrive, the need to name a guardian and financially arrange a plan to provide for them in the event of unexpected death or incapacity becomes a critical part of the estate plan.
As your circumstances change in life, so should your estate plan. At Citizens National Bank’s Wealth Management Division we can guide your efforts.
An estate plan allows you to direct how and to whom your property will be distributed after you are gone. In addition, a well-structured estate plan can help your family prevent disputes and costly problems after your death. Not having an updated estate plan can result in financial hardship or devastation for the loved ones who survive you. When structuring and evaluating your estate plan, it is important to consider your financial goals, and asset preservation and protection, and minimize taxes.