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What this video’s about:

Spring is a great time to clean up more than just your home. It’s also the perfect time to update your estate planning. Recently, in “The Market Share,” Paul Gifford, Chief Investment Officer of 1st Source Bank Wealth Advisory Services, and Delia Salazar, a Personal Trust Officer, shared some helpful tips on estate planning.

Why Estate Planning is Important

Many people overlook estate planning, but it’s essential. It makes sure your loved ones don’t have to make tough decisions if something happens to you. Delia Salazar says key documents like a will, a medical power of attorney, and a financial power of attorney are crucial. These documents ensure your wishes are followed and help your family avoid stress.

Key Documents for Estate Planning

Here are the main documents you need:

  1. Will: Decides who gets your assets.
  2. Medical Power of Attorney: Chooses someone to make healthcare decisions for you.
  3. Financial Power of Attorney: Picks someone to handle your finances if you can’t.

Salazar suggests talking to an attorney to make sure these documents are correct. If you need help finding one, trust officers at 1st Source Bank can recommend someone.

Keep Your Estate Plan Updated

Review your estate plan every 3-5 years. Laws change and so can your personal situation. Keep a detailed list of all your assets, including where they are and who owns them. This list should include bank accounts, properties, and items in safe deposit boxes.

Trust officers can help review your plan and make sure your accounts are set up correctly. They can also help you add or change beneficiaries on your accounts. You’ll need the beneficiary’s social security number, birthdate, and address. They can also add Transfer or Payable on Death designations to your accounts.

Get Your Family Involved

1st Source Bank believes in involving your family in estate planning. Meeting with the whole family can make planning easier and ensure everyone understands. It also helps build relationships with the next generation.

Conclusion

Estate planning is a key part of your financial health. As you clean your home this spring, take time to review and update your estate planning documents. For more help, talk to one of our experienced trust officers. They can guide you to secure your financial future and protect your loved ones. For more tips and expert advice, subscribe to “The Market Share” and join us in navigating the financial world.

For more insights and expert analysis, subscribe to the Market Share and join us in navigating the ever-changing financial landscape.

 

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