Top 10 Things to Know About Estate Planning
By MELANIE HAMERLINCK, FPQP®
Associate Investment Officer
Estate planning is one of the most important steps you can take to protect your family, your assets, and your legacy. Whether your estate is modest or complex, having a clear plan ensures your wishes are honored and your loved ones are supported when it matters most.
Here are the top 10 things to know about estate planning—and how Tower Trust & Investment Company can help guide you every step of the way.
1. Estate Planning Is for Everyone
Estate planning isn’t just for the wealthy—it’s for anyone who wants to control what happens to their assets and reduce burdens on their loved ones. A well-prepared plan brings peace of mind and clarity.
2. A Will Is the Foundation of Every Estate Plan
Your will specifies how your property will be distributed and who will care for minor children. Without one, state laws decide for you—often in ways that don’t reflect your wishes.
3. Trusts Provide Flexibility, Privacy, and Control
A trust can help you manage and protect your assets during life and after. Trusts help avoid probate, maintain privacy, and can provide for special circumstances like blended families or loved ones with special needs.
4. Keep a Comprehensive Asset Inventory
Create a detailed list of real estate, bank accounts, investments, insurance policies, and digital assets to ensure nothing is overlooked. It simplifies the process for your executor or trustee.
5. Designate Powers of Attorney
A Financial Power of Attorney allows someone you trust to handle financial matters if you’re unable to. A Healthcare Power of Attorney ensures your medical wishes are respected.
6. Create a Living Will
A Living Will outlines your medical treatment preferences in serious or end-of-life situations—relieving loved ones from making those difficult choices.
7. Review and Update Beneficiaries Regularly
Your beneficiary designations on retirement accounts, life insurance, and investments should be reviewed after major life events like marriage, divorce, or a new child.
8. Choose the Right Executor or Trustee
Select a responsible, organized person—or a corporate trustee like Tower Trust & Investment Company—to ensure your estate is managed and distributed correctly and impartially.
9. Organize and Safeguard Your Estate Planning Documents
Keep your will, trusts, powers of attorney, and insurance information in one secure, accessible location. An organized “estate planning drawer” can make things easier for your loved ones.
10. Avoid Common Estate Planning Mistakes
Don’t wait to create or update your plan. Common mistakes include failing to fund a trust, overlooking digital assets, or naming the wrong executor. Professional guidance helps you avoid costly missteps.
Partner with Tower Trust & Investment Company
At Tower Trust & Investment Company, we offer personalized estate planning and trust administration services designed to protect your assets and simplify the process for your loved ones.
Our team can assist with:
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- Acting as executor or corporate trustee
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- Managing estate and trust administration
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- Reviewing beneficiaries and account designations
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- Organizing key documents and financial records
Ready to start planning your future? Contact Tower Trust & Investment Company today at 563.388.2628 to schedule your consultation.