Part I: Tim Frames His Future
Tim (a fictional name used to protect client privacy) had built his life on careful planning, rarely leaving anything to chance. As a successful business owner with a passion for philanthropy, Tim wanted to create a thoughtful framework for his estate. Thirty years later, Tim’s estate planning tips are best practices that anyone can follow:
Use your hometown bank as a starting point.
A loyal BCT client since 1964, Tim learned that BCT had a Wealth Advisors division and felt this was the best place to start.
“BCT had supported many of my personal and professional banking needs for decades, so it made sense to keep my estate planning and finances in one place,” Tim said. “Thirty years later, I’m still pleased with my choice.”
Leverage expertise to determine what you need (and what you don’t).
Every estate planning scenario is different. BCT Wealth Advisors has established relationships with estate planning attorneys and can recommend professionals who are suited to your needs.
“Wills are sufficient for many people, but trusts might be more appropriate for people with complex estates. Your wealth advisor and attorney can work together to help you make the right choice for your situation,” Tim advised.
In Tim’s circumstances, a trust was a better fit than a will. Working alongside an estate attorney, BCT Wealth Advisors helped Tim designate a power of attorney (POA), a medical POA, and an estate plan appropriate to his needs.
As a philanthropically minded investor, Tim opened a charitable remainder trust, allowing him to draw annual income for the length of his lifetime. After his passing, Tim’s designated charities will receive the assets detailed in his trust.
Understand that estate planning is state-specific.
Laws regarding wills, trusts, end-of-life healthcare choices, and other legal documents vary from state to state. With branches in West Virginia, Virginia, and Maryland, BCT Wealth Advisors understands the estate laws in each of these states.
When Tim moved to Maryland from West Virginia, BCT Wealth Advisors ensured his estate plans were in compliance with his new home state.
“BCT has gone across state lines with their banking and wealth advisory services,” shared Tim. “This made them an appealing choice when planning my estate.”
Don’t set it and forget it; update your estate over time.
Knowing that life can change in an instant, Tim fine-tunes his estate plans regularly and will continue to do so as he ages. Failing to update estate documents after births, marriages, divorces, deaths of beneficiaries, or significant changes in finances, can lead to unintended outcomes. Whether you’re leaving portions of your estate to loved ones or charities of your choice, updating your will or trust protects your legacy.
Now in his 80s, Tim sleeps well knowing that his intentions will be carried out according to his wishes. For more best practices in estate planning, read our recent blog, Essential Planning: Five Steps to Simplify Your Life, or get in touch with one of our team members by visiting BCT Wealth Advisors.
Stay tuned for Part 2 where helpful lessons will be shared to make your estate planning a success.
Contributed by: Stacy Duranko, AFIM®, Vice President and Wealth Advisor, BCT Wealth Advisors