Jeff Ritchie

Jun 11 2018

Wealth Management Spotlight: 5 Important Documents Besides Your Will


wealth-management-spotlight-5-important-documents-besides-your-will

When you think of estate planning, you think of creating a Will or revocable trust which will dispose of your assets when you pass away. However, there are several other documents that you should think about when developing your estate plan.

Learn more about Estate Planning and the 5 other documents that are important: https://youtu.be/HUoZkI25xuM

Here are the 5 other documents that you should consider as part of your estate plan.

  1. Durable Power of Attorney for Financial Decisions

    This document allows you to name an agent who can act on your behalf and manage your financial affairs. If you do not have a Financial Power of Attorney and you become incompetent, someone would need to petition the court and be appointed conservator for you. This can be a time-consuming and costly process.

  2. Durable Power of Attorney for Medical Decisions

    This document allows you to name someone who can act on your behalf to make medical decisions for you in the event you are unable to.

  3. Living Will

    This document expresses in writing your wish that advanced life support not be provided in the event you are in a state of unconsciousness with no reasonable likelihood of regaining consciousness as certified by your doctor.

  4. Advance Directive

    This document combines a Medical Power of Attorney and Living Will, but provides greater guidance to your agent in regards to what medical treatment you would like or not like for various ailments.

  5. Declaration of Designee for Final Disposition

    This document allows you to name one or more individuals to make all decisions regarding your funeral arrangement including, if applicable, where you will be buried. This is document is particularly important in second marriage situations when there are children from a first marriage.

It is important that you consider these additional documents when creating your estate plan with your attorney. If you have any questions about any of these documents, please feel free to contact one of our Trust and Wealth Management Officers here at Hills Bank and Trust Company.

Some trust products and IRA contributions/balances are not a deposit, not FDIC insured by any federal government agency, not guaranteed by the bank, and may go down in value.
Jeff Ritchie

About Jeff Ritchie

Jeffrey Ritchie, JD is Vice President with Trust and Wealth Management at Hills Bank’s North Liberty location on Forevergreen Road. He has been at Hills Bank since 2005 specializing in personal trusts and estate administration. Jeffrey’s professional expertise includes estate planning and probate, real estate, and income tax preparation. Jeffrey earned his undergraduate degree at the University of Northern Iowa and continued his education at the University of Iowa College of Law. Prior to joining the bank, he practiced law in the Amana and Marengo communities. Jeff can be reached at 1-800-899-8858.


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