Estate Planning | Cary Street Partners

We can help you protect assets, share wealth, and build a strong legacy.

An often-overlooked priority in wealth management is not only establishing an estate plan but also keeping it up to date as one’s life evolves. Many people miss the opportunity to alleviate their financial risk and protect their assets.

According to Caring.com’s Wills and Estate Planning Study, only 24% of Americans currently have a will. People put off planning their estate for several reasons, but the primary two are thinking they’re not old or wealthy enough. While having a will is essential for outlining legal actions after you pass, a comprehensive estate plan also helps protect you during your lifetime.

At Cary Street Partners, we are here to educate you about the essentials of estate planning, what the process entails, and why you should plan. We can ultimately help secure your financial future for you and your loved ones.

What is Estate Planning and How Does it Help You?

Estate planning is the legal documentation process in which one instructs to whom their assets will go once they’ve passed away, as well as the specific possessions and quantities those beneficiaries shall receive.

By creating your estate plan, you’re not only ensuring that you and your financial assets are taken care of if you become incapacitated, but you’re also providing a roadmap detailing what should happen with your assets upon your death. In addition, a proper estate plan maintains your privacy, minimizes taxes, avoids probate, and protects assets from creditors.

Proactively planning your estate with our firm while working with an estate planning attorney gives you greater control over your life earnings while also benefitting everyone immediately involved.

Protect Your Assets

Finalizing a plan for your estate safeguards everything you actively own, including, but not limited to, cars, artwork, furniture, investments, life insurance, real estate property, and checking and savings accounts. Responsibly protecting all your belongings helps maximize and reallocate your wealth once you’re gone.

Spread Your Wealth

With your estate plan in place, you can guarantee that your chosen beneficiaries will receive a portion of your net worth at the time of your choosing. Whether that involves a piece of valuable artwork you know they’ll appreciate or inherited funds to help them financially, transferring owned property and capital is easier through estate planning.

Preserve the Peace

Allocating possessions after a death can be challenging without the structure provided by estate planning documents. If you don’t have legal documentation in place, you will die intestate, meaning dying without a will. Therefore, your state’s intestacy rules will determine who receives your assets, which can become unnecessarily time-consuming, messy, and expensive, especially for those with larger or blended families.

A Paper Trail: Types of Estate Planning Documents

Documents for estate planning are direct and honest, meaning there’s no question about your intentions. Each type fulfills a purpose for every stage of your life, as we examine below:

Trust

Forming a trust serves dual purposes: managing assets should you become incapacitated and passing them on to your beneficiaries without probate, the process used to prove the validity of a will. It can also reserve assets for minor children to be granted to them at the age you specify and reduce the added cost of estate and gift taxes.

Living Will

In case of incapacitation, a living will certifies your wishes for necessary treatment when you can’t speak for yourself. That way, your family and medical professionals know how to make a well-informed decision that adheres to your previously documented desires.

Last Will and Testament

Your last will and testament officially outlines each final request after your death, from asset distribution to guardianship. Without this piece, these decisions are subject to the state.

Durable and Health Care Power of Attorney (POA)

The Durable POA document designates the individual of your choosing to make financial decisions, whereas the Health Care POA entitles an individual to make health-related decisions on your behalf, all while you are still alive, in case of unforeseen circumstances.

HIPAA Authorization

Whereas a Health Care POA allows someone to speak on your behalf if you are incapacitated, a HIPAA authorization allows selected individuals access to protected health information (PHI).

Prepare for What’s Ahead with Cary Street Partners

At Cary Street Partners, we’re here to help ensure that your financial assets and after-life wishes are handled in the best way. Our goal is to always provide you with the knowledge you need to make well-informed decisions throughout your life.

Ready to Secure Your Future?

When it comes to estate planning, our advisors can be your guide. We’ll walk you through all your options and empower you to make the best financial decisions. Our offices are conveniently located across the country and we also provide remote advisory services. Contact us below to get started.

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Cary Street Partners is a broker-dealer and registered investment adviser and does not provide tax or legal advice; no one should act upon any tax or legal information herein without consulting a tax professional or an attorney.