We are honored to present a Q&A session with Darla Daniel, SVP and Director of Alpine Bank Wealth Management, delving into crucial estate planning topics. With her wealth of experience and expertise in estate planning and wealth management, Darla provides invaluable insights to help individuals and families navigate the complexities of securing their financial futures.
A: A “general Durable Power of Attorney” is a document in which you appoint a trusted person, such as a family member or friend, as your “agent” to manage your financial affairs and property if you become incapacitated. This helps avoid the need for a court-appointed conservator, which can be costly and cumbersome.
A “Medical Durable Power of Attorney” is a similar document in which you name a trusted person to make medical decisions for you if you become unable to do so. This ensures that your medical wishes are carried out, and also helps avoid the need for a court-appointed guardian, which can also be costly and cumbersome.
A: Yes. It’s important to have a comprehensive estate plan in place, which can be created with the help of an estate planning attorney. Your plan should include basic powers of attorney, as mentioned above. It should also address the following key issues:
● Guardian for children: A will can be used to nominate a trusted guardian for your minor children in the event that both parents pass away.
● Trustee for children: A trust can be established to manage assets and investments for the benefit of your children until they reach adulthood. It’s important to coordinate the titling of your assets and your beneficiary designations with the language in your will to avoid the need for a court-appointed conservatorship.
● Choice of trustee: The trustee should be someone you trust to manage your assets safely and prudently. Consider whether the person you name as trustee has the knowledge, experience, and time to manage investments, or if they would benefit from having a corporate fiduciary’s help.
● Successor fiduciaries and beneficiaries: Estate planners often recommend nominating a first and second choice of guardian and trustee in your will, as well as designating successor beneficiaries.
With Darla Daniel’s expert guidance, individuals can navigate the intricacies of estate planning with confidence, ensuring their financial legacies are protected for future generations.
Alpine Bank Wealth Management is available to assist you with your trust and wealth management needs.
Darla Daniel, J.D. – SVP and Director
Alpine Bank Wealth Management
Products of our Wealth Management service are not FDIC insured, may lose value and are not bank guaranteed.
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