Holistic financial planning can reduce future headaches and legal issues

STEP 3: TITRATION

Once the estate plan is updated and the documents are prepared to reflect the current situation and goals, it is time to think about the allocation of titles – both individual and joint accounts.

It is important to ensure that the account name and beneficiary designations coincide with the estate plan. Failing to coordinate title deeds can lead to increased taxes, frustration and legal issues for heirs. It is important to know how assets are held so that ownership passes in the desired manner to the correct party.

“If you don’t change the title, the estate plan might not work at all,” Beer said. “We work with clients to align their assets with how the estate plan was drafted.”

STEP 4: ICE PACK

Thus, the estate plan is completed and guardianship of minor children and health care guidelines are established. But that doesn’t mean much if your loved ones aren’t aware of the plan or don’t know where to find it.

Beer suggests creating an In Case of Emergency (ICE) pack – a physical folder containing printed copies of estate planning documents, health care guidelines, health and life insurance policies, powers of attorney, and living wills. Create a list of important information that will help designated people execute the plan, as well as health care information, including medical history, medications prescribed, and any medical conditions.

Include a list of important contacts – estate planning attorneys and accountants, online account usernames and passwords, and documentation for assets, debts, expenses, and account information. Although this information is intended to assist in the execution of an estate plan in the event of death or incapacity, the ICE Pack should be kept in a secure location due to the sensitive/private nature of the contents.

Pastore said PNC works with its clients to ensure their overall estate and financial plans are best positioned for the future by piloting and implementing the above best practices.

PNC Financial Services Group, Inc. (“PNC”) uses the trade name PNC Private BankSM to provide investment advisory and wealth management services, trust services, FDIC-insured banking products and services, and loans funds to individual customers through PNC Bank, National Association (“PNC Bank”), which is a member of the FDIC, and to provide specific trustee and agency services through PNC Delaware Trust Company or PNC Ohio Trust Company. PNC does not provide legal, tax or accounting advice unless, with respect to tax advice, PNC Bank has entered into a written tax services agreement. PNC Bank is not registered as a councilman under the Dodd-Frank Wall Street Reform and Consumer Protection Act.-

“PNC” and “PNC Bank” are registered trademarks and “PNC Private Bank” is a service mark of The PNC Financial Services Group, Inc.

©2021 The PNC Financial Services Group, Inc. All rights reserved.

To view the PDF for printing, click HERE.