The Complete Estate Plan
John Kazary, Esq., CTFA, Vice President and Senior Financial Advisor, Univest Bank and Trust Co.
A complete estate
plan should
address the enjoyment
of life in retirement, preparation for
possible incapacity and the transition of
property at death. These three issues
are customarily addressed through some
combination of the following documents:
a testamentary will, an advanced health
care directive (also known as a living will),
a medical power of attorney, a general
power of attorney and a living trust.
These five legal documents can form
the foundation of your estate plan. Your
estate planning professional may also
suggest additional documents tailored
to your individual needs.
A revocable living trust is unique among these five documents in that it is a single legal document that is able to address all three estate planning issues. By naming a bank trust department as the trustee of your revocable living trust, you can create the legal and financial framework to help you enjoy your life in retirement, plan for possible incapacity and provide for efficient distribution of property at your death.
Many people find other uses for trusts. Trusts under will, for example, can provide asset protection along with professional financial management for heirs who don't have the time or ability to manage their inheritance. Special needs trusts can provide financial management for people with disabilities while preserving their ability to receive government assistance.
It is never too early or too late to start planning. A free, no-obligation conversation with one of our senior financial advisors is a good first step. Contact one at 215-799-2959 or via email at trust@univest.net and give us the opportunity to get to know you and explore the best ways to secure your family's future.
Univest Bank and Trust Co. is Member FDIC.