Five Points Bank Blog

Estate Planning For All Ages

Life is unpredictable, but you can prepare for the unexpected with estate planning. It’s a vital step for everyone—regardless of age or wealth—to ensure your wishes are honored and your loved ones protected.

What is Estate Planning?

Estate planning goes beyond writing a will. It includes deciding how your medical and financial matters will be handled and who will inherit your assets. Early planning can minimize stress for your family during difficult times.

Why Start Early?

Estate planning isn’t just for retirees. Young adults, especially those buying a home, getting married, or starting a family, should consider it too. Key components include:

• A Will: Outlines asset distribution and can name guardians for children or pets.
• Beneficiary Designations: Keeps retirement accounts and life insurance policies up to date.
• Durable Power of Attorney: Authorizes someone to make financial decisions if you’re incapacitated.
• Health Care Proxy: Assigns someone to make medical decisions if you’re unable to.

Don't Forget Digital Assets

With so much of life managed online, don’t overlook your digital presence. Include a list of account usernames and passwords in your estate plan, stored securely with instructions on how you’d like them managed. Apps, email, social media, and even subscription services should be accounted for to ensure a smooth transition for loved ones.

Seek Professional Guidance

Consult an estate planning attorney and financial advisor to ensure your documents meet legal requirements and align with your goals.

Take the First Step

Estate planning protects your legacy and provides peace of mind. Start today—whether by researching, writing down your passwords, or scheduling a consultation. It’s a meaningful way to care for yourself and those you love.