© 2024 M&T Bank and its affiliates and subsidiaries. All rights reserved.
Wilmington Trust is a registered service mark used in connection with various fiduciary and non-fiduciary services offered by certain subsidiaries of M&T Bank Corporation including, but not limited to, Manufacturers & Traders Trust Company (M&T Bank), Wilmington Trust Company (WTC) operating in Delaware only, Wilmington Trust, N.A. (WTNA), Wilmington Trust Investment Advisors, Inc. (WTIA), Wilmington Funds Management Corporation (WFMC), Wilmington Trust Asset Management, LLC (WTAM), and Wilmington Trust Investment Management, LLC (WTIM). Such services include trustee, custodial, agency, investment management, and other services. International corporate and institutional services are offered through M&T Bank Corporation’s international subsidiaries. Loans, credit cards, retail and business deposits, and other business and personal banking services and products are offered by M&T Bank. Member, FDIC. 
M&T Bank Corporation’s European subsidiaries (Wilmington Trust (UK) Limited, Wilmington Trust (London) Limited, Wilmington Trust SP Services (London) Limited, Wilmington Trust SP Services (Dublin) Limited, Wilmington Trust SP Services (Frankfurt) GmbH and Wilmington Trust SAS) provide international corporate and institutional services.
WTIA, WFMC, WTAM, and WTIM are investment advisors registered with the U.S. Securities and Exchange Commission (SEC). Registration with the SEC does not imply any level of skill or training. Additional Information about WTIA, WFMC, WTAM, and WTIM is also available on the SEC's website at adviserinfo.sec.gov. 
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Wilmington Trust

The Importance of Estate Planning

With a family of your own, your financial plans and goals likely stretch beyond your lifetime. Even with a small estate, without adequate planning, your family can face significant logistical and financial burdens. Protecting your assets—and your family—are probably the most important reasons to think about estate planning.

What is Estate Planning?

 

Provide for children and immediate family:

Consider This

Are you certain your family will be financially secure if something happens to you?

In the midst of emotional distress, your loved ones shouldn’t have to face the additional burden of worrying about how to pay funeral costs, the mortgage, or day-to-day expenses. Estate planning helps to ensure that assets are allocated, expenses are taken care of, and stress and guesswork are reduced for your family.

Ease the burden on your family in case of an unexpected life event:

Consider This

Who do you think is responsible for settling your estate? Have you set them up for success?

In simplest terms, having a plan ahead of time prepares your family to understand and execute your wishes without doubt and confusion. It also means that your assets are managed how you want and, most importantly, by someone you trust.

Reduce tax burden:

Consider This

Do you know how much you owe in taxes if something happens to you? How is someone going to pay these taxes?

Estate taxes, especially if unplanned for, can significantly reduce the amount your family actually receives from your estate. Planning helps you determine ahead of time what your potential tax burden is and develop a strategy for paying taxes while minimizing the impact on your heirs.

Control asset division:

Consider This

Do you have a plan for who gets which assets if something happens to you? How much control do you want over this?

Without a plan in place, the division of your assets is out of your hands and can put significant stress on your family. Even a basic will solidifies who gets what, who controls your estate, and how your assets will be divided. Whether it’s top level or very specific, having a plan also minimizes any confusion among your family members.

Common estate planning myths

  • It’s really expensive to plan your estate.

    Debunked: While there are costs and fees involved in developing and executing an estate plan, it’s likely worth every cent. Having no plan at all can be much more stressful and expensive for your loved ones, especially with estate taxes as high as 40%.

  • It’s hard to think about awful situations like death and disability.

    Debunked: While it’s an uncomfortable topic, death is a fact of life. However, lack of preparation for death or disability can make things extraordinarily difficult for those you leave behind. An estate plan can ensure your wishes are met and provides peace of mind for you and your loved ones.

  • It’s a cumbersome process.

    Debunked: Estate planning can be as simple or complex as you choose, depending on how much control you want to have. Whether you simply meet with a lawyer to draw up a straightforward will, or open a trust and delve into how you title your assets, even the most basic plan provides needed protection for your family and assets.

Contact

To determine how Wealth Compass can help meet your objectives, please contact National Director of Family Legacy Strategies Marguerite Weese or your Wilmington Trust advisor.

This presentation is for informational purposes only and is not intended as an offer or solicitation for the sale of any financial product or service. This presentation is not designed or intended to provide financial, tax, legal, accounting, or other professional advice since such advice always requires consideration of individual circumstances. If professional advice is needed, the services of your professional advisor should be sought.

Wilmington Trust is a registered service mark used in connection with various fiduciary and non-fiduciary services offered by certain subsidiaries of M&T Bank Corporation including, but not limited to, Manufacturers & Traders Trust Company (M&T Bank), Wilmington Trust Company (WTC) operating in Delaware only, Wilmington Trust, N.A. (WTNA), Wilmington Trust Investment Advisors, Inc. (WTIA), Wilmington Funds Management Corporation (WFMC), and Wilmington Trust Investment Management, LLC (WTIM). Such services include trustee, custodial, agency, investment management, and other services. Loans, credit cards, retail and business deposits, and other business and personal banking services and products are offered by M&T Bank, Member FDIC.

©2024 M&T Bank and its affiliates and subsidiaries. All rights reserved.