Estate and succession planning involves a comprehensive approach to ensure your assets are managed and distributed according to your wishes, both during your lifetime and after your death. This planning can include drafting wills, establishing trusts, business succession planning, and more.

Key Elements of Estate Planning

1. Wills: A Will outlines how your assets should be distributed after your death, designates guardians for minor children, and names an executor and trustees to manage your estate. A well-drafted Will ensures that your wishes are honored, helps avoid future potential legal disputes and may include testamentary trusts.

2. Trusts: Trusts (testamentary or living) can manage your assets during your lifetime and ensure a seamless transfer after your death. Types of trusts include:

   • Testamentary Trusts: Created under the terms of a Will and funded at death.
   • Living Trusts: Manage assets while you’re alive and allow for continuity of asset management and easy transfer at your death thereby avoiding probate administration and costs.
   • Irrevocable Trusts: Offer protection of assets from possible estate taxes (minimization) and creditors protection.
   • Charitable Trusts: Support charitable causes while benefiting from tax deductions (Leverage charitable dollars, create charitable legacy, includes charitable lead trusts (CLTs) and charitable remainder trusts (CRTs)).

3. Powers of Attorney: This document designates someone to make financial and healthcare decisions on your behalf if you become incapacitated. It ensures that your preferences are respected even when you cannot make decisions yourself.

4. Healthcare Directives: Includes living wills and healthcare proxies to outline your medical treatment preferences if you’re unable to communicate or become incapacitated. This is crucial for ensuring your healthcare wishes are followed.

5. Estate Administration and Probate: Managing and distributing your estate can be complex. Proper planning can simplify this process, reducing the burden on your loved ones and ensuring a smoother transition. It is important to name an Executor or Corporate Fiduciary to settle the estate.

6. Business Succession Planning: For business owners, succession planning is vital to ensure the continuity of your business. It helps prevent disputes and secures the future of your enterprise and creates liquidity or future cash flows.

7. Wealth and Asset Preservation: Strategies to protect your assets from potential risks, including creditors and lawsuits. This can include setting up trusts, gifting strategies, and other protective measures.

Why Estate Planning is Crucial

Without an estate plan, state laws will determine the distribution of your assets, which may not align with your desires. Estate planning may help:

• Minimize taxes
• Provide and protect for your loved ones
• Ensure your healthcare and financial decisions are respected

Local Expertise in NEPA

At Fidelity Bank Wealth Management, we pride ourselves on offering comprehensive wealth management estate and succession planning services tailored to meet your unique needs. Our experienced financial advisors are dedicated to helping you create a personalized plan that aligns with your goals and ensures your legacy is protected.

Our services include:

• Detailed consultations to understand your estate planning goals
• Assistance in outlining Wills and Trusts concepts and goals
• Guidance on setting up powers of attorney and healthcare directives
• Strategies for business succession planning and wealth preservation

Get Started with Fidelity Bank

At Fidelity Bank Wealth Management, we’re here to help you with all aspects of estate and succession planning. Contact us today to learn more about how we can assist you in creating a secure financial future for you and your family.

Let’s get there, together.