Already Retired Protecting Your Assets

A basic estate plan is all many people need to ensure that their affairs are in order. At the very least, you should ensure you have the following documents assembled and kept updated.

Will: Legally enforceable, this is a declaration of how you wish your property to be distributed after your death.

Power of Attorney (POA): A legal document designating someone of your choosing to act on your behalf in specified legal or financial matters, particularly if you're unable to do so yourself.

Living Will: Sometimes referred to as a Healthcare Proxy or Medical POA, this written statement details your medical treatment wishes in the event that you're unable to express informed consent.

Trust: An agreement in which assets are transferred from a grantor to a trustee for the purpose of benefiting one or more beneficiaries.

A great first step to the estate planning process is to take inventory of all your assets, including investments, retirement savings, insurance policies, real estate and business interests. Next, determine:

  1. Whom do you want to inherit your assets?
  2. Whom do you want handling your financial affairs in the event you're incapacitated?
  3. Whom do you want making medical decisions on your behalf?

Identifying the people you want to fulfill these roles and discussing your estate plans with them and any other potential heirs gives you peace of mind and prevents disputes and confusion down the road.

The bottom line: everyone needs to plan for when they're gone. Dying intestate, or without a will, is costly to your heirs and gives you no say in how your assets are dispersed or managed.

Working with a financial advisor can help you sort through the options and create a comprehensive estate plan that meets your needs.

Next: Checklist

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Navy Federal Credit Union is federally insured by the National Credit Union Administration.

Nondeposit investment and insurance products are offered through Navy Federal Financial Group LLC (NFFG) and through its subsidiary, Navy Federal Brokerage Services, LLC (NFBS), a member of FINRA/SIPC and an SEC registered investment advisory firm. Brokerage and advisory products are offered through NFBS. These products are not NCUA/NCUSIF or otherwise federally insured, are not guaranteed or obligations of the credit union, are not offered, recommended, sanctioned, or encouraged by the federal government, and may involve investment risk, including possible loss of principal. Products may be offered by an employee who serves both functions of accepting member deposits and selling nondeposit investment and insurance products. 1-877-221-8108. Trust Services available through MEMBERS Trust Company. 1-855-358-7878.

Investors should carefully consider the investment objectives, risks, and charges and expenses associated with municipal fund securities before investing. This and other information about municipal fund securities is available in the issuer's official statement which can be obtained directly from the issuer, or if distributed through a broker dealer, may be obtained from a financial adviser, and should be read carefully before investing.

An investor should consider, before investing, whether the investor's or designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's qualified tuition program.

If a municipal fund security describes one or more of their investment options as having the characteristics of a money market fund, it is important to know that an investment in the security is not insured or guaranteed by the FDIC or any other government agency (unless such guarantee is specifically provided by or on behalf of such issuer) and, if the security is held out as maintaining a stable net asset value, that although the issuer seeks to preserve the value of the investment at $1.00 per share or such other applicable fixed share price, it is possible to lose money by investing in the security.