Estate Planning 101: What It Is and Why It Matters

Estate planning is the process of writing down what should happen to your money, property, and care decisions if you pass away or can't make decisions for yourself. A basic plan can help protect your loved ones and reduce confusion during a hard time.

 

What estate planning can include

• A will to name who receives your assets and who should care for minor children (and even pets).
• A trust (if needed) to add control over how and when assets are passed on.
• Beneficiary designations on accounts like retirement plans and life insurance.
• Health and financial directives so someone you choose can act for you if you're incapacitated.
• A list of assets so your family knows what you own (home, vehicles, accounts, investments, personal items, and more).

Who needs an estate plan?

Short answer: almost everyone. You don't have to be wealthy or older to benefit from a plan. If you're 18 or older, it's smart to document your wishes.

• You own a home, car, or other valuable property.
• You have savings, investments, or life insurance.
• You have children or dependents (and want to name guardians).
• You want to reduce stress for your family by making your wishes clear.
• You want a plan in place if you ever can't make medical or financial decisions.

A simple first step: review your assets

If you're not sure where to begin, start by listing what you own. Your "estate" is the property and accounts in your name. That can include your home, vehicles, jewelry, bank accounts, investments, and more.

• Homes and other real estate
• Bank and credit union accounts
• Retirement accounts
• Life insurance policies
• Vehicles and valuables
• Digital accounts and important files

Member benefit: save 20% on online estate planning

Provident Credit Union has partnered with Trust & Will and Love My Credit Union^® Rewards to give members an easier, more affordable way to create an estate plan online. Plus, as a Provident member, you get exclusive savings of 20% off any estate plan. The experience is guided, the documents are attorney-built, and support is available if you need help.

Get started with Trust & Will


Next up: If you're deciding between documents, compare your options in Will vs. Trust: What's the Difference and Which One Do You Need?