Estate Planning: Securing Your Financial Legacy

Published: April 14, 2025
Last Updated: April 25, 2025

Estate planning is a crucial step in managing your financial legacy. It’s the process of organizing how your assets—such as savings, investments, property, and personal belongings—will be distributed after you pass away. A well-crafted estate plan ensures that your wishes are honored, your loved ones are cared for, and unnecessary legal or financial complications are avoided.

While many people associate estate planning with the wealthy, the truth is that everyone can benefit from having a clear plan in place. Without an estate plan, state laws will determine how your assets are divided, which may not align with your intentions. By taking control of your estate planning now, you can provide clarity, prevent disputes, and reduce the burden on your family during an already difficult time.

Key Components of an Estate Plan

A complete estate plan includes more than just listing beneficiaries. It involves several essential documents and decisions that help safeguard your legacy:

Will or Trust

A legal document that outlines how your assets should be distributed and who will oversee the process. A trust can also help your heirs avoid probate, which can be a lengthy and costly process.

Power of Attorney

Assigns someone to manage your financial affairs if you become incapacitated.

Healthcare Directive (Living Will)

Specifies your medical preferences in case you’re unable to communicate your wishes.

Beneficiary Designations

Ensures that retirement accounts, life insurance policies, and other financial assets go directly to the individuals you choose.

Guardianship Designations

If you have minor children, this outlines who will care for them in your absence.

Why Beneficiary Designations Matter

One of the simplest yet most impactful aspects of estate planning is accurately listing your beneficiaries. When properly designated, these individuals will receive assets directly without needing to go through probate. However, if beneficiary information is outdated, missing, or incorrect, it can create complications, including:

Delayed Access to Funds – Without a named beneficiary, financial institutions may require legal processes to determine rightful heirs.

Unintended Recipients – Assets may be distributed based on state laws rather than your wishes.

Family Disputes – Inconsistent or outdated designations can lead to disagreements and legal battles.

Regularly reviewing and updating your beneficiary designations helps ensure that your assets are distributed exactly as you intend.

How to Set Up or Update Your Beneficiaries

Setting up or revising beneficiaries is straightforward. Follow these steps to ensure your wishes are honored:

1
Gather Personal Information

Collect details such as full names, dates of birth, and contact information for your beneficiaries.

2
Request Designation Forms

Contact your financial institutions, including Langley, to obtain the necessary paperwork.

3
Complete the Forms Accurately

Ensure all information is correct and up to date.

4
Submit and Retain Copies

Submit the completed forms and keep copies for your records.

5
Review Regularly

Life changes such as marriage, divorce, or the birth of a child may require updates to your designations.


Keep Your Beneficiary Information Current

Regularly reviewing and updating your beneficiary information ensures a smooth transition of assets and avoids potential conflicts. Keeping this information accurate allows your estate plan to function exactly as you envision it.

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This information is being provided only as a general source of information and is not a solicitation to buy or sell any securities, accounts or strategies mentioned. The information is not intended to be used as the primary basis for investment decisions, nor should it be construed as a recommendation or advice designed to meet the particular needs of an individual investor. Please seek the advice of a financial advisor regarding your particular financial situation.

Ameriprise Financial, Inc. and its affiliates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation.