TruCommunity Blog

When most people hear the term estate planning, they think of retirement, large properties, or complicated finances. But the truth is, estate planning isn’t just for the wealthy or the elderly. It’s for anyone who wants peace of mind about their future and their loved ones.

Here is a perfect example. Our CFO, Ben, has two kids under the age of 18, and travels between our branches. He knows life can be unpredictable and traveling can be dangerous during Iowa winters. By creating a will, he ensures his son Roy and daughter Claire will be cared for, his savings and retirement funds will be protected, and his family knows his wishes if the unexpected happens.

Estate planning doesn’t have to be overwhelming. It simply means making thoughtful decisions about your assets, responsibilities, and loved ones. Here are five key areas to consider when starting your plan:

1. Identify Your Assets

From vehicles and savings accounts to jewelry and retirement plans, list everything you own that has financial or sentimental value. This ensures nothing important is overlooked.

2. Choose an Executor

This is the trusted person who will carry out your wishes. Select someone responsible and organized who can manage financial and legal details on your behalf.

3. Appoint Guardians for Children

If you have children (or plan to in the future) decide who you’d want to care for them. Making this choice now helps protect their future security and happiness.

4. Name Your Beneficiaries

Decide who should receive your assets. Whether it’s family, friends, or even a charitable organization, clear instructions reduce confusion and prevent disputes.

5. Establish Power of Attorney

If you ever become unable to make decisions, a power of attorney ensures someone you trust can handle financial or medical matters on your behalf. Unlike an executor of a will, a power of attorney’s power ends at your death.

How to Create a Will or Trust

One of the most common questions about estate planning is whether you need an attorney. While there are reputable online templates available for simple wills, working with an attorney is often the best way to ensure your documents are legally sound and tailored to your unique situation, especially if you own a business, have minor children, or have complex assets. A trust may also be appropriate in some cases, helping you manage how and when your assets are distributed. The best approach is to start with a basic will and consult a professional as your life circumstances and financial picture become more complex.

Estate planning gives you peace of mind knowing your loved ones are cared for. As you create or update your plan, TruBank can help ensure your accounts and beneficiaries are set up to reflect your wishes.