Protecting Your Family and Your Estate

From designating caregivers for young children and reducing tax burdens to preventing lengthy court proceedings, an estate plan is crucial to protecting both your assets and your family’s relationships after your death.

Support Your Family by Creating an Estate Plan

You don’t have to be rich to have an estate plan. No matter how modest or lavish your lifestyle, if you have a home, retirement accounts, investments, or children, you need a plan in place to protect them after your death. Without it, state laws will make decisions for you – sometimes requiring lengthy and expensive court proceedings.

Here are five ways an estate plan can protect you and your family after your death.

  1. Naming beneficiaries – As part of an estate plan, you can determine beneficiaries who will receive your financial assets, real estate investments, and personal possessions.
  2. Appointing guardianship – Naming a guardian for your children under the age of 18 in the event that both parents die ensures they are taken care of by the people you trust most. Without a named guardian, the courts will determine custody rights.
  3. Personal directive – Also known as a living will, this allows you to authorize someone to make healthcare and financial decisions on your behalf in the event you become incapacitated and are no longer able to make sound decisions.
  4. Reducing taxes – By working with an estate planning professional, you can protect your family from unnecessary taxes after your death, including federal and state estate taxes and state inheritance taxes.
  5. Avoiding conflict – Outlining your directive in an estate plan will help your loved ones know precisely what your wishes are so they can work together to efficiently and cost effectively execute your directive, minimizing potential disputes and uncertainties.

Getting Help (Free Resources for Cox Employees):

How do I create an estate plan?: Vanguard offers a variety of financial lessons. Click here to learn more about how to create an estate plan.

Financial Coaching: Through Magellan, Cox employees have access to one-on-one phone conversations with financial experts on a range of topics, including debt, student loans, budgeting, estate and retirement planning. Call 1-800-888-CARE (2273), option 2. The organization name is Cox.