Everence financial planner Jamie Detweiler recalls his first kitchen table conversation with a couple who wanted to plan for the inevitable. The husband asked for help reviewing and organizing financial documents and ensuring his wife would have a comfortable income when he was gone.

A trust and estate specialist, Detweiler spent the next five years working with the couple to establish a straightforward plan for estate settlement and to make structured investments that would give the wife financial security for as long as she lived.

“I saw her handle bills and easily hand over documents. I could see she had a deep sense of peace and comfort in the midst of grieving the loss of her husband. She didn’t need to worry about what’s next financially,” Detweiler says. “That was such a privilege. We don’t always get to see the fruits of that labor. That makes the work that we do very meaningful.”

Many people are reluctant to discuss estate planning. They may find the topic intimidating, or they simply may not want to ponder their own mortality. Others may think it’s something they don’t need to worry about until their senior years.

However, end-of-life planning deserves just as much attention as other aspects of our financial life, such as retirement planning, investing and budgeting, Detweiler says.

“There are few times in our life when as much money and possessions and values transfer as the end of life,” he says. “Beginning to identify what it is that you want to leave to the next generation or leave to the world when you are gone begins long before the last few years before you pass away.”

While a will is an important part of an estate plan, it is only one tool. A comprehensive estate plan also includes components such as charitable strategies; a power of attorney to make end-of-life decisions; a plan to minimize estate, gift and income taxes; and trusts that can provide for loved ones while also designating how and when assets are distributed.

One key to successful estate planning is organizing financial documents and records. To help, Everence offers the Personal Financial Affairs Directory, a complimentary online guide that makes it easy to organize in one place the personal and financial information that is critical for both creating an estate plan and executing it when the time comes.

Another key is having a team of advisers, including an attorney, an accountant and a financial planner.

As an Everence financial planner, Detweiler takes a holistic approach to estate planning, learning his clients’ values and priorities and helping them craft an overall plan that reflects what’s important to them.

In the end, an estate plan is a gift that extends far beyond any tangible assets left behind. It’s a meaningful legacy and a final act of love and stewardship.

And it all starts with a conversation.

Source: Lancaster Online

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