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Estate Planning

Estate planning is an important process that everyone should go through, regardless of age or net worth. estate planning is the act of preparing for the transfer of your assets and property in the event of your death. It allows you to control how your assets will be distributed, and can help minimize taxes and expenses related to your estate.  

There are a few key things to keep in mind when estate planning:

- First, you need to make sure that you have a valid will in place. This document will outline your wishes for how your assets should be distributed after your death. If you don't have a will, your estate will be subject to the laws of intestacy, which may not reflect your wishes.

- Second, you need to choose an executor for your estate. This person will be responsible for carrying out your wishes as outlined in your will. Choose someone you trust who is organized and detail-oriented.

- Third, you should consider setting up trusts for any minor children or beneficiaries with special needs. Trusts can help protect assets and ensure that they are used for the benefit of the intended recipient.

- Finally, estate planning is not something that you should do on your own. You should work with a qualified financial planner to ensure that your estate plan is comprehensive and meets your unique needs.  

Circle of Life© Financial Planning Firm can help you with all aspects of estate planning. We will work with you to create a custom plan that meets your needs and ensures that your loved ones are taken care of after you're gone. Contact us today to get started. We hold your best interest at the top of our priorities and work alongside you to ensure that you understand every step of this sensitive process.

Charitable Giving

Estate planning and charitable giving go hand in hand. You can use estate planning to make sure your charitable donations are carried out the way you want after you die, and you can also take advantage of tax breaks when making charitable donations. Make sure to talk to your financial planner about the best way to incorporate charitable giving into your estate planning.

Your estate plan should be designed to achieve your specific goals, which may include supporting a favorite charity. There are a number of ways to structure charitable gifts in your estate plan.

For example, you could:

-Make a charitable bequest in your will

-Create a charitable trust

-Name a charity as the beneficiary of a life insurance policy or retirement account

The Difference Between Wills and Trusts

When it comes to estate planning, one of the most important decisions you'll make is whether to create a will or trust. While there are many similarities between the two estate planning tools, there are also some key differences. Here's a look at the difference between wills and trusts and how they both factor into estate planning.

Wills and trusts are both estate planning tools that can be used to manage your assets and ensure that your wishes are carried out after you die. However, there are some key differences between the two.

Wills are typically less complex than trusts, and they can be created without the help of an attorney. Trusts, on the other hand, are more complex legal documents that must be created with the help of an attorney.

Wills generally go through the probate process after you die, which can be time-consuming and expensive. Trusts, on the other hand, typically do not go through probate.

Another key difference is that wills are public documents, meaning that anyone can request a copy of your will after you die. Trusts, on the other hand, are private documents that are not accessible to the public.

When it comes to estate planning, both wills and trusts have their pros and cons. Ultimately, the best estate planning tool for you will depend on your individual circumstances and wishes. If you're not sure which estate planning tool is right for you, be sure to consult with a financial planner or estate attorney.

Power of Attorney

Many people overlook the importance of having a power of attorney in place. A power of attorney is a legal document that gives someone else the authority to make decisions on your behalf, should you become incapacitated. This person is known as your "attorney-in-fact" or "agent."

A power of attorney can be used for a variety of purposes, including:

- financial decisions, such as managing your bank accounts, paying your bills, and investing your money;

- medical decisions, such as choosing your doctors and authorizing medical treatment;

- legal decisions, such as signing documents on your behalf;

- personal decisions, such as where you will live and who will care for you;

- business decisions, such as signing contracts and hiring/firing employees.

There are two main types of power of attorney: durable and nondurable. Durable powers of attorney remain in effect if you become incapacitated, while nondurable powers of attorney do not. A power of attorney is an important estate planning tool that can help you maintain control over your affairs.


The process of Estate Planning can seem daunting, but with the help of a certified financial planner, it doesn't have to be. Don't navigate this difficult process alone! Contact David Newbill with Circle of Life© Financial Planning to begin planning for your ideal retirement today!

For more information about our firm and the services we offer, send us a quick email or call the office. We would welcome the opportunity to speak with you.   |  810-239-8825