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KeeleyLife: Financial Legacy Planning Resources

On December 4, April Lopinot, Vice President of HR and KeeleyLife Leader spoke with Travis Freeman, CFP about Legacy & Estate Planning and how to ensure you are organized and prepared for anything that may happen. Click here to listen to the podcast!

During the conversation, Travis mentions various topics and documents that individuals should be aware of when planning for the future. Use this list as you listen to the podcast to follow along and understand what could work best for you:

  • Payable on Death (POD) Agreements – Typically used with bank accounts to avoid probate and is not allowed in all states.

  • Transfer on Death (TOD) Agreements – Typically used with cars & non-retirement investment accounts and is not allowed in all states.

  • Beneficiary Deed – Used to transfer ownership of real estate upon death and is not allowed in all states.

  • Revocable Living Trust – Common estate planning document used to avoid probate court (cost, time, and privacy issues) and to have control over giving assets to minor children or other family members.

  • Will – Common estate planning document used to state who (including charities) should receive assets at death. However, the will does not avoid probate. This will is generally used within probate court.

  • Testamentary Trust – Type of trust created upon death that is typically triggered by including a section within a will. This can be used to have control over assets for the benefit of minor children or others. Testamentary trusts are typically a less costly option to create a revocable living trust.

  • Durable Power of Attorney – Gives someone the ability to act on your behalf for medical and / or financial decisions while living.

  • Healthcare Directive – Also known as a “living will” or an “advanced directive”, this document allows you to spell out your wishes on what should happen if you cannot make decisions for yourself (such as a vegetative state). This takes the guess work out of this decision for loved ones.

Click here to learn more about how KeeleyLife can help you improve your Financial health!

Please note: This information is for educational purposes only and not to be construed as legal or financial advice. Please speak with a legal professional before making any changes to your personal situation.


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