Estate Planning. Not Easy, But Essential.

Couple meeting with a man and a laptop
May 31 2021

Over the past five years, I have been writing an annual article to remind our newsletter readers about estate planning. I recently had a customer and good friend contact me regarding this topic. He decided it was time to get his financial situation in order because, like all of us, he isn’t getting any younger! Within a couple of months, he was able to meet with an attorney regarding the preparation of his Will, Power of Attorney for Business and Power of Attorney for Healthcare.

As I was going through this process with my customer, it reminded me of some other things that we should take into consideration when thinking about estate planning. 

  • How do you have your checking, savings, investments and stock accounts titled? Do you have beneficiaries named on these accounts?
  • Do you have beneficiaries named on your retirement and life insurance accounts?
  • How is your home or land titled?
  • Do you have a safe deposit box to keep your important documents in? Who are the signers/owners on your safe deposit box?
  • What are your wishes for your funeral? Where do you want to be buried? 

These aren’t always easy topics to think about or discuss, but they are important. Having a plan in place makes things easier on your loved ones once you have passed. It also ensures that your assets are passed on to who you want them to go to.

Through this process, my customer learned that it is important to periodically review your financial plan to make sure nothing has changed that would affect your estate strategy. You may find out the beneficiaries you have listed on your accounts are no longer living. When you meet with your attorney to prepare a Will, he or she can help you decide how your assets should be titled and if and who you should name as beneficiaries. Having beneficiaries named on your financial accounts will trump what you have within your Will. 

I also think it is a good practice to make a list of the following for your personal representative of your estate:

  • Insurance agent contact information, policies and policy numbers for life insurance policies
  • Financial advisor contact information, account numbers for investment, stock and retirement accounts 
  • Listing of which banks you have accounts with and account numbers
  • Any other information that you think is pertinent 

Don’t wait until it is too late and make it difficult for your family and loved ones. Doing something now will save time and heartache in the future for many. 

- Jim Scott, President - Broken Bow

“We may never understand His wisdom, but we simply have to trust His will.”

Sonny Manley
President
Hebron

“Be kind because everybody is dealing with something you know nothing about.”

Jim Scott
President
Broken Bow

“Part of attaining success is surrounding yourself with people that share the same drive, determination and direction that you want to achieve.  I feel the people we hire at Bruning Bank represent those assets and they strive to help our customers build, grow and thrive in business as well as personal endeavors.” 

Todd Clabaugh
President
Kearney

"You’ve heard this before, '50% of success in your life comes from just showing up, more precisely showing up on time and being there when you are supposed to be.' That does not apply only to financial success it applies to everything. Your persistence in being there and being present and engaged in your family, your church and your work/career, you don’t have to talk a good game to be successful, you need to do. If you show-up, you're half way there.  And when you show-up, help will be available to get you the rest of the way.  Thanks to all of you that show-up!" 

Jerry Catlett
President & COO
Bruning

“At Bruning Bank, we are about building relationships. If you walk through our doors, we want you to feel like family. Whether it is your first time in, or you are a long-established customer, we want your experience to be positive, insightful, and lasting. The people we employ are vital in this role and do an amazing job carrying out the values and mission established by the bank. I truly feel this is what sets Bruning Bank apart from other institutions.“

Luke Thorell
President
Holdrege