Achieve financial wellness with estate planning

Posted By: HR avatar

Published to Newsletter on Jun 28, 2023

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Tracey L. Briggs, MA

Supervisor, Employee Wellness


When thinking about financial wellness and how estate planning may provide peace of mind, you may be looking for assurances that your hard-earned assets will be cared for in a thoughtful manner. Common strategies for this generally include creating wills or naming beneficiaries of retirement assets. It is also important to consider when and how to create a trust. Because your life is unique, you may have situations that could require special attention. If you are not ready to relinquish control, but you still want the benefits of a trust, you can appoint yourself as trustee and name a successor trustee for when you are ready.

Setting up a trust can provide peace of mind knowing that the care you have provided the people and possessions you love will continue. Knowing which type of trust is best suited for your needs and how to begin can be daunting, which is why we wanted to share some foundational knowledge to help you in your financial wellness journey.

What is a trust?

A trust is a legal document that governs your wishes for how and when to transfer assets, including sentimental items, to beneficiaries or charities of your choosing.

When to create a trust?

Consider setting up a trust if you want to:

  • Ensure that your assets are managed for the benefit of your heirs, according to your wishes
  • Preserve your assets while potentially minimizing taxes and probate costs associated with transferring assets through a will
  • Establish a tax-advantaged charitable gift
  • Provide an orderly way of managing your finances if ill health stops you from doing so

A trust may help you if you have a loved one with a disability, you have children, you have a family member with an addiction or mental health illness, you are a business owner, you collect valuable items or any combination of these life events.

The difference between trusts and wills

You may also find tax benefits to trusts, depending on your situation. With a generation-skipping trust, for example, you may be able to give assets to grandchildren tax free. If you’re worried about privacy, it’s good to know that your heirs can typically settle a trust privately. In contrast, a will typically becomes part of the public record when it’s settled through a court process, called probate.

Want to learn more? Register for our upcoming Financial Wellness Workshops or schedule an individual consultation with one of our financial partners.

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