TUKWILA, WA / ACCESSWIRE / October 3, 2024 / More than $84 trillion in wealth is expected to be transferred between generations by 2045[1], which could lead to more people seeking clear information about how to manage inheritances.

When it comes to estate planning, here are three steps to take to ensure a better financial future for beneficiaries:
1. Start Planning Early
It’s important to start the estate planning process early, when of sound body and mind. Waiting too long can mean dealing with disability or tragedy, which could impair judgment and hinder clarity.
Including beneficiaries in initial estate planning conversations can also benefit immediate heirs and future generations. Wealth transfer plans can become complex, so involving others and building understanding between parties can mitigate future stressors. Poor communication can lead to costly disputes down the road.
2. Consult the Experts
Conferring with financial and legal experts is crucial for ensuring the most stable future for beneficiaries. Working with professionals can provide guidance on beneficiary planning, inheritance strategies, managing a lump sum of money, philanthropic giving and outside investments.
A power of attorney should also be assigned to manage finances and pay bills when an individual is incapacitated or close to death. Additionally, an executor should be appointed to handle final expenses, collect any outstanding debts, distribute remaining assets and file the last income tax return.
Check with financial institutions, estate planning attorneys and other organizations to find out what expert services may be offered. Plan for the future and open a credit union account online to get started with a credit union.
3. Get Organized
Creating a clear roadmap of one’s assets and accounts is important in estate planning and other end-of-life planning. Make sure to document and organize all relevant financial information and make it accessible for those handling the estate. Key documents to think about include a will, living will, power of attorney, healthcare surrogate and medical information releases.
When determining who gets what, communicate the reasoning behind those decisions to heirs for awareness now, or in a will for visibility later, to help set expectations and prevent misunderstandings.
Securing a Legacy
With advanced planning, the right expertise and some focused organization, end-of-life requests can be clearly communicated and respected, offering peace of mind for individuals and beneficiaries while ensuring a stable financial future for generations to come.
About BECU
BECU is federally insured by NCUA and an Equal Housing Opportunity Lender (Boeing Employees’ Credit Union NMLS ID 490518). With nearly 1.5 million members and $29.9 billion in assets, BECU is the largest not-for-profit credit union in Washington and one of the top four financial cooperatives in the country. As a member-owned credit union, BECU is focused on helping increase the financial well-being of its members and communities through great rates, few fees, community partnerships and financial education. The credit union currently operates more than 60 financial centers, including two in South Carolina.
[1] 2022 study by Cerulli Associates: https://www.cerulli.com/press-releases/cerulli-anticipates-84-trillion-in-wealth-transfers-through-2045
Contact Information
Tony Drovetto
Sr. Manager Digital Community
tony.drovetto@becu.org
425-830-7247
SOURCE: BECU
View the original press release on newswire.com.