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Estate Planning

The Sunrise Wealth Advisors Difference

Sunrise Wealth Advisors have over 75 years of experience from beneficiary payouts to trust establishments and 401(k) rollovers. Our mission is simple; we aim to provide experienced financial planning and objective financial guidance for those seeking assistance in these areas. You can rest assured knowing we have your best interest in mind because we believe the client’s best interest should always come first and never be compromised. Together, we will work with you as a team to provide the financial advice you need to turn your current financial situation into your dream retirement plans.

What is Estate Planning

Estate planning is about protecting your loved ones. No matter how big or small, everyone has an estate. Your estate consists of everything you own: your car, home, other real estates, checking and savings accounts, investments, life insurance, furniture, personal possessions, and so on. Without a plan, you will not be able to control how these things are distributed to loved ones or organizations after you pass. To rest assured that your wishes are carried out, you will need to provide instructions regarding whom you want to receive your assets, what you want them to receive, and how they will receive them. An essential to estate planning is transferring assets to heirs with the lowest possible tax burden for them.

Why is Estate Planning Important

Estate planning is essential for all amounts of income. While some may believe estate planning is for the wealthy, this assumption is false. Good estate planning is often more impactful for families with modest assets because the loss of funds and time due to lack of estate planning is more impactful. Good estate planning is much more than just planning for where your assets will go when you pass. Estate planning includes instructions for your care and financial affairs, arrangements for disability income insurance to replace your income, naming a guardian for your minor children's care, minimized taxes, court costs, legal fees, and much more. Not making these plans ahead of time will result in your estate plan being made for you. Without a proper estate plan, any assets in your name without a beneficiary designation or governing contract will be distributed according to your state’s intestacy laws.

Components to Estate Planning

There are many different components to estate planning you may want to consider:

The Will

The first and most well-known component of an estate plan is a will. Your will determines who will act as your representative for all financial decisions, your assets, and how they are distributed.


The main benefit of a living trust is that you can name a trustee of your choice to financially care for you with your assets if you become ill and are unable to do so for yourself. This can be on either a temporary or permanent basis. Irrevocable trusts are also available. These exist to shield certain assets you may want to set aside for your chosen heirs irrevocably. These assets are then protected from the beneficiaries’ creditors and can be used to minimize your taxes. It is also possible to create a testamentary trust which is a trust within your will.

Power of Attorney

A power of attorney is a document that designates someone to step in and manage your finances if you become incapacitated. This is incredibly important for those who do not have an identified candidate to do so for them.

Health Care Directive

The primary purpose of a Health Care Addendum is to set a representative in place to speak for you if you become unable to do so for yourself. They will ensure your wishes as to whether and the extent to which measures should be taken to sustain your life in the event of death or illness are carried out. This is most common among people who would not want a machine to keep them going when there is no reasonable chance of recovery.

Beneficiary Designations

Beneficiary designations are the written decisions you make concerning life insurance policies, retirement accounts, and bank accounts.

Regular Review and Revision

One of the essential parts of your estate plan is ensuring it stays up to date with your current situation. It is not enough to simply make a plan and set it aside. You must update and sign your estate plan for it to remain relevant.

Key Takeaways

Estate planning is for everyone. Although people tend not to think about estate planning until they're older, it is not just for retirees. Unfortunately, we can not predict how long we will live, and illnesses and tragedies happen at all ages. Estate planning is critical no matter the level of your assets or income. Good estate planning is an ongoing process that requires updates as life events such as family and financial circumstances change. Why wait to gain future confidence? Start working with Sunrise Wealth Advisors today.