Five Principles of Financial Wellness — Planning for the Future (#5)

Start planning for tomorrow, today

So far in this series, you’ve learned a lot about managing your money at different phases of life, from building your financial foundation to planning for retirement. But what about after you’re gone? In this last section, we’re talking about the importance of estate planning, establishing a will, and how to ensure your loved ones are cared for.

Updating your estate plan

Your estate plan shouldn’t be a static document — as your life changes, so should your plan. It’s good practice to review it periodically and make any necessary changes. Learn more about what warrants a change.

Updating beneficiaries

How will your assets be divided up when you pass away? If you don’t name your beneficiaries — and update them regularly — they might not be divided out according to your wishes. Our expert gives a rundown on the best times to update the beneficiaries on all your assets and illustrates the importance of adding backup beneficiaries. Read on.

Millennials need wills too

Something we’ve seen throughout the COVID-19 pandemic is that more young people have started engaging in estate planning and putting wills in place. In this episode of our MoneyBetter podcast, host Caitlin Moore chats with guests Kara Brostrom, Andrew Loudon, and Nate Wieting about why you should make sure you have a will in place — and what could happen to your estate and family if you don’t. They also discuss items you need to include in your planning that you may not think of, including stock options, family businesses, and more. Listen here.

Estate plan road map

Is all your estate planning enough to cover your needs? We put together an easy to follow road map to ensure you’re on the right path. Learn more.

Yearly estate plan reviews

An estate plan isn’t a set-it-and-forget-it affair; in fact, it’s important to take stock of your plan on a regular basis and make sure that it still makes sense for what’s changed in your life. We’ve got some helpful pointers on why a yearly review of your estate plan might make good financial sense — especially if you’ve experienced any life-changing events throughout the year. Read more.

Estate planning through life's stages

From your early financial years through retirement, there isn’t a one-size-fits-all estate plan. Although each person’s situation is unique, there are general guidelines to follow through various life stages. We provide some guidance in this blog.

Five Principles of Financial Wellness

At UBT, we want to set you up for success in reaching your financial goals. Our five-part series covers important topics to help you understand your finances, plan for the future, and more, all tailored to your needs and where you might be in your financial journey.

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