Handle estate planning

Estate planning minimizes taxes and maximizes the amount of your estate that goes to your heirs.

Why do you need a will and other estate planning instruments?

  • You designate who raises your minor children should something happen to you and your spouse.
  • If you don't have an estate plan, your state has plans for your estate. If you die without a will, the state decides who receives your assets.
  • Your heirlooms will go to the people you designate. Without a will, conflicts among family members may arise.
  • You can safeguard your estate even if you become incapacitated by designating someone to act on your behalf.
  • A living will spares your family difficult end-of-life decisions.
  • Having your estate in order helps your family when you die by relieving them of additional stress.
  • You can support your favorite charity by making a gift from your estate.

Beneficiary designations

Check to make sure you've designated primary and secondary beneficiaries for your IRAs, employer retirement plan benefits and annuities. You can provide for your retirement benefits to pass directly to the person or persons you want without being subject to probate, the court-supervised process that is often time consuming and can be expensive.

Leaving a legacy

If you don't expect to need all of your retirement savings, you may want to consider structuring your IRA as a legacy for children and/or grandchildren. You may be able to designate your beneficiaries in ways that will allow them to take life-expectancy-based withdrawals after your death, which may:

Next steps

Work with your financial advisor and estate planning and tax advisors to create an estate plan that meets your needs.

Invesco does not provide tax advice. Federal and state tax laws are complex and change frequently. The information provided is based on tax laws currently in effect, which are subject to change. There is a possibility that this tax legislation will be amended or repealed in the future. You should always consult your own legal or tax professional for information concerning your individual situation.