While it may seem more fun to plan a vacation or celebration, taking time to create an estate plan is among the most important things you can do for your loved ones. Estate planning benefits you by:
- Allowing you to choose distribution of your assets.
- Giving you the chance to name your children’s guardian in the event of your early death.
- Reducing taxes on what you leave behind.
- Minimizing the chances of family strife and legal battles.
The primary step of estate planning is designating beneficiaries for your assets, whether it’s a summer house or stock portfolio. Without an estate plan, the courts will often decide who gets your assets, a process that can take years, rack up fees, and be an emotional burden to your loved ones. After all, a court doesn’t know which sibling has been responsible and which one shouldn’t have free access to cash. Nor will the courts automatically rule that the surviving spouse gets everything.
If you are new to the concept of estate planning, it is easy to get overwhelmed, but don’t let that deter you. An easy place to start is with the basics:
- Update beneficiary information anytime by logging in to the EasyEnroll System.
- Click on “Select Benefits” and choose “Change in Dependent or Beneficiary Information” from the Life Events menu.
- You will also want to update your beneficiary information with your chosen retirement provider(s), either through your provider’s website:
- TIAA
24-Hour Service: (800) 842-2776 - Fidelity Investments
24-Hour Service: (800) 343-0860
- TIAA
- Prepare a will and funeral/burial wishes.
- If you have GW’s provided basic group life insurance, the LifeKeys® program provides access to a wide array of services including estate planning, identity theft resources and beneficiary support. Call 1-855-891-3684 or visit GuidanceResources.com (First-time users: Enter Web ID LifeKeys See the LifeKeys info on the Benefits Life&AD&D webpage).
- Assign a Power Of Attorney (durable and/or healthcare, depending on specific needs) who can assist with end of life activities and has your relevant estate documents (including Social Security Number and date of birth for a life insurance claim).
GW’s Wellbeing Hotline, also referred to as the Employee Assistance Plan (EAP), is another option to get the process started. This service provides legal and financial services, such as a free 30-minute consultation with an attorney. To access the Wellbeing Hotline, visit my.gwu.edu, click “Sign In” in the left corner. Under the “Working” section, select “Wellbeing Hotline” and you will automatically enter the site. Under the “Legal Tools and Forms” tab you’ll find a “Personal Document” section with templates for Living Trusts and Wills.
