Estate Planning

An estate plan is simply this: Knowing what happens to all of your assets during incapacity or after death. Those assets can include anything from stocks, insurance, and pensions to cars, homes and even debt. That’s why it is vital to have a plan in place long before it is needed. Since most of us don’t know when that will be, now is the time to put together a solid course of action.

Heartland Bank and Trust Company’s Wealth Management Division has the tools and expertise to help you navigate the complexities of estate planning. Our team members offer decades of combined experience in trust and estate administration. We will work closely with you and your attorney to develop the estate plan that helps you achieve your objectives.

Let our team of experts help you get started today.

Navigating the Terms

During the estate planning process, you will hear a lot of terms that you may not recognize. Educate yourself on the most common with this useful glossary of terms.

Glossary of Terms

Last Will and Testament

A Last Will and Testament is a written legal document that details what will happen to your solely owned property and possessions at death. Once completed, you can either revoke or make changes to your Will by amending it. These amendments are called codicils and they can be added prior to death as long as you are physically and mentally able. Your Will appoints an Executor to administer your estate.

Executor

This individual or institution is named in a Will, and is in charge of ensuring all debts for the decedent are paid and the assets are distributed per the will. It’s a big job for one person, which is why Heartland Bank and Trust Company can be an important ally as Executor of your Will.

Guardian

One of the most important things you can do is make sure your young children are taken care of if something were to happen to you. This starts with appointing a trusted person in your Will to act as Guardian for your minor children. They are confirmed by the court and their role is to care for your kids. Appointing a Guardian is a big decision that should be discussed with the person you choose for this role.

Administrator

When you don’t create a valid Will, your resident state laws will determine who receives your property. The court will appoint an Administrator, who will settle your estate and determine distribution. This may leave out individuals to which you had hoped to endow items.

Probate

Probate is the first step in administering a Will. It begins in Probate court, where the Will is filed and validity confirmed. Probate is also the time the Executor is officially appointed by the court. Depending on the size of the estate and the manner of the will, Probate can last a few months or years.

Pour-over Will

A Pour-over Will is simply a type of Will that takes the property of a deceased individual and transfers it over to an existing trust account. A Pour-over Will is beneficial for individuals that have created living trusts for children or relatives, as it works hand-in-hand with the trust account to have assets consolidated together.

Heartland Bank and Trust Company's Wealth Management Division is a trusted partner for many clients who utilize our skills and knowledge to serve as Executor of their estate and successor trustee of their trust. We pride ourselves in professionalism, confidentiality and a thorough approach – ensuring your legacy remains exactly as you had planned.

Contact one of our professional Wealth Advisory Team Members today!