Some Estate Planning Basics

Easy Steps You Can Take Now to Protect Your Family

December 2015

Estate planning isn't the cheeriest subject, so it's no surprise that many Americans don’t even have a will. People may be focused on short-term savings, believe it’s too expensive to hire an attorney, or simply don’t understand the importance of estate planning. Although Ally Bank doesn't offer services specifically designed for estate planning, part of our mission is to provide you with information that helps you make informed financial decisions. Estate planning is an important part of your overall financial health.

The experts we've talked to say that if you want the people you love to inherit your money with a minimum of hassle, taxes and legal intervention when you take your final bow, you need to brush up on the basics of estate planning. For some people—often those with relatively uncomplicated property ownerships—a good will is all you need. For others—including those with a significant amount of wealth, those with children who are minors, or those who think would-be heirs might challenge the arrangements—trusts may be a better idea.

For many people, the best way to do this is by working with a lawyer or another expert who knows all the ins and outs of your state's laws. To find someone in your area trained in estate planning, you might visit Estate Planning Answers from the National Association of Estate Planners & Councils. It's also possible to do some estate planning yourself. For example, Nolo Press sells do-it-yourself books and software that cost $70 or less.

Wherever you are in the estate planning process, consider that Ally Bank offers a variety of banking products from checking to savings products and even IRAs—all at interest rates that are consistently among the most competitive in the country. Learn more at Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.

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