Phillips 66 Legacy Planning: 16 Essential Estate Tasks Before You Pass

Healthcare Provider Update: Healthcare Provider for Phillips 66 Phillips 66 offers healthcare coverage through multiple providers, primarily Aetna and Blue Cross Blue Shield (BCBS), depending on the employee's home ZIP code. Employees also have access to a Kaiser HMO option if they live in designated areas of California or Washington. The medical plans include comprehensive coverage for various healthcare services, including preventive care, regular checkups, mental health, and substance use disorder treatments. Potential Healthcare Cost Increases in 2026 Healthcare costs for Phillips 66 employees can be expected to rise significantly in 2026, reflecting broader trends impacting the Affordable Care Act (ACA) marketplace. As major insurers are filing for rate increases that may exceed 60% in certain states, Phillips 66 employees could face steep hikes in out-of-pocket premiums, especially if federal subsidies are not extended. The combination of escalating medical costs and the potential loss of enhanced subsidies means many employees may see their premium costs increase substantially, leaving them with difficult choices regarding their healthcare coverage amidst these changing economic conditions. Click here to learn more

'Estate planning is essential for Phillips 66 employees nearing retirement to make sure their assets are properly allocated and their legacy is preserved, reducing future complications and optimizing the smooth transfer of benefits like retirement accounts and life insurance policies.' – Wesley Boudreaux, a representative of The Retirement Group, a division of Wealth Enhancement.

'By prioritizing estate planning, Phillips 66 employees can safeguard their retirement benefits, streamline the management of their assets, and confirm their loved ones are well cared for, ultimately providing peace of mind during the retirement transition.' – Patrick Ray, a representative of The Retirement Group, a division of Wealth Enhancement.

In this article, we will discuss:

1. The importance of estate planning for Phillips 66 employees nearing retirement

2. Key steps for organizing and managing your assets, including retirement accounts and insurance

3. Common mistakes to avoid in estate planning and the benefits of starting early

The process of making arrangements for the administration and allocation of a person's assets upon their passing or in the case of incapacitation is known as estate planning. You can make sure your affairs are handled appropriately, your loved ones are cared for, and your wishes are respected by taking a few preparatory actions. From drafting a will to using key legal instruments to manage your financial and medical decisions, estate preparation entails a number of steps. For Phillips 66 employees nearing retirement, making these steps a priority is particularly important given the scope of benefits and accounts involved. To make sure your estate plan is in order, here is a checklist of 16 things to consider as part of  your estate planning process.

Important Takeaways:

• Make sure your estate plan is carried out smoothly by keeping track of all your assets and wishes. It may help to keep thorough written lists and let your estate administrator know where they are.

• To facilitate a smooth transfer of assets, designate named beneficiaries on insurance policies, retirement funds, and other accounts.

1. Inventory Your Assets

Phillips 66 employees should begin by listing all tangible assets. This includes items such as your house, vehicles, tools, jewelry, and personal collections. Don’t forget items of sentimental value like family heirlooms and photo albums.

2. Keep Records of Your Intangible Assets

Beyond physical possessions, Phillips 66 retirees should gather documentation for 401k accounts, IRAs, life insurance, and Phillips 66 benefit accounts. Include institution names, account numbers, and storage locations for any paper documents.

3. Compile a Debt List

List your outstanding debts such as mortgages, credit cards, HELOCs, and personal loans. Include all necessary details so your estate administrator can quickly identify and resolve any liabilities.

4. Create a Membership List

Whether you’re part of Phillips 66 alumni associations or other organizations, list all affiliations that could provide life insurance, survivor benefits, or charitable giving connections.

5. Make Copies of the Lists You Have

Keep at least three copies: one for yourself, one for your estate administrator, and one in a secure location such as a fireproof safe or safe deposit box. Phillips 66’s employee resource centers may offer guidance on document storage.

6. Examine Your Retirement Funds

Phillips 66 offers a variety of retirement plans. Confirm that your 401k, pension plans, and life insurance policies have updated and correct beneficiaries, especially after life events like marriage or divorce.

7. Revisit Your Policy

Review annuity and insurance policies to make sure your heirs receive benefits without delays. Phillips 66 life insurance plans may be a key part of your legacy, so keeping this documentation up to date is critical.

8. Permit Designations for “Transfer on Death”

For Phillips 66 employees with brokerage or savings accounts, designating a TOD beneficiary can reduce the burden of probate. This applies to certain accounts depending on your state’s laws.

9. Select a Trustworthy Estate Administrator

Choose a dependable person who can handle the complexity of your estate. For Phillips 66 employees, this might be someone familiar with handling corporate benefits and related tax forms.

10.  Write Your Will

Draft a will that covers distribution of your assets, guardianship of minor children, and care of pets. A clearly written will is essential in avoiding confusion, especially when Phillips 66 retirement benefits are involved.

11. Examine Your Documents Frequently

Revisit your estate documents at least every two years or after major life changes to make sure they align with your current financial and family situation.

12. Make a Copy for Your Administrator

Make sure your estate administrator has access to the original will and is informed of its location. Only the original can be submitted to probate court.

13. Speak with a Financial Planner or Estate Attorney

In addition to speaking with any retirement advisor provided by Phillips 66, take time to consult with an independent estate attorney to assess your unique family, financial, and tax planning needs.

14. Simplify Your Finances

Phillips 66 retirees often accumulate multiple retirement accounts from past employers. Consolidating them into one IRA can make future management more efficient.

15. Complete Any Other Vital Records

Documents like a durable power of attorney and a health care proxy allow decisions to be made on your behalf by someone you trust. Phillips 66 resources may help guide employees to legal support services for drafting these forms.

16. Make Use of College Funding Accounts

If you wish to help your grandchildren, setting up a 529 plan can benefit them while also helping reduce your taxable estate. Many Phillips 66 employees use these tools to support the next generation.

Typical Errors in Estate Planning

Failing to plan altogether is a major error. Not naming contingent beneficiaries or neglecting to update documents after major life events can create confusion and delay. Phillips 66 employees should take care to communicate their wishes clearly and review documentation often.

The Dangers of Living Without an Estate Plan

Without a clear estate plan, your assets could be tied up in probate. This process may delay access to Phillips 66 retirement benefits and increase legal costs for your heirs.

The Bottom Line

Though estate planning can seem overwhelming, especially for long-tenured Phillips 66 employees with layered benefits, starting now offers peace of mind. Early planning helps reduce future complications, allows for thoughtful giving, and helps preserve your legacy.

According to a 2020 study from the  National Institute on Aging , nearly 70% of Americans over age 65 will require long-term care. These costs can significantly reduce a retirement estate. Including long-term care insurance in your planning helps manage these risks and preserve your lifestyle and legacy.

Conclusion

Use this checklist to build a solid estate plan. From naming beneficiaries and cataloging your assets to preparing legal documents and discussing end-of-life preferences, every detail matters. Estate planning is like preparing for a major expedition—you want the right gear, a clear path, and a well-considered map. Thoughtful preparation today means fewer detours for your loved ones tomorrow.

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Sources:

1. Segal, Troy. 'Estate Planning: 16 Things to Do Before You Die.'  Investopedia , 16 Jan. 2025,  https://www.investopedia.com/articles/retirement/10/estate-planning-checklist.asp .

2. 'Estate Planning Checklist.'  Charles Schwab ,  https://www.schwab.com/estate-planning/estate-planning-checklist .

3. 'Estate Planning Checklist: Five Tasks to Prioritize.'  Kiplinger ,  https://www.kiplinger.com/retirement/estate-planning/602219/estate-planning-checklist-5-tasks-to-do-now-while-youre-still .

4. 'Estate Planning Mistakes to Avoid for Retirees and Pre-Retirees.'  Goldstone Financial Group ,  https://www.goldstonefinancialgroup.com/essential-estate-planning-mistakes-to-avoid-for-retirees .

5. 'Estate Planning Checklist: 7 Key Steps To Making A Successful Plan.'  Bankrate ,  https://www.bankrate.com/retirement/estate-planning-checklist .