New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

NiSource Legacy Planning: 16 Essential Estate Tasks Before You Pass

'Estate planning is essential for NiSource 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, NiSource 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:

The importance of estate planning for NiSource employees nearing retirement
Key steps for organizing and managing your assets, including retirement accounts and insurance
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 NiSource 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

NiSource 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, NiSource retirees should gather documentation for 401k accounts, IRAs, life insurance, and NiSource 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 NiSource 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. NiSource’s employee resource centers may offer guidance on document storage.

6. Examine Your Retirement Funds

NiSource 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. NiSource 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 NiSource 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 NiSource 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 NiSource 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 NiSource, take time to consult with an independent estate attorney to assess your unique family, financial, and tax planning needs.

14. Simplify Your Finances

NiSource 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. NiSource 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 NiSource 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. NiSource 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 NiSource retirement benefits and increase legal costs for your heirs.

The Bottom Line

Though estate planning can seem overwhelming, especially for long-tenured NiSource 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.

Featured Video

Articles you may find interesting:

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 .

As an employee of National Grid, what are the key eligibility criteria for participating in the Pension Plan specifically for Niagara Mohawk Power Corporation employees? How might these criteria impact your personal retirement planning and the benefits you expect to receive upon retirement from National Grid?

Eligibility Criteria for Niagara Mohawk Pension Plan: Employees of Niagara Mohawk Power Corporation who are represented by Local Union 97 of the IBEW and work at least 20 hours per week or accumulate 1,000 hours in a Pension Plan year are eligible. Participation begins automatically on the first day of employment. These criteria directly impact retirement planning by determining when employees begin accruing pension benefits and how much they will receive at retirement(National_Grid_2023_Niag…).

Within the framework of the National Grid Pension Plan, how does the cash balance formula work in calculating retirement benefits, and what implications does this have for employees of Niagara Mohawk Power Corporation when considering their long-term financial outlook?

Cash Balance Formula: The National Grid Pension Plan for Niagara Mohawk employees uses a cash balance formula that provides monthly pay-based credits (starting at 4% and increasing with years of service) and interest credits. These accumulate in a hypothetical account, growing until retirement, allowing employees to track their retirement benefits much like a savings account. This formula impacts financial outlook by providing predictable growth tied to service and pay(National_Grid_2023_Niag…).

For employees at National Grid, what are the specific rights and options available during the pension benefit application process? How do these rights protect the interests of individual employees and ensure they receive fair treatment under the Niagara Mohawk Pension Plan?

Pension Benefit Application Process: National Grid employees must apply for their pension benefits by submitting the required forms at least 90 days before retirement. Spousal consent is required if opting for any form of payment other than the default. This ensures employees understand and select the best payment option for their circumstances, protecting their interests under the Niagara Mohawk Pension Plan(National_Grid_2023_Niag…).

Given the different types of credits that contribute to the pension benefit for employees of National Grid, how are Pay-based Credits and interest credits calculated? What strategies might Niagara Mohawk Power Corporation employees employ to maximize these credits before retirement?

Pay-based and Interest Credits Calculation: Pay-based credits are determined by years of service, starting at 4% of pay and increasing to 8% after 20 years. Interest credits are based on an annual interest rate tied to the Treasury securities and corporate bond rates. Employees can maximize these credits by continuing to work and contributing to their pension balance(National_Grid_2023_Niag…).

How do pension benefits work for Transition Group Employees specifically within National Grid's framework, and what unique provisions apply to them under the Pension Plan as compared to regular employees of Niagara Mohawk Power Corporation?

Pension Benefits for Transition Group Employees: Transition Group Employees under the National Grid Pension Plan have benefits calculated using both the former final average pay formula and the cash balance formula, with the greater benefit being paid out. This differs from regular employees who only receive benefits calculated under the cash balance formula(National_Grid_2023_Niag…)(National_Grid_2023_Niag…).

What are the repercussions for National Grid employees in terms of benefit loss or limitation if they have not met the Vesting requirements under the Niagara Mohawk Pension Plan? How can understanding these repercussions influence an employee's decision-making regarding their career and retirement?

Impact of Vesting Requirements: Employees must complete three years of service to become vested in the Niagara Mohawk Pension Plan. If they leave before vesting, they lose all accrued pension benefits. Understanding vesting requirements is crucial for career and retirement planning, as it ensures employees retain their pension benefits if they meet the criteria(National_Grid_2023_Niag…).

As a current employee at National Grid, what does the termination of the Pension Plan imply for accrued benefits under the Niagara Mohawk Pension Plan? Specifically, how do federal protections through ERISA and the Pension Benefit Guaranty Corporation come into play for employees seeking assurance regarding their retirement funds?

Termination of Pension Plan and Federal Protections: If the Niagara Mohawk Pension Plan is terminated, accrued benefits are protected by ERISA and insured by the Pension Benefit Guaranty Corporation (PBGC). Employees can feel assured that their benefits will be secured up to the PBGC's limits in case of plan termination(National_Grid_2023_Niag…).

How does the National Grid Pension Plan accommodate the unique situations of employees during times of disability or military service, and what steps should Niagara Mohawk Power Corporation employees take to ensure their benefits continue during these periods?

Disability and Military Service: Niagara Mohawk employees receive service credits during periods of disability or military leave, ensuring continuous pension accrual. Employees should ensure their disability or military status is properly documented with the company to avoid interruptions in their pension benefits(National_Grid_2023_Niag…).

When considering the various forms of pension payments available to retirees from National Grid, what are the potential advantages and disadvantages of choosing an annuity versus a lump-sum payment for employees from Niagara Mohawk Power Corporation?

Annuity vs. Lump-Sum Payment: Retirees at National Grid have the option to choose between an annuity, providing a steady income for life, or a lump-sum payment. The annuity provides financial stability, while a lump sum offers flexibility. The choice depends on individual financial needs and retirement goals(National_Grid_2023_Niag…).

For those looking to gain further clarity on the nuances of the Niagara Mohawk Pension Plan, what are the most effective ways for employees to contact National Grid for assistance? How can engaging with the Pension Service Center enhance an employee's understanding of their benefits and rights?

Contacting National Grid for Pension Assistance: Employees seeking more information about their Niagara Mohawk Pension Plan can contact the National Grid Pension Service Center or use the online pension modeler. Engaging with the Pension Service Center provides personalized guidance, helping employees understand their benefits and make informed decisions(National_Grid_2023_Niag…).