After spending so much time saving up a nest egg, do you have a plan for your financial legacy? Do you have a proper estate plan in place?
(Want to jump ahead in the episode? Click the featured times below to skip to a specific section.)
Gone are the days of simple estate plans. Between complex portfolios and blended families, there is a lot that can go into an estate plan. What do you need to do to take care of your financial legacy?
Start by knowing where your assets are. Consider what options you have with a trust. Then put together an estate plan to ensure everything is taken care of when you’re gone. Believe it or not, a lot of people do not have a proper estate plan in place. Whether it’s because they don’t know where to go or they don’t understand the importance of it, being without an estate plan can be a costly mistake.
When you do an estate plan, you might think you’re done after signing the will and trust with the attorneys. Think again! You’ll need to make sure your accounts are updated and make sure your real estate is accounted for.
Estate planning might seem like a lot of tedious paperwork, but think about it for what it really is: a love letter. This is your way of taking care of your family when you’re gone. You’ll want to work with a professional now to make sure this is done correctly, because every situation is different. Don’t just bank on a Social Security representative to help in the case of a surviving spouse later on. Lay out what you want to happen with your assets when you’re gone for the sake of your family in the future and for your peace of mind in the present.
Listen to the full episode to hear more about estate planning or click on the timestamp below to hear a specific segment. Either way, make sure to take care of this important part of your financial plan today!
[0:15] – Estate planning used to be simple. What should people do about their financial legacy?
[1:17] – If you put assets in a trust, then they should go to who you want them to.
[3:50] – A trust or an estate plan is basically like a love letter.
[5:02] – When estate planning, make sure to lay out all of your information about your assets and accounts.
[5:57] – Mary Beth Franklin says on Morningstar News that this becomes even more complicated after you lose a spouse.
Brian Bowen – Contact