The Importance of Estate Planning

The Principle:

Estate planning is, when it comes down to it, one of the most important things you can do when it comes to your finances. Do you have a plan for your assets and portfolio after you pass away? Or are you hoping your loved ones figure it out for you?

(Want to jump ahead in the episode? Click the featured times below to skip to a specific section.)

Honest Takes:

Recently, celebrity Ricky Gervais said he was going to let his family fight over his money after he dies. While we hope he’s joking, the scary thing is, estate planning often gets overlooked when it comes to financial planning.

Not having a plan can create some hard feelings and confusion for the people you leave behind. It could cause unnecessary family drama or result in things going differently than you would have hoped. People who don’t have kids or family may choose to give it to charity. Regardless of what you say you’re going to do, if it isn’t written down in a will and estate plan, it doesn’t matter.

Final Answer:

Having a financial plan that considers about all of the areas of your life is vital. More than just having someone who helps you with investments, you want a financial advisor who can see all of your financial goals (now and later) as well as consider your estate plan and taxes. Not many advisors look at all aspects, but having an integrated plan will serve you well over the years.

Ask what options you have when it comes to how your money is divided up. You may not relish talking about it now, but it will save your family a lot of trouble later on.

Listen to the full episode or click on the timestamps below to hear a specific segment.

[0:30] – Ricky Gervais says he’s going to let all of his family fight over his money and not prepare a will.

[1:29] – Not having an estate plan can create confusion or pain later on.

[2:52] – One option for your estate is to give to a charitable remainder trust.

[3:41] – Jennifer Lopez recently did a movie where she wasn’t paid for her acting, but she planned to make money as a producer.

[4:30] – Planning takes time.

[6:16] – Security is important for everyone when it comes to you and your assets.


Today’s Truth:


The Host:

Brian Bowen – Contact

An important part of retirement and financial planning is having an estate plan in place. Brian Bowen and his team at Integrity Financial Planning will help you through the estate planning process