Summer’s here and while you’re planning vacations and barbecues, one of the best things you can do is protect your estate. Because let’s be real, your family probably wants the fortune you’ve built over the chicken you’re grilling.
Unfortunately many people leave behind a financial mess that the courts end up making decisions over so decisions you make NOW will save your loved ones from issues later.
Here are 3 simple steps to protect your assets and plan for the next generation:
1. Review Your Estate Planning Documents
Check your Will, Power of Attorney, and Trust documents to ensure they’re up to date. Ensure that the people you’ve listed (executors, trustees, guardians, beneficiaries) are still your preferred choices for your assets to go to. If you haven’t reviewed these in 3+ years, it’s time. AND if you don’t have any of these documents, reach out and we can send you a list of attorneys to work with.
2. Confirm Account Titling & Beneficiaries
Remember, beneficiary designations on retirement accounts and insurance policies override your Will, so make sure they’re correct.
A single misspelled name or outdated beneficiary can cause major complications. Check the spelling and titling of all named beneficiaries, update any name changes, and add or remove individuals as life circumstances evolve.
3. Review Your Insurance Policies Confirm your policy amounts are sufficient to cover your family’s current and future needs, update beneficiaries, and evaluate whether you need additional coverage such as long-term care. Especially if your assets or family situation have changed.
You’d be surprised how much money is saved with having the right policy in place. If you need help exploring your options, reach out to one of our advisors HERE and we’ll walk you through the best strategy for you.
A little intentionality now can save your family years of stress, legal fees, and uncertainty down the road.