Estate Planning: What Should I do? – 8 Tips: Estate Planning Basics

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Estate planning is a task that people tend to put off since we don’t like thinking about our own death. However, dying without having your financial affairs in good order risks leaving your heirs with some significant problems. Here are 8 things you can start doing now.

Estate planning is a task that people tend to put off since we don’t like thinking about our own death. However, dying without having your financial affairs in good order risks leaving your heirs with some significant problems. Here are 8 things you can start doing now

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Video Notes:
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TIP #1: Create a will if you don’t have one
Many people never get around to creating a will, not even buying a will-in-a-box at a stationery store or setting one up online. A solid will drafted with the guidance of an estate planning attorney may cost you more than a will-in-a-box, but it may prove to be some of the best money you have ever spent. A valid will may save your heirs from some expensive headaches linked to probate and ambiguity.

TIP #2: Complement your will with related documents
Depending on your estate planning needs, this could include a trust (or multiple trusts), durable financial and medical powers of attorney, a living will, and other items. You should know that a living will is not the same thing as a durable medical power of attorney. A living will makes your wishes known when it comes to life-prolonging medical treatments, and it takes the form of a directive. A durable medical power of attorney authorizes another party to make medical decisions for you (including end-of-life decisions) if you become incapacitated or otherwise unable to make these decisions.

TIP #3: Review your beneficiary designations

TIP #4: Create asset and debt lists

TIP #5: Think about consolidating your “stray” IRAs and bank accounts

TIP #6: Let your heirs know the causes and charities that mean the most to you

TIP #7: Select a reliable executor

TIP #8: Talk to the professionals

Sources:
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1. thebalance.com/why-beneficiary-designations-override-your-will-2388824
2. fool.com/retirement/2017/03/03/3-ways-to-keep-your-estate-out-of-probate.aspx
3. his material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

Disclosure:
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Weiss Financial Group is a registered investment advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities product, service, or investment strategy. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser, tax professional, or attorney before implementing any strategy or recommendation discussed herein. Insurance products and services are offered through individually licensed and appointed agents in all applicable jurisdictions. The advisers at Weiss Financial Group are not attorneys of a law firm but can provide guidance to the client’s other professionals.

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Comments

Josh Scandlen says:

Scott not sure if this is a one-off or not, but man, the optics, and audio, on this video are not nearly as good as when you were standing up with the mic on your lapel area. Just my opinion of course.

Owen Video says:

Oh man! This is exactly what I was looking for. Thanks Scott.

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