No one wants to think about death but thinking about how your assets will be handled when you’re gone is a necessary part of life. Effective estate planning can leave you in control of your hard-earned money and investments, but it can also make the process clear and efficient for your heirs. Using the checklist provided today will help you make all the considerations you need for your estate plan.
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The discussion of death is one that many of us want to avoid as long as possible but having that conversation throughout the financial planning process will benefit you and your family.
Think about the long hours you’ve worked and how much time you’ve put into investing for the future. Don’t let that thoughtfulness get wasted when you’re gone. By making proper estate plans now and keep them updated throughout your life, your assets will provide security for the people you choose in the way you prefer.
In this episode of Solving the Financial Puzzle, Dan Cuprill provides great insight into the entire estate planning process along with a checklist that you will walk you through each important step. Whether you’ve made plans already or you’re just looking into it for the first time, there’s a lot of valuable information about passing an inheritance, power of attorney, beneficiaries, will vs a trust, the expected cost for this planning, and more.
Using this checklist will allow you to make sure your t’s are crossed and your i’s are dotted, and that will give you the peace of mind that allows you to enjoy life the way it was intended.
Listen to this episode to find out more and use the timestamps below to skip ahead to specific segments of the podcast.
[1:00] – Why are we talking about death?
[3:54] – If you don’t have a written estate plan yet, well there’s good news and bad news.
[5:08] – Checklist Item #1: When was the last time you had an estate plan done?
[7:35] – Do you have an appropriate power of attorney and/or backup for that?
[8:40] – Your assets won’t necessarily pass according to your will. Here’s why.
[9:58] – Story about a child of a client who recently dealt with an inheritance that didn’t pass through the trust like they expected.
[10:59] – Should I have a will or should I have a trust?
[12:39] – How you can avoid probate without a trust.
[14:16] – Making sure your assets are titled correctly.
[15:51] – Discussion turns to beneficiary designation.
[16:33] – Life milestones that become good times to update your estate plan.
[17:42] – Taxes at death that could impact heirs.
[20:52] – Who can you go see for estate planning?
[22:01] – Expected costs for estate planning and why paying a little more might benefit you.
The Full Picture:
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