If you wish to leave behind a meaningful legacy, be it for loved ones or a charitable institution, you need to put a well-thought-out estate plan in place. Having an estate plan is paramount in ensuring your estate is handled according to your wishes. You, your financial professional, and your estate planning attorney work together in reviewing your situation so your estate will benefit the people and charities you care about most and HOW you would like to distribute the benefits.

Things to Consider When Estate Planning

  • Will education: It’s beneficial to work with an appropriate financial professional to help you clarify how the goals of your assets so your legal team can create a document that reflects how you want your estate disposed of and distributed…ranging from a simple will to a testamentary will, or joint wills and living wills.
  • Creating Powers of Attorney (POA): Whether it’s to manage your finances such as investments, bank accounts, and real estate holdings, or to help others make health care decisions if you are ill or incapacitated, you need a POA in place to ensure your wishes are followed. A well-crafted POA will also smoothen how decisions about your final arrangements, and those related to your estate, are taken care of once you pass.
  • Designating beneficiaries: If you don’t choose beneficiaries for your assets carefully, your estate assets might end up in probate court and in the hands of individuals that you never intended should benefit from them. This applies for life insurance, investment accounts, retirement plans and more.
  • Estate protection & Choosing executors: Even after you pass, many of your assets – such as long-term investments and property – will likely need protection and management until they are disposed of and their proceeds are distributed to your beneficiaries. The executors of your estate wield strong powers that handle this process. Choosing an executor(s) for your estate, and what criteria you should consider when appointing someone to this all-important role – especially if minor children/guardians are involved is extremely important and usually requires consultation with your financial professional and estate attorney.

Want a personalized approach?

Let’s take your Estate Planning Blueprint to the Next Level...

Contact Me at The Harris Group Wealth Management