Immediately following the death of a loved one, emotions generally run high, which can lead to confusion and chaos.[i] Delaying making estate planning arrangements may cause unnecessary hardship and grieving survivors to lose portions of their inheritance in probate.
“Tis impossible to be sure of any thing but Death and Taxes,” wrote Christopher Bullock in his 1716 book, The Cobler of Preston.
Your assets will go to your appointed heirs as opposed to the government when you put your estate in order.
When the inevitable happens and your estate is not in order, circumstances can turn sour. Proper management of your estate may provide you with the peace of mind now and give your family the security to manage their future in your absence.
Where is the paperwork?
You obtained life insurance to protect your family and to take care of family members’ needs. You may have arranged your investments and other financial accounts to help your loved ones live more secure futures.
Obviously, if something were to happen to you, your family would need access to your accounts and your estate planning documents. They would need to know where to go, what to do, and how to obtain the necessary information.
Prepare now for your family’s future by storing your financial information and your legal documents in a safe place. Inform designated loved ones where and how to access login information and passwords to online accounts.
Here’s an estate planning checklist:
Do you have a will?
Where do you keep it?
Where are your health-care documents?
What about your other financial paperwork?
Are the beneficiary forms accessible?
Is your life insurance adequate and is it the appropriate type?
Have you made arrangements to cover your estate taxes or other potential fees?
Do you have a written letter of instruction?
What about your memorial service?
Discuss with your family the type of memorial service you’d like to have. Ideally, you’d like one that suits your personality and reflects your life.
While the idea of talking about your funeral may seem uncomfortable, once finished, most families find these types of discussions comforting and reassuring.
Here are some estate planning tips to help you find the best funeral services for your circumstances:
Get a quote. Funeral homes are required by law to provide written price information.
Resist the temptation—or the sales pitch—to buy services you don’t need.
Don’t let your emotions lead you to overspending.
Know your rights. States’ legal requirements vary.
Shop for memorial services in the same manner as you would with other major purchases.
Plan ahead, which allows you to comparison shop.
Where can you find help?
Financial professionals can provide you with insight, guidance, and information to help you overcome the obstacles and challenges that you may confront as you develop one of the most important plans in your life. While most financial professionals are not attorneys, they do work closely with experienced legal and tax professionals to give you the peace of mind to ensure your end-of-life concerns are put in order.
If you have financial questions or are making estate planning preparations, contact us today!
Important Disclosure Information
Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Dechtman Wealth Management, LLC [“DWM”]), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from DWM. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. DWM is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the DWM’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request or at www.dechtmanwealth.com.
Please Note: DWM does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to DWM’s web site or blog or incorporated herein, and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.
Please Remember: If you are a DWM client, please contact DWM, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. Unless, and until, you notify us, in writing, to the contrary, we shall continue to provide services as we do currently.
Please Also Remember to advise us if you have not been receiving account statements (at least quarterly) from the account custodian.
"*" indicates required fields