Sitting down with an attorney to establish your estate plan may sound frightening. Estate decisions are tough and emotional, which makes this crucial part of your financial plan very easy to procrastinate. However, delaying this important part of your financial plan has even scarier results.
Without an estate plan in place, the assets inside your estate are directed through probate. Probate is the legal process in which the court reviews assets within an estate and determines the inheritors. It is also public information. A living will is used by the court to direct the property according to the decedent’s wishes. Establishing a trust will allow your estate to bypass the probate process entirely.
State law will dictate where and how your assets are passed on if no will or trust is in place. The same applies to minor children, meaning the court has power to appoint a guardian over your kids. Most people do not want the government making these critical decisions for them. To guarantee your wishes are executed properly, establishing an estate plan is key. But where do you start?
First things first, don’t overcomplicate things. After meeting with your attorney for the first time, your head may be spinning. The options are endless when it comes to estate transfer strategies. However, keeping a high-level perspective during the process will alleviate the daunting view. Rely on your financial advisor to guide you through the process. Our advisors at Adams Wealth are happy to be a sounding board for ideas and strategies.
Keep in mind that decisions regarding estate planning don’t have to be permanent. You may reserve the right to change your wishes at any time. Start by establishing a base plan, and refine the minute details later. Remember that finished is better than perfect.
Once your estate plan is complete, plan on dusting it off every few years for a review. In the meantime, live without fear knowing your family and legacy are taken care of.
Members of our team are ready and happy to help walk you through this process or answer any questions you might have. You can schedule an in-person or virtual meeting with an advisor by giving us a call at (435) 752-1702.
Adams Wealth Management is a registered investment adviser. 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, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Jaeden , CFP®, CPA, NSSA®
Wealth Advisor
Jaeden joined the team in 2018 and has loved working closely with clients to develop and execute financial plans. She…
