Ask Your Financial Advisor Fiduciary About Estate Planning

Delaying estate planning arrangements causes unnecessary heartache for grieving survivors as they lose their inheritance in probate. Immediately after the death of a loved one, emotions run high. Then inadequate planning invariably leads to confusion and chaos. So, putting your estate in order with your financial advisor fiduciary ensures your assets are passed to your appointed heirs, not the government.

Death and taxes are inevitable, so it is best to have your estate in order when the inevitable happens. Family circumstances quickly escalate because of improper estate management. So now is the time to secure your estate and your peace of mind to provide your family security to manage the future in your absence.

Your Financial Advisor Fiduciary Can Help – Where is Your Paperwork?

You have life insurance for the protection of your heirs and to take care of each family members’ financial needs. Also, you arranged investments and your other financial accounts specifically to help your loved ones be more secure in their futures.

Of course, if something happens to you, your family needs to have access to those accounts and all your estate planning documents. Your family needs to know where to go, who to call, what to do, and also how to get the information they require.

Begin preparing now for your family members’ future with the storage of your financial info and any legal documentation in a secure place. Then, be sure to inform designated individuals about where and how to access that information. Supply them with your login user names and passwords for your online accounts.

This is a basic estate planning checklist. So, ask your financial advisor fiduciary to personalize one for your specific situation.

• Have you written a will?
• Where is it kept? How can it be accessed?
• Where do you keep your health-care documents? Do you have a living will?
• What about any other financial papers?
• Are your beneficiary forms easily accessible?
• When did you last reassess your life insurance? Is it adequate? Is it of the appropriate types?
• Have you arranged to cover any estate taxes or potential additional fees?
• Have you written a letter of instruction? Where is it?

What About a Memorial Service?

A discussion with your family about a memorial service can comfort and reassure all, especially during times of Covid-19 group limits. Many families are making two plans for possible memorial services. One for if there are no restrictions on group sizes and one for if there are limits in place. Some families even have back up plans for “virtual memorials” to eliminate any need for travel or risk to those attending. Ideally, a memorial should suit your personality and reflect your life.

Include in your estate planning some details about funeral or memorial services based on your circumstances. Spend some time shopping for memorial services the same way you would for any other major purchase.

• Always compare prices. You have more options when you preplan. Services planned at “time of need” are more chaotic and end up being more expensive.
• Ask for a quote. The law requires funeral homes to provide written price quotations.
• Watch for the sales pitch because emotional presentations offer incredible temptation. Don’t buy funeral services you (or your family) don’t need. Your emotions can lead you to overspend.
• Check your state’s legal requirements. Know your rights.

Planning ahead allows you to comparison shop and create the memorial service that best suits you and your family.

Where Do You Look for Help? Your Financial Advisor Fiduciary Can Help

Your financial advisor fiduciary can also provide insight, information, and guidance. That way, you get the help you need to overcome obstacles and the challenges you face as you confront one of the most crucial series of decisions in your life.