We’ve all heard “you can’t take it with you when you go.” But you can and should do what you can to direct your assets to your heirs while reducing as many obstacles as possible. As advisors we often see assets that should have been seamlessly transferred, but for mistakes on titling of assets or problems with beneficiary designations. In one sad recent case, after the unexpected death of a client in his mid-fifties, we found there were substantial assets held at a previous employer. Unfortunately, the client had never changed his beneficiary and his ex-spouse of more than 15 years was still named as beneficiary and received the proceeds from the account. Your assets could be exposed to needless upset without good estate planning.
Did you know that in addition to being a CERTIFIED FINANCIAL PLANNER™ (CFP®) Tim is an attorney and has helped numerous clients create and maintain their Wills and Trusts? We are ready to provide Estate Planning services to ensure that your assets are transferred worry free. If you already have a Will and/or Trust, as a reminder, it should be reviewed every 3-5 years or, at a minimum, updated when a significant change takes place (i.e., purchase of a new home, divorce or death of a family member).
We hope this information is valuable to you and you will contact us if you or anyone you know could use our help with their Estate Planning.
Don’t miss our next issue of “Did You Know?” You may be able to generate higher income distributions from your investments than you thought.