Too often, people make estate planning mistakes simply because they don’t know what to do or how to do it. Today, we will explore the technical and real-world aspects of creating an effective estate plan.

Estate planning includes completing legal documents such as a trust, will, financial and general power of attorneys, medical directives, etc. Depending on the state you live in, additional documents may be required. An estate plan is a critical element of an effective financial plan.

Unfortunately, many people believe they are done once they complete the legal documents, but that is not the case. As a result, their assets may not pass to their intended beneficiary, or their heirs may be forced to pay for expensive probate proceedings.

The next critical step is to ensure that your assets mirror the intentions of your estate plan. This requires that you title assets correctly. Some assets, such as real estate and automobiles, pass via title. Others, such as IRAs, 401(k)s, life insurance, and annuities, pass at your death via the beneficiary designation.

Coordinating this entire process can be laborious and even confusing. For this reason, always consult with a qualified attorney and financial advisor to ensure it is completed correctly.

Wealth Inside and Out® Podcast: “Real Time Estate Planning Mistakes to Avoid”

In this episode, you will learn:
>> (3:57) What is an estate plan? And why it is so important.
>> (4:49) What you must do after you complete your estate plan and why it is so critical
>> (5:17) What happens when you don’t have your estate plan set up properly
>> (6:62) How assets pass if you don’t correctly title assets
>> (14:40) The threshold when someone should consider setting up a trust
>> (16:18) What is intestacy, and how it impacts your estate
>> (20:40) Real-world estate planning stories and the impact on the heirs
>> (21:57) Why the test run retirement is so critical
>> (35:57) What to do if you have a more significant estate

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Disclosure

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This information is for educational purposes only. It is not intended to replace the advice of any advisor or specialist, nor to provide investment, financial, tax, retirement, planning, or healthcare advice.

Always consult with a qualified professional before making any financial decisions or changes.

To your financially secure life,

Annette