Estate planning includes making a plan to transfer your wealth according to your wishes, but it also includes making other plans regarding your life. For example, you can set up a will or a trust, but you may also draw up powers of attorney and medical directives. Your estate plan is all about getting your affairs in order, ensuring your loved ones know what you want when the time comes.
We’re here to help you with legacy planning to smooth out the intergenerational wealth transfer. Contact our firm located in Golden Valley, MN for all your Estate Planning needs. Our financial advisors work closely together with your tax and legal professionals to help you create a customized estate plan that fits your needs. With an estate plan in place, the probate process will be simple and quick, too. Most importantly, you’ll know your loved ones are provided for.
Every estate plan is unique for each individual. For example, your will is going to be written according to your specifications. However, the different elements are often similar for estate plans. Here are some examples of what you could include in your estate plan:
It may seem like a lot to do, but the good new is that you don't have to navigate this difficult process alone. We will be with you every step of the way to simplify the necessary steps in estate planning. It’s best to prepare these important documents now to ensure your wishes are followed. We recommend reviewing your estate plan periodically and keeping all your beneficiary designations up to date, too.
The point of legacy planning is to ensure a smooth wealth transfer when the time comes. It’s also important to create the documentation that will make sure your wishes will be adhered to. The first step is to meet with one of our financial advisors to discuss your situation and come up with a plan for your estate. Then we’ll create a list of the documents we need for your estate plan. We’ll also ensure your beneficiary designations are up to date, because those can supersede your will.
By creating an estate plan, your heirs can avoid a lengthy and drawn-out probate session. It will also prevent potential legal battles between your beneficiaries if you make your wishes known. Finally, with a trust, you have the option to control your wealth distribution to your beneficiaries. Having an estate plan in place can also limit estate taxes and provide a smooth process for intergenerational wealth transfer.
The difference between a will and a trust is about who has control of the asset. When someone inherits under a will, they receive any assets outright. With a trust, you can set up an income distribution plan or designate that our beneficiaries inherit at a future date. With a living trust, your beneficiary can receive an income during your lifetime, too. Trusts are great if you have young dependents or family members who will need long-term financial support.
Your estate plan should include a will or a trust, a living will, medical directives, medical and legal powers of attorney, and information about your accounts and passwords. You should also update your beneficiary designations on your investment and retirement accounts. Retirement accounts don’t usually become part of the estate and those beneficiary designations can supersede anything that’s in your will.
Probate can take months if there’s no estate plan. Having an updated will in place can help you reduce or avoid probate for your heirs. This makes it easier for them to receive their inheritance in a timely manner. A living trust, designating beneficiaries of your accounts, and holding property jointly are also strategies we can use to help your heirs avoid probate.
Our team at CSV Financial Advisors is here to help you create and optimize your estate plan. We’ll act as your financial advisors and work with your legal and tax professionals to help you identify and achieve your goals. Call us today to begin the estate planning process.
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