Revive Your Estate Planning

After a long, cold winter in the Midwest, the weather is finally warming up, and the greenery is coming back to life. The change of seasons and the opening of windows are great reminders to look toward the future. Just as spring cleaning rejuvenates our homes, refreshing your estate plan is an essential part of preparing for the future. Estate planning is a critical resource for your retirement planning. 

Review and Refresh Your Will:  

Breathe some life into your will and estate plan. It’s essential to constantly be updating your will and estate plan so that your estate does what it’s supposed to when you pass away. Or if you don’t have a will or estate plan now’s the time to start thinking about it and getting the ball rolling.   

Your Will should include: 

• An inventory of all your assets  

• List all beneficiaries  

• Addressing guardianship (if needed)  

• What if any assets are not controlled by your will 

• Name an executor 

If you won’t name a beneficiary, then the courts get to decide what goes to whom. This leads us to our next point, the importance of beneficiaries.  

Learn More: Retirement Blueprint: Finding Your 210 Life 

The Importance of Beneficiaries:  

One good first step to take is to look at who your beneficiaries will be or in laymen’s terms who you’re going to leave your estate or financial legacy to. Beneficiaries range from children to charities the option is yours to decide but decide you must. Having a beneficiary helps ensure that your assets go to them or the organization that you choose.  

Learn More: What is a Beneficiary 

Power of Attorney:  

Financial advisors are not attorneys, each has their unique skill set and abilities when it comes to estate planning. Having both is the best way to ensure that you are fully covered with your estate plan and will.  

• What does the attorney do? They can help you prepare your will; help you name your beneficiaries and work with your financial planner to create a well-rounded estate plan.  

• What does the financial advisor do? Having a financial planner working on your estate plan and with your attorney ensures that you have a well thought out estate plan,  

Learn More: How to Choose a Financial Advisor  

Plan, Plan, Plan:  

At 210 Financial we strongly encourage having a plan in place. Life can throw a lot of unexpected curveballs and it’s better to be overprepared than under. Use these tips to help you revive your estate plan following a long cold winter. Meet with a financial advisor at 210 Financial to help you kickstart your estate planning. Speak with an advisor today at (309) 263-1333! 

 

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