Estate Planning

Posted on Friday, May 3, 2019 in Financial Education

Estate PlanningIt’s that time of year again when we all start our spring cleaning. It’s also a great time to freshen-up or create your estate plan!

An estate is one of the most important things for a person to have.  Simply put, it is the property under an individual’s name and includes everything from a home or business, to bank accounts and retirement funds.

Although estate planning may seem like a daunting task, by checking off things one at a time, you can ensure that important financial decisions are carried out exactly as you wish.

Below are some items to review or consider for your estate plan:

  • Have I met with my financial advisor and any legal professionals necessary to determine my estate planning needs?
  • Have I spoken to my family, friends and any beneficiaries about their role in my estate plan?
  • Have I created a last will and testament?
  • Does my executor have access to all the documents needed to carry out my wishes?
  • Have I calculated my net worth and considered whether estate taxes will play a role in my planning?
  • Have I created a trust to hold any property I want to pass on?
  • Have I considered my philanthropic wishes and established a plan to give money to charity if I so choose?
  • If applicable, have I created a business succession plan?

Taking steps to plan for the future of your estate can be one of the most important things you do. To ensure that loved ones can make the most of what you are able to leave them is one of the greatest gifts you can give.

Estate planning can seem complicated, but it doesn't have to be.  Contact Erik Nilius, our Wealth Management Advisor at 641-753-5900 for a free consultation.

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