Wealth Transfers & Estate Planning

family-trust-planningYou’ve worked for many years to accumulate your current wealth and assets. You are either currently enjoying what you have saved in retirement or hope to do so in the coming years. But have you taken into consideration what will happen to these assets when you are no longer around to enjoy them? You cannot just assume that your money, property, and other possessions will just automatically find their way to your intended beneficiaries. You need a detailed plan for transferring your wealth.
While each wealth transfer is as different as the person who initiates it, there are a few common strategies that any current or future retiree should be aware of. Follow the three tips below to take charge of what happens with your estate:

Start the Conversation

Now is the time to begin having conversations about your estate and wealth. Death and money are often difficult topics to bring up, but they cannot be ignored in this scenario. Begin with a discussion with your spouse or domestic partner to identify your goals and priorities. Next, you’ll want to schedule a visit with your family lawyer and/or financial planner to begin indentifying solutions and drafting documents. Finally, make sure you continue the conversation by talking to your children, grandchildren, and other beneficiaries of the plan to inform them of their involvement.

Create an Estate Planwork

An estate plan is the collection of documents that contain the details of your estate plan and wealth transfer. The most important document in your plan is a will. A will details your desires relating to your money, property, and other assets. It should name an executor, an individual tasks with overseeing the distribution of these items, and beneficiaries, those who will receive them. If you die intestate, or without creating a will, California law will determine what will happen with your property. Typically this means all assets will be transferred to your spouse or domestic partner. If you are unmarried or widowed, your wealth will be distributed among your children or grandchildren.
But a will is not the only thing that you will want to have in your estate plan. You may also wish to include a list of your assets and debts, beneficiaries to life insurance policies and bank/retirement accounts, and health care instructions.

Review Regularly

Your life and your wealth will certainly change as the years pass. Because of this, you should review your estate plan regularly to make any necessary adjustments. The team at Safeguard Investment is a terrific resource if you need to review your current estate plan or create on for the first time. We’ll help you gain a well-rounded understanding of what you need during retirement and what will work best for your family members when the wealth transfer takes place. Call or visit us today for more information on these important decisions.

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