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Estate planning: not just for the wealthy

Some people may hear 'estate planning' and think it only applies to millionaires or billionaires; those people who have a vast fortune to divvy up once they pass on. The truth is you don't have to be uber wealthy to make plans to distribute your possessions. In fact, you don't have to be wealthy at all.

"The truth is you don’t have to be uber wealthy to make plans to distribute your possessions."

Planning your estate
Planning your estate basically means you get to decide how your possessions will be distributed after you die. It also eases the burden of decision making on your loved ones during their bereavement. Here are a few tips to help you get started:

  • List your assets
    It's hard to design an effective estate plan without first having a complete list of what you own – real estate, bank accounts, investments, family heirlooms, etc. Update the list periodically.
  • Draft a will
    A will is a written legal document that dictates the distribution of your property after your death. If you die without a valid will, state law will not only govern the distribution of your estate, but could also decide the guardianship for your children.
  • Update your beneficiary information Make it an annual event to check and update your beneficiary information. This due diligence can help save your loved ones from the burden and cost of probate.

An up-to-date estate plan is part of saving for retirement. Let us help you develop an estate plan, as well as outline the action steps and strategies that will help you achieve your estate planning goals.