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Financial Plan must include Estate Planning

Estate planning is the foundation of every good financial plan. While reviewing your investments, take the time to review your estate plan. Estate documents should be reviewed every couple of years, or if you experience a life event such as a marriage, divorce, birth, or death. When reviewing your estate documents, do not forget to review beneficiaries on retirement accounts, insurance policies, and non-retirement accounts.

You should consider having the following estate documents:

  • Will or Trust - Depending on your circumstances.
  • Living Will (health advocate) - You can use the Five Wishes, which you can pick up at our office or Munson hospital.
  • Transfer on Death (TOD) form - Allows you to specify beneficiaries for any non-retirement accounts including savings and checking accounts at your bank.
  • Durable Power of Attorney - Allows someone to act on your behalf in the event of your death or incapacitation. This document becomes critical in retirement, especially if you are relying on your spouse’s IRA for income. If your spouse is unable to provide consent for a distribution, you will be unable to access his or her account without a Power of Attorney.
  • Guardianship Provisions- Allows you to plan for the care of your loved ones after you’re gone. This is important for minor children, an elderly parent, or a dependent with disabilities.

Working with an attorney allows you to develop a personalized estate plan right for you.

We welcome the opportunity to be of service. Helping our clients with questions, no matter how minor, provides us with an opportunity to reinforce our relationship as your financial sounding board.

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