Estate Planning – Plan for the Future Today By Pam Evason
W
e all know unexpected and unfortunate events can and do occur. And while no one can predict the future, we can all prepare for it today. Analyzing your affairs and formalizing an estate plan now can prevent additional pain and confusion (not to mention financial and legal burdens) for your loved ones during an already difficult time.
seek their permission now. Answering the difficult questions before meeting with an attorney helps prepare you mentally, but also saves valuable time and money throughout the process.
An estate plan is a collection of documents outlining how you want your money and other assets distributed in the event of your death, as well as other important matters such as custody of minor children and designation of power of attorneys.
Questions to consider is Managing Director include: at Windermere Wealth • Who should inherit Advisors, LLC and serves on the Wisconsin your assets and in Chapter Board of what percentages? • Who should care for Trustees. your minor children? • How much money will be needed for their care/education? • Who should manage your financial affairs if you become incapacitated? • Who can make medical decisions on your behalf if you become incapacitated and what do you want those decisions to be? • Who should be responsible for distributing your assets? • Do you have any personal property that you want to specifically gift (e.g., family heirlooms)?
Below are four steps to help get your affairs in order and make things easier for the people you love. Take Inventory Taking stock of what you own is the first step in knowing how best to protect it. Create a list of all your financial and physical assets, as well as amounts you owe. Possible items to consider include: • Real estate – home and vacation property • Personal property – car, furniture and valuables (artwork, jewelry) • Savings and investments – bank accounts, brokerage accounts, retirement accounts, savings bonds and pensions • Insurance policies • Business interests • Liabilities – mortgages, lines of credit, credit cards any other debt Answer Essential Questions Give some careful thought to how you want your affairs to be settled. Determine the individuals you want to act on your behalf and MS Connection | 22 MS Connection | 22
Pam Evason, CFA, CPA,
Put Your Estate Plan Into Action Using your asset inventory, determine which assets and insurance policies have beneficiaries already assigned to them. Review these designations, complete any that are missing and ensure that they are in agreement with your wishes. Next, select an estate planning attorney to assist you with formalizing your estate plan (consider asking friends, family or trusted advisors for a recommendation). Based on your specific Continued on Page 23