Estate Planning Essentials w/Bob Kabacy

Estate Planning

Creating a will and other estate planning documents is not exactly fun, but it’s a gift to those you leave behind.  One thing we can do is make our wishes clear, so our loved ones can navigate a difficult situation a little more easily.

 

What is estate planning? At its most basic, an estate plan is a set of documents that help others carry out your wishes when you are incapacitated or have passed away.  Some of the main components include a will, documents that direct medical and financial decisions if you are incapacitated (medical directive and power of attorney), and potentially a trust.

Always name a guardian for your children. This is one of the main purposes of a will for individuals with minor children.  The courts will attempt to determine a guardian for your children in line with their best interests, but it may not be what you would have wanted.

Beneficiaries. Revisit beneficiary designations on investment accounts and insurance policies periodically (especially if things change).  If your will and the beneficiary on an account contradict each other, the beneficiary designation will typically be followed.

 

Tip of the Day:  There are lots of “do it yourself” services out there but having a guide through the estate planning process can help you make sure that you don’t miss things.  There may be things you don’t know that you don’t know.

 

Thank you to Bob Kabacy for joining us on the show.  Feel free to reach out to us if you’d like to get in touch with him or an estate planning attorney near you.

For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden or Twitter:  @CoreyJanoffCFP and @RachelleFinance

Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC.  Finity Group and Cambridge are not affiliated.