Documenting what you want to have happen with your health care, your end of life care, your belongings, and your wealth can put your mind at ease and can make things easier for those who will be handling your affairs when you no longer can.
IS ONLY ONE PIECE OF THE PUZZLE THAT MAKES UP YOUR FINANCIAL PLAN.
Relational Financing Planning
Many clients who start working with me have had estate planning on their to-do list for a while. Maybe the paperwork is on your table but hasn't been filled out. Your estate plan will likely be created to be flexible, and it's recommended to review and update your documents every 3-5 years.
Frequently asked questions about this topic:
Do I need an estate plan if I have all my beneficiaries listed on my accounts?
There's more to an estate plan than a will or trust. Important documents include a durable power of attorney and a healthcare directive. You may want to consider a transfer on death deed (TODD) on your residence if allowed in your state of residence, as well.
My kids are headed to college. Do I need to do anything?
Once your child reaches the age of majority in your state of residence (age 18 or 21), you no longer have any legal power or rights to their medical care decisions, financial decisions, or legal decisions. You may want to talk with your kids about executing estate planning documents while they're at the in-between stage of being your baby and being a full fledged adult who has flown the nest.
Do I need a will or a trust?
The answer to this question lies in the specifics of your situation, and your desires. A trust can be designed with specific instructions about your estate after you've passed away and there are various types of trusts that are used based on circumstance. For instance, you may have a beneficiary who isn't a U.S. citizen, or you may be facing estate taxes. Determine your wishes, then put together the estate planning documents that will carry out those wishes on your behalf.
ROYA, llc 2021 Estate Planning services are provided working in conjunction with your Estate Planning Attorney,
Tax Attorney and/or CPA. Consult them for specific advice on legal and tax matters.