Talking about the end of life or possible tragic events is not something people naturally want to do, but it is important. To have your wishes honored and to create a plan to make the transition easier for those left, these plans need to happen while you are still here!
Imagine this, you get in a tragic accident tomorrow and pass away. Do your loved ones know where to find your will, your life insurance policies, who to contact when you pass, and where your other assets are located? Is this the case for you, or do you need to work on your plan?
What are some questions to consider? Is there a charity, non for profit, or church you would like to leave money to when you pass? Let’s talk charitable gifting. Do you have enough life insurance to take care of loved ones or other liabilities if you pass or in the event of a disability? Let’s talk life and disability insurance. What tax liabilities will impact beneficiaries as assets pass? Let’s talk about how your assets can be distributed.
What can you do today?
- Put all year-end statements for bank accounts, investment accounts, life insurance, in a safe place. This includes wills, trust documents, and any other important document needed if you should pass. Tip: make sure the loved ones will know where to find these if something happens to you.
- Update your beneficiaries – Have a trust, charity, or a church to leave a gift to? You can add these as beneficiaries too! Beneficiaries bypass the will, so whoever is listed on your accounts is where the funds will be distributed to.
- Update your will to help ensure your wishes are honored.
- Look at your life and disability insurance policies? Is there enough coverage to help meet your goals and needs if something happens to you?
- Consider healthcare directives, healthcare proxies, and financial power of attorney. These are used in the case you become incapacitated and cannot make decisions for your health or financial situation.
Tracking number 1-05090422