One of the most important parts of financial planning for your family is estate planning. One of the biggest potential mistakes people can make is to put off estate planning or worse, skip it completely. You can avoid this by starting an open dialog as early as possible. The topic can be difficult to approach, but the time to take care of estate planning is before you need it. If it is perpetually put off, your spouse or children can be left not knowing your wishes, the location of important documents, property, and assets, or how to handle your affairs in the event that you are unable to make financial decisions. These conversations are very tough, but you don’t get the chance to have them after the fact.
Leaving behind an inheritance involves pivotal decisions. Estate planning conversations can help a family avoid fighting, and guarantee that your assets, your legacy, and your wishes are protected no matter what should happen. Be sure to protect your assets and your wishes by taking the appropriate steps. There are multiple options for those wishing to leave a legacy, and they carry different legal, tax, and financial implications for your estate and your beneficiaries. It is critical to meet with appropriate legal and financial professionals to manage the complexities of different types of inheritances. A fiduciary financial advisor is legally required to uphold and protect your best interests.
Also, it is a good idea to compile a master list of all of your assets and accounts. Whether you take the lead on family finances or your partner does, both of you need to be informed. This list will serve as a useful tool and helpful reminder for you throughout retirement, and it will ultimately help streamline the management of your estate by ensuring that your heirs are aware of each of your assets.
At LexION, we are proud to serve families of all shapes and sizes. We know that what we do as a wealth management firm is about much more than money. Our job is to help families prepare for and achieve their dreams.
From the LexION Capital family to your own, we wish you a happy and healthy holiday season.