LexION Blog

How to Create a Financial Estate Plan for Your Family

For many people, estate planning can seem like a difficult topic to broach, but it’s a necessary one. A good estate plan is beneficial to you and will reduce the stress of your loved ones during a very difficult time in their lives. An important aspect of the planning process is to create a financial estate plan.

We often think of estate planning’s legal process first: drafting a will, selecting a trustworthy and responsible administrator of that will, etc., but many of us don’t always consider the financial components of estate planning. There are many steps to consider when you undergo the planning process of your estate and your assets, so let’s review the financial aspect of estate planning in order to help you create a financial estate plan for your family.

How to create a financial estate plan

Tackling the financial aspects of the estate planning process can seem daunting at first, but with a trustworthy financial advisor to assist you the process can be infinitely less complicated.

Finding a trustworthy financial advisor

The first and arguably most important step in estate planning is finding an advisor you can trust who will work with you.  Since LexION Capital is a fiduciary investment firm, our advisors are legally required to uphold and protect your best interests. With a financial advisor you can trust, you will worry less about the results of your plan and feel secure that your family’s best interests will be cared for in the future.

Review your investments

Your wealth is distributed in various accounts, and it is likely that the advisor you choose to work with to help you create a financial estate plan will help you review all your account information. You’ll review your IRA, 401(k) and other retirement accounts to ensure that the beneficiary designations are listed and are current.

Will you consolidate your accounts?

Your financial planner will likely ask you whether you want to consolidate your investment accounts or change your investment strategy depending on your needs. That might mean the consolidation of retirement accounts, or taking advantage of college funding accounts like a 529 Plan which might prove beneficial for your grandchildren in the future.

These are only some of the things you’ll likely need to consider when you decide to create a financial estate plan, but finding a fiduciary advisor you can trust is a step in the right direction. Want more information on how a fiduciary wealth manager can help you in the estate planning process? Contact us today.