Andrew Denney of Springfield, MO, Discusses the Basics of Estate Planning

Estate planning may not be anyone's favorite topic, but it's certainly an important one. What will happen to your estate when you are no longer here? Estate planning can help you provide for your loved ones and relieve them of the burden of handling your estate.

Andrew Denney

Springfield, MO, resident Andrew Denney is a CEO and Financial Advisor for Prosperity Financial Group of the Midwest. His years of experience in financial and estate planning allow him to advise clients on planning their estates.

Inventory Tangible and Intangible Assets

Estate planning begins with understanding your assets. Tangible assets include real estate, vehicles, and other valuable items, like antiques or jewelry, according to Andrew Denney.

Most intangible assets are money that is held in accounts. Savings bonds, insurance policies, retirement accounts, and checking accounts fall into this category.

If you own a business, your business is also considered an intangible asset. However, the real estate and equipment associated with your business would be considered tangible assets.

Once your inventory is complete, you'll want to value your assets. You may need to get items or property appraised and check your financial account statements.

Consider Your Family's Needs

It's important to be sure your family will be taken care of after your passing. You'll want to be sure that you have adequate life insurance.

If you have minor children, you must appoint a guardian for them. You should appoint a backup guardian as well. You should also express any wishes you have for their care in writing.

 Create Directives

Andrew Denney explains creating directives is essential to ensure things run smoothly when you are no longer able to care for your estate. In addition to creating a will, this may include establishing a trust, a power of attorney, and a medical directive.

Check Your Beneficiaries

You should check all your financial accounts and beneficiaries. For example, if your life insurance lists a different beneficiary than your will, the insurance policy may take precedence.

Contingent beneficiaries are also a great idea in case the primary beneficiaries are not available.

Finalize Your Plan

You may find that you can manage estate planning independently, particularly if you have a small estate. However, many individuals find professional help to make the process easier.

Professional guidance makes it much less likely that you will overlook a key component of planning your estate. Their expertise also means your wishes will be carried out exactly as you want.

You may choose to work with an estate planner from the beginning. You can also work through the process yourself and request oversight from an estate planner.

Update Your Estate Plan

Remember, when your estate or your wishes change, you'll need to update your estate plan. This can occur if you gain or lose a valuable asset or want to change a beneficiary, for example.

About Andrew

Andrew Denney is a CEO and Financial Advisor for Prosperity Financial Group of Springfield, MO, and the surrounding areas. He is skilled in portfolio management, financial and estate planning, and financial services. 

He received a Bachelor of Science degree in Finance from Missouri State University. In 2017, he received the Trusted Advisor Award from the Springfield Business Journal.

also read: Jacob Fite Celsius

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