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.
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.
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