Ep 5: Estate and Legacy Planning

May 20, 2021

In the financial planning process, you may also have your legacy in mind. But is your estate plan set up accordingly? On today’s episode of the podcast, we discuss common needs for an estate plan as well as mistakes often made.

How do most people view their legacy? The main two types of people are: those who want to leave money to their kids and those who don’t have it as the goal but want to ensure anything left over goes to their kids. Some even prefer to leave their money to charities.

It’s important to review all of your accounts to avoid mistakes. A lot of people have individual checking accounts and then overlook setting those up with a beneficiary. You always need to have a transfer-on-death certificate or beneficiary set in order to avoid going through probate. Sometimes people forget to change their beneficiaries on a retirement account after getting divorced or after the original beneficiary has passed away.

Estate planning isn’t something you do once and then walk away from it. Life changes over time. You should review your financial plan on an annual basis, so how often should you review your will, estate plan, or trust? Do you have your powers of attorney set up appropriately?

Your financial advisor acts like a point guard or quarterback, helping you get the proper attorney for estate planning or CPA for tax planning. Make sure you have a coordinated plan. Unfortunately, a lot of people put off estate planning and legacy planning, but it’s a key component to planning for the future and protecting your assets.

Listen to the entire episode or use on the timestamps below to skip ahead to a particular question.

0:47 – How do people view their legacy?

3:37 – What are some common estate planning mistakes?

7:03 – This is an ongoing conversation.

9:09 – How does estate planning fit into financial planning?

12:22 – What are some examples of interesting estate plans?

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