Legacy or Estate planning is an essential step to anyone’s life plan. It allows you to take control of what happens to all your assets, including digital ones, in case of death or incapacitation. It lets you continue being a part of your family’s future by planning ahead for them.
Your financial advisor can give you counsel on the best practices to set up a legacy and help you with any inquiries or requests. This might include:
Advice on managing assets in the future
Your financial advisor, as the term suggests, will provide wise and pragmatic advice on adopting the most beneficial steps so you can manage your wealth even after you’re gone.
Guidance on reaching financial security
Before you start to draft your will for a legacy plan, it is important to ensure your assets and wealth are secure. Your financial advisor will help you achieve this.
Help with legal compliance
Your financial advisor will also ensure that you are legally compliant to your state laws and more. Moreover, your advisor will also help you protect your assets from any legal issues.
Your advisor will keep you informed about your assets that might be affected by any taxes, including insurance policies, IRAs and annuities. Having a financial advisor will make sure that all potential tax scenarios are considered during your legacy planning process.
Easy transition from testator to beneficiary
A discussion between the person drafting the will, the executor, and the advisor can help clarify any queries. This helps the testator gain some peace of mind and make the executor confident in carrying out the testator’s wishes.