Estate Planning: Before you Begin

March 23, 2017

Leaving a proper legacy has become a science. Here are the basics to help get you started.

 

A person’s legacy cannot be measured by one solitary event in his or her life. Rather, legacies, like lives themselves, must be measured as a whole. If you’ve ever taken a step back and examined your own life and legacy, what have you found?

 

Do you feel comfortable with what you’ll leave behind? How do you want people to remember you when you’re gone? More importantly, how can you make sure people remember you in death as you were in life? Estate planning has become an important tool in deciding how your life’s work will be viewed. Without it, the courts may decide who gets what. With the proper planning, you decide what individuals or charities receive your assets.

 

There are a few basic tips to estate planning that will help you formulate a proper legacy. The first, and most basic choice, (but one of the most important), is to choose professionals who can help guide you through the process. Estate planning is tricky and by enlisting the help of a professional, you help ensure your planning is done properly and efficiently.

 

The second is education. By knowing the basics of estate planning, you have a better idea of what you need to do. Here are a few basic tips on what you’ll need to begin estate planning.

 

Think ahead: Before preparing the most crucial documents needed for estate planning, it’s important to sit down and decide who you’ll put in charge to make medical and financial decisions for you. You’ll also want to decide who gets what. Picking out beneficiaries and an executor of your estate are two of the most critical decisions you can make. If you have younger children, it’s also important to decide what would happen to them in case of an emergency.

 

Know which documents you’ll need: In general, it’s recommended that you have a will, a financial power of attorney, a medical power of attorney and a living will. All of these documents will designate who will make decisions when you’re gone or if you’re alive but unable to make important choices regarding medical care or finances. Your financial power of attorney will make your financial decisions. Your medical power of attorney will be the person you put in charge of medical decisions, while the living will describes the type of medical decisions you want your proxy to make.

 

Survey your finances: Make sure you know what you’ll owe when you die, including the costs of probate. Subtract that from your assets and make sure you have a general idea of how much money you’ll have left over. By keeping tabs on your remaining assets, you’ll be more prepared to know what you’ll pay in taxes.

 

Be ready for anything: When planning your estate, you must be prepared in all areas of your life. From medical to financial decisions and everything in between, it can be an uncomfortable subject, especially when you involve your family in the planning. But by working with a team of professionals, you make sure your estate is covered from all angles.

 

In the end, you want your legacy to be protected. By carefully planning your estate, you can rest assured that all of the proper measures have been taken to protect your family’s future. Article by Securities America

 

Back to my page

Share on Facebook
Share on Twitter
Please reload

Featured Posts

Deciphering Financial Aid Alphabet Soup

July 7, 2017

1/5
Please reload

Recent Posts

October 26, 2018

Please reload

Archive
Please reload

Search By Tags
Please reload

Follow Us
  • Facebook Basic Square
  • Twitter Basic Square
  • Google+ Basic Square

801 S. Fillmore, Suite 530

Amarillo, Texas 79101
806.331.2600

advisor@navigationfinancial.com

Click to check the background​
of this firm FINRA's BrokerCheck

The BBB has determined this business meets accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public. BBB accreditation does not mean that th ebusiness products or services have been evlauted or endorsed by the BBB, or that the BBB has made a determination as to the business product quality or competency in performing services.

Navigation Financial Group is not a CPA Firm. Advisor Representatives are Registered Representatives of and offer securities through Securities America, Inc., member FINRA/SIPC. Planning and Advisory Services available through Securities America Advisors, Inc. $ymbil is offered by Ladenburg Thalmann Asset Management, Inc. (LTAM). Navigation Financial Group and its affiliates are independent of Securities America and LTAM. Securities America and its representatives do not provide tax or legal advice; therefore, it is important to coordinate with your tax or legal advisor regarding your specific situation. This site is published for residents of the United States and is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security or product that may be referenced herein. Persons mentioned on this website may only offer services and transact business and/or respond to inquiries in states or jurisdictions in which they have been properly registered or are exempt from registration. Not all products and services referenced on this site are available in every state, jurisdiction or from every person listed. Not FDIC Insured, No Bank Guarantees, May Lose Value. Not a Deposit and Not Insured by any Government Agency. As of January 1, 2020, the California Consumer Privacy Act (CCPA) suggests the following link as an extra measure to safeguard your data: Do not sell my personal inforamation.

© 2020   |   All Rights Reserved