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Estate Planning Essentials

Five tips to create a plan that’s right for you.


You’re starting to think about retirement. You’re reviewing your assets and potential sources of income. You may also be paying down debt. As you’re working through this process, you realize that you haven’t given any thought to estate planning. Maybe you have a Will, which is a key part of an estate plan, but you haven’t updated it in years. Or maybe you never got around to creating a Will at all.


If this sounds familiar, you’re not alone. Many people put off estate planning for as long as they can. And creating a Will makes you think about something you’d rather not think about. You might also think you don’t have enough assets to warrant one.


But estate planning isn’t only for the wealthy. If you have any assets (a house, guaranteed pension income, investment assets or life insurance benefits) or any debts, you want to have a plan in place that will help protect your loved ones. 


Help is waiting for you

Estate planning can be stressful, and it isn’t something you should do alone. As your financial advisor, you can talk to me about planning your estate, especially if you’re already working with me on a retirement plan. 


I can help you gather the right information to get started as well as explain the process. Estate planning can take several meetings to fine-tune, and remember, it’s a plan that should be revisited periodically to ensure it keeps up with your life.


Here are just a few things you and I will talk about:


1. Will and Powers of attorney

There is no estate planning without a Will and Powers of attorney. So, it all starts here. I can help you find the right lawyer to ensure your wishes are met.


2. Assets and debt

I’ve talked about assets already, but debts are important too. A good estate plan will ensure that your debt is properly managed and/or paid.


3. Beneficiaries

If you want to leave specific assets to certain people or charities, a Will is the best way to ensure that happens.


4. An executor

I’ll work with you to help you learn more about the process of selecting an executor, and outline the key items to consider when you make your final selection.


5. Tax planning

Working alongside your accountant, I can suggest some things that may reduce your estate taxes at death. I’ll help you work with estate professionals who will ensure you have the right plan for you and your family.


Interested in taking the first step towards setting up an estate plan, or reviewing your existing plan? Contact our office today to get started. 

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