For many people, legacy planning is the least appealing part of financial planning. It's not fun to think about what will happen to your assets when you're no longer around to enjoy them. However, putting off legacy planning can lead to leaving behind nothing but headaches for your loved ones.
To make the process easier, here is a quick checklist to help you outline a legacy plan that will protect your assets, care for those you most care about in the event of incapacitation, and give you and your loved ones some peace of mind.
Create a balance sheet. Start by getting the raw numbers on paper. Add up all your assets and subtract your liabilities. This simple balance sheet should give you an idea of your net worth and a list of items you’ll want to consider passing down to heirs.
Determine what plans you have and what plans you need. At the bare minimum, everyone should have a Last Will and Testament, Power of Attorney, Health Care Directive, and Living Will. Any of these documents that you don’t have, you should get working on.
Discuss your legacy wishes with your spouse. If you are single consider talking with a trusted friend or family member, a Certified FInancial Planner™, professional, or estate planning professional who can provide guidance. Clear and open communication is key. Here are some questions to get you started: Do we (I) have all our important documents organized in one place? Who are our (my) key beneficiaries? What charities or causes would we (I) like to support with our (my) legacy?
Meet with professionals. We believe that part of living the best life possible with the money you have is putting a plan in place that will extend your legacy for years to come while also making a tough time a little bit easier on your loved ones. The best way to achieve this goal is to bring a “rough draft” of your legacy plan to us. We can help finalize any lingering details, facilitate any challenging discussions, and connect you with legal professionals who will make sure your legacy is executed the right way when the time comes.
Remember, legacy planning is not just about leaving money to your heirs. It's about protecting your assets and your loved ones, and ensuring that your wishes are carried out in the way you want them to be. By taking the time to create a legacy plan, you can have peace of mind knowing that you have taken care of those who matter most to you.
If you're interested in taking the next step towards securing your legacy and protecting your assets, I encourage you to schedule a consultation with me. With my online scheduling tool, it's quick and easy to book a time that works for you. Simply click the link below to view my availability and select a time that suits your schedule.
Schedule a time that's convenient for you right here.
During our consultation, we can discuss your unique situation and develop a customized plan that meets your specific needs and goals. Whether you're just getting started with legacy planning or you need help updating your existing plan, I'm here to help. So why wait? Schedule your appointment today and take the first step towards a more secure financial future.
Mike Miller, CFP®
Integra Shield Financial Group