How important are my legal documents?
Making sure your legal documents are in order in accordance to your investments is hugely important. Making even the smallest of missteps on the estate and legal side of your portfolio can cause huge headaches in the future. The most common legal documents that you should have in place are a durable power of attorney for your health and your wealth, as well as a living will. Although these documents are easy enough to get your hands on, having outdated or inaccurate information can cause harm, too. Furthermore, a will on its own does not help you avoid probate.
Next
Trust or a will?
Although a living will can help you outline important healthcare decisions in advance, a living trust may make more sense in some situations. Living trusts help pass on property and assets to your beneficiaries, and unlike living wills, most living trusts are not subject to probate court. Probate can be a lengthy, drawn out process costing thousands of dollars in court fees. Often times someone's legacy is eroded over time while involved with probate. When it is all said and done, you could pass on much less of your legacy to your loved ones that you originally planned.
Next
Avoiding probate and excess estate taxation
By setting up the proper legal documents and making sure they are updated, you can avoid probate all together. Excess estate taxation can be avoided by simply titling your accounts correctly or changing the way you invest entirely. To succeed, you have to have an advisor who will help guide you through the third phase of your final life, "Distribution". When developing a written investment plan, your estate should be considered equally as important. The E.P.R. (Estate Planning Review) may make the difference between becoming a tax burden for your family or leaving them a legacy they can remember you for.Next
E.P.R. (Estate Plan Review)
The E.P.R. (Estate Planning Review) is a comprehensive review that completes the Guided Planning System process. Going through E.P.R. will help you update your legal documents and assure that they are drafted properly. It will help you determine whether or not a trust would be beneficial in your specific situation. Aligning your legal documents with your written investment plan is a step in achieving the financial security you desire in retirement. To learn more about E.P.R. and our Guided Planning System, click "Next."
