Take Care of Your Family's Future Now - Austin Real Estate Agent

Take Care of Your Family’s Future Now

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Take Care of Your Family’s Future Now

Most of us know we “should” have a will – yet nearly two-thirds of American adults don’t. Maybe it’s cost, the hassle, or just being unaware of the consequences of not having one. Creating a will now may be one of the most meaningful gifts you leave to your loved ones.

Consider the Benefits

  1. Peace of mind knowing your wishes are in writing.
  2. Beneficiaries and asset distribution are pre-determined.
  3. You name guardians for your children – not the courts.
  4. Designates charitable contributions in your name.
  5. Provisions are made for pets.
  6. Provides your final funeral wishes.

This is an image of a multi generational family.

 

 

 

 

 

Will vs. Trust

  • A will is a legal document that outlines how you want assets distributed. A will typically must go through probate court.
  • A trust allows you to potentially transfer assets to beneficiaries without probate.

Always consult with a qualified financial  planner or estate planning attorney for professional advice.

The Great Generational Wealth Transfer

It’s anticipated that older generations will be transferring nearly $100 trillion to their families throughout the next quarter century.

Steps to Tackle This Important Task

Taking the time to create a will gives you peace of mind knowing that your final wishes are clear and in writing.

Websites

  • trustandwill.com
  • mygoodtrust.com
  • rocketlawyer.com

Choose your:

  • Executor of your estate
  • Beneficiaries of your estate
  • Guardians for minors
  • Caretakers for pets

For more complex estates, consult an estate attorney.

will vs. trust

 

 

 

 

 

Documents

Compile these documents and store in a secure place at home or with a lawyer or trust company.

  1. Last will & Testament
  2. 401(k)/IRAs
  3. Bank account statements
  4. Life insurance policies
  5. Pensions
  6. Stocks/investments
  7. Other financial accounts
  8. Proof of Ownership- property deeds, vehicle documents, mortgage and loans
  9. Credit card statements
  10. Copy of Social Security card
  11. Copy of driver’s license
  12. Birth certificate
  13. Marriage license
  14. Divorce decree
  15. Passport
  16. Document with online passwords
  17. Location of safety deposit box and key
  18. Power of Attorney
  19. Healthcare directives (including end-of-life care instructions)
  20. Funeral plans (service, cremation, burial, etc.)
  21. Contact info for loved one’s beneficiaries and advisors (bank, lawyer, accountant, investment advisor, insurance agent)

 

 

 

 

 

I know this issue can be complicated, so if you need additional advice, let me know and I’ll connect you to one in my network.

For a printable version of this newsletter, click here.

SOURCES: 1. cnbc.com/2022/04/11/67percent-of-americans-have-no-estate-plan-heres-how-to-get-started-on-one.html 2. nerdwallet.com/p/best/investing/estate-planning/online-will-makers 3. cerulli.com/press-releases/cerulli-anticipates-124-trillion-in-wealth-will-transfer-through-2048

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