Estate Plans: A Part Of Your Financial Health
Estate plans are not a simple “set it and forget it” set of documents. It needs to be a living, breathing document that evolves with the changing needs of you, your family, and your wealth. It’s very similar to the way your financial advisor at Fragasso works with you to develop, implement, and monitor your Dynamic Wealth Plan. But the role of your financial advisor is so much more than that. They are here to work alongside your trusted attorneys and accountants, or recommend such professionals as needed, to bring together all aspects of the Client Experience.
Our goal is to ensure that your estate transfers as you intend. While we do not draft any legal documents, nor give tax advice; we serve as an advocate for you and your wishes by playing an integral role in conversations with your attorney and accountant.
As your life evolves with many changes, some of which are listed to the left, you need to keep your estate plan fluid. A simple document, such as a will, may have been appropriate when originally established but not as dynamic as the current needs of your family. Trusts may seem complicated or come at an unnecessary cost, but the protection and control it provides, both during and beyond your lifetime may provide benefits for generations of your family. Executing your estate plan within your investment accounts can be just as critical as drafting the estate documents. If your investment accounts are not titled correctly to incorporate the new trust, you may be leaving the benefits of the trust on the table. It is also extremely important to remember individual retirement plans, transfer on death personal accounts, annuities, and other accounts that may transfer to a beneficiary upon death. That beneficiary designation supersedes any wishes in a will. Therefore, updating the beneficiary designations to match the new estate plan is imperative. Your advisor at Fragasso will initiate an annual checkup during your annual review on all your beneficiary designations to ensure they are accurate and in conjunction with your wishes. And as always, please keep your financial advisor updated on any significant life changes as they happen.
As a new year is upon us, your financial advisor may be asking you for your estate plan documents if we do not have them on file. We want to review your current estate plan and begin the dialogue with you and your family to ensure it is still appropriate, sufficient, and most importantly, based on how you want your estate to be distributed.
We, at Fragasso, are very excited to bring a whole new level of a Client Experience to our clients. We are here as advocates for you and your family, and we look forward to another wonderful year collaborating with you and your trusted professionals – unified on your behalf.