The proper Phoenix estate planning is essential when it comes to preparing for an unknown financial future. There is no such thing as a perfect financial plan because there are so many unknown factors, but the best general rule of thumb for effective Phoenix estate planning and financial planning is to prepare for everything. The tips below can help you with your Phoenix estate planning and prepare for the unknowns in your financial life.

Keep savings of a minimum of 6 months

As a part of your Phoenix estate planning strategy you should have savings of a minimum of 6 months just in case there is an emergency in your life that requires you to take time off of work or if you are laid off for a period of time. Most financial experts recommend having at least 12 months of savings, but 6 months is a good starting point.

Have a retirement plan

Having a retirement plan is one of the most important things to consider with your Phoenix estate planning. You will have access to Social Security at the age of 65, but you need to start working on supplementing this income with your own pensions, IRAs, 401(k) plans, and other retirement funds. Carefully plan out how much money you will have for your retirement to avoid unknowns down the road.

Think about investing

If you have extra savings you should think about investing them conservatively to help build up your wealth passively. A Phoenix estate planning expert can help you find financial advisors to help you invest any extra wealth effectively so that you have backup funds in case of an emergency in the future.

Make priorities

There are some parts of your Phoenix estate planning process that need to be addressed more quickly than others, so be sure that everything is given the proper priority. For instance, if you need to secure the transfer of your main assets, do that first before figuring out your retirement plan.

Keep things organized and track your progress

With your Phoenix estate planning you need to keep everything organized, as you will need to update your documents on a semi-regular basis. Be sure that everything you need is in one protected location, and make notes of updates that you make to your Phoenix estate planning documents.

Need Help?

If you are not sure as to what legal document you currently have contact one of our professionals to help you with your planning needs. They will make sure you have all of your grounds covered and have the right legal documents that best suite your wants and needs.

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