End of Life Financial Planning

To formulate a solid financial plan you need to do periodic reviews of your investments and assets. Does the portfolio you established in the past still reflect the goals you’re pursuing? Will any losses or gains in your assets impact the legacy you’re leaving to your heirs? In the face of market volatility and the continued recession, you need to speak with your financial advisor.

Because you never know when you, or a loved one, could become ill or disabled, you need to make arrangements for your survivors and that could mean purchasing life, medical and long term care insurance. Both you and your spouse should have, at a minimum, life insurance to protect your family – the cost of the life insurance should be able to take care of your overall responsibilities and the cost of replacing the talent you bring to the family; whether a homemaker or an outside the home wage earner. When there are life changes, you need to update your life insurance as well.

Estate planning

Have you had your will drawn up? That is part of your overall estate planning process. The only way you can make certain your wishes are carried out upon your demise, you need to write a will and put it into writing as to who you want to benefit from your estate. Planning a will also allows you to choose someone to administer your assets upon your death. Don’t allow the state to make the decisions for you – which it will do if you haven’t made prior arrangements. It’s a good idea to review your will annually and make any upgrades you deem necessary.

Here are some questions you will want to keep in mind when planning your estate:

What is the approximate value of your assets and what are your assets?
To whom do you want to leave your assets?
Who do you want to appoint to manage your assets and do you want them managed during your lifetime (a living trust) or upon your death?
With whom will you leave your children? To whom will you leave your pets?
Who will you authorize to make decisions about your final medical care and end of life options?
What will you want to happen with your remains?

These are a few of the questions you will want to raise with your financial planning professional when discussing end of life options.

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 estate planning. They will make sure you have all of your grounds covered and have the right legal documents that best suite your wants and needs.