Although most people know the importance of estate planning, very few actually do it. According to statistics, only 32.9% of adults have a will in 2021. Granted, the process can be quite overwhelming and confusing, especially if you’re new to it. The good news is that Flavin, Nooney & Person has the best estate planning advisors who help people like you protect their wealth and meet their long-term financial goals easily and effectively. The following are some ways we can provide you with peace of mind.
Update Your Beneficiary Designations as Necessary
Beneficiary designations inform the insurance company or financial institution exactly where the money should end up when you’re gone. When a professional estate planning advisor helps you set up or update your beneficiary designations properly, you can rest assured that the beneficiaries will avoid the probate process, which can be quite painful. It’s relieving to know that your beneficiaries will not have to go through a lengthy and costly court process before receiving your assets.
Of course, things change over time. Your current beneficiary designations may be set up incorrectly, leaving your accounts at the mercy of creditors. Your designated beneficiaries may die before you, or you may change your mind regarding your beneficiaries. Such situations require a good financial advisor to make the necessary updates accordingly.
Update Your Documents to Match Tax and Inheritance Law Changes
As with most things, capital gains tax regulations are constantly changing, and they usually affect estate plans. For instance, it’s not uncommon to see significant tax law changes after an election at the federal or state level. Such shifts can impact inheritance laws and undermine your plans. With a skilled estate planning advisor, you don’t have to worry about such changes and their impacts. They can inform you as they happen and provide the best course of action to maintain and safeguard your desires and plans.
Offer a Fresh Set of Eyes
It’s common for people to assume that establishing estate planning documentation is a one-time transaction. In that position, you may assume that the documentation reflects exactly what you want to happen. Unfortunately, that’s not always the case because documents can be formulated incorrectly, and things can also change.
You need someone to take you through the document for maximum comprehension. Estate planning advisors help you see things more simply and determine whether the document contains precisely what you want. An advisor bound by your mutual agreement to maintain privacy can help you review your documents and points out areas that need improvement.
When it comes to preparing for the distribution of your assets after you’re gone, you cannot afford to make any mistakes. Our trained and experienced estate planning advisors are here to make the whole process easy and painless. Contact us today to learn more about how you can plan your estate proficiently.