We are kicking off this month with a new blog series, Building a Legacy.At Harvest Point®, we aim to help our clients build lasting legacies that are made up of more than money. Throughout this series, we will cover various topics to help you create a legacy that will last for generations to come. Let's get started by explaining all you need to know about estate planning!
What is estate planning?
Estate planning is the process of organizing your assets and making decisions about how they will be managed and distributed after your death. It involves creating legal documents and strategies to ensure that your wishes are carried out and that your loved ones are taken care of.
What documents do I need?
Estate planning documents typically include:
- Wills
- Trusts
- Power of Attorney
- Healthcare Directive
- Living Wills
- Beneficiary Designations
How do I set up an estate plan?
One of the first steps to creating an estate plan is to gather an inventory of your assets and determining how you want them distributed after your passing. Next, you will need to consult with an estate planning attorney to draft key documents. An estate planning attorney is a legal professional who specializes in helping individuals plan the management and distribution of their assets after death. A good estate planning attorney will guide you through the process of creating the legal documents, such as a will or power of attorney, to make sure your assets transfer after your death according to your will. Estate planning attorneys may also offer advice on minimizing estate taxes, avoiding probate, and ensuring that a person's wishes are carried out in accordance with the law.
Once your estate planning documents are signed and finalized, you will also want to consult with your financial professional to make sure there are no changes needed to your existing accounts. If you do not currently work with an advisor, feel free to fill out our 'Become a Client' page to learn more about our office. Please note, we are only able to accept 4 new clients this year. However, we are always happy to have a conversation and get you started in the right direction!
It is also important to regularly review, and possibly update, your estate planning documents. When their is a life change, such as a marriage, divorce, or a birth, your estate plan may change as well.
Why should I have an estate plan?
Estate plans can be beneficial as they may help reduce taxes, avoid disputes among heirs, and ensure that your assets are distributed according to your wishes. Your plan will be specifically tailored to the your needs and circumstances to ensure you leave the legacy you want.
Your legacy starts with you!
Estate planning may seem like another iron in the fire, but it truly can set up your legacy for lasting success. Take the time to review your estate plan to make sure it is up to date, or begin compiling the documents needed and sit down with a financial professional to align your values, goals, and vision for your plan. Estate planning doesn't have to be hard, but it is rewarding, take hold of your legacy while you still can.
Harvest Point® Wealth Management and LPL Financial do not offer legal advice or services.
The content in this material is for general information only and are not intended to provide specific advice or recommendations for any individual.
This information is not intended to be a substitute for specific, individualized tax or legal advice. Neither LPL Financial, nor its registered representatives, offer tax or legal advice. We recommend that you discuss your specific situation with a qualified tax or legal advisor.