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Tag: Will

What are the Final Estate Questions You Should Ask?

“Tis impossible to be sure of anything but Death and Taxes,” wrote Christopher Bullock in his 1716 book, The Cobler of Preston.

Putting your estate in order will ensure your assets go to your appointed heirs as opposed to the government determining where they will go.

Immediately following the death of a loved one, emotions generally run high, which can lead to confusion and chaos. Delaying making estate planning arrangements may cause unnecessary hardship and grieving survivors to lose portions of their inheritance in probate.

When the inevitable happens and your estate is not in order, circumstances can turn sour. Proper management of your estate may provide you with peace of mind now and give your family the security to manage their future in your absence.

Where is the paperwork?

You obtained life insurance to protect your family and to take care of family members’ needs. You may have arranged your investments and other financial accounts to help your loved ones live more secure futures.

Obviously, if something were to happen to you, your family would need access to your accounts and your documents. They would need to know where to go, what to do, and how to obtain the necessary information.

Prepare now for your family’s future by storing your financial information and your legal documents in a safe place. Inform designated loved ones where and how to access login information and passwords to online accounts.

Here’s a checklist:

  • Do you have a will?
  • Where do you keep it?
  • Where are your health-care documents?
  • What about your other financial paperwork?
  • Are the beneficiary forms accessible?
  • Is your life insurance adequate and is it the appropriate type?
  • Have you made arrangements to cover your estate taxes or other potential fees?
  • Do you have a written letter of instruction?

What about your memorial service?

Discuss with your family the type of memorial service you’d like to have. Ideally, you’d like one that suits your personality and reflects your life.

While the idea of talking about your funeral may seem uncomfortable, once finished, most families find these types of discussions comforting and reassuring.

Here are some planning tips to help you find the best funeral services for your circumstances:

  • Compare prices.
  • Get a quote. Funeral homes are required by law to provide written price information.
  • Resist the temptation—or the sales pitch—to buy services you don’t need.
  • Don’t let your emotions lead you to overspending.
  • Know your rights. States’ legal requirements vary.
  • Shop for memorial services in the same manner as you would with other major purchases.
  • Plan ahead, which allows you to comparison shop.

Where can you find help?

Financial professionals can provide you with insight, guidance, and information to help you overcome the obstacles and challenges that you may confront as you develop one of the most important plans in your life. While most financial professionals are not attorneys, they do work closely with experienced legal and tax professionals to give you the peace of mind to ensure your end-of-life concerns are put in order.

If you have financial questions or are making estate preparations, call us today at 800.929.1001!

Investment advisory services are offered through CapSouth Partners, Inc., dba CapSouth Wealth Management, an independent registered Investment Advisory firm. Information provided by sources deemed to be reliable. CapSouth does not guarantee the accuracy or completeness of the information.  This material has been prepared for planning purposes only and is not intended as specific tax or legal advice.  Tax and legal laws are often complex and frequently change.  Please consult your tax or legal advisor to discuss your specific situation before making any decisions that may have tax or legal consequences.

This article contains external links to third party content (content hosted on sites unaffiliated with CapSouth Partners). The policies and procedures governing these third party sites may differ from those effective on the CapSouth company website, as outlined in these Disclaimers. As such, CapSouth makes no representations whatsoever regarding any third party content/sites that may be accessible directly or indirectly from the CapSouth website. Linking to these third party sites in no way implies an endorsement or affiliation of any kind between CapSouth and any third party, including legal authorization to use any trademark, trade name, logo, or copyrighted materials belonging to either entity.

Thy Will Be Done

“Daddy, what happens when you die?” Yep, I got the question every God-fearing father wants to hear from his young son. And when it comes, it’s usually when you’re least expecting it. And of course, you pray that you’ll handle it as well as your father handled it and as well as his father before him. And not long ago, it happened to me. Just walking through the park one Saturday morning.  As you can imagine, I’d been preparing for this talk for years. Not breaking his gaze, I knelt down, took his hands in mine and told him what we all know to be true:

“Well son, with a properly written will, your estate will be distributed in accordance with your wishes – not at the discretion of the state.”

And there it was, with the full weight of truth. He was so moved by my response, apparently, he could only manage an inquisitive, “Huh?”   Bless his heart, I thought, he’s at a loss for words. As was I. It’s not every day someone asks about estate planning. But it should be. So now let me ask you, what’s going to happen when you die? Still not hitting home? How about this:  Who will take care of your young children? What will happen to your assets? To whom will they go? Some of you are so sharp and so on top of things, you had the answers to these questions before you finished reading them. But let me be more specific, are those wishes recorded in your will? No? I had a boss once tell me, “I’m not interested in what you say you’re going to do, I’m interested in what you’ve done.”   Write a will. It’s as close to having a voice after you’re gone as you’re going to have.

5 reasons why you should have your will in place:

  1. You get to decide who’ll take care of your children – or to put it another way – you decide who won’t.   (OR…you could just forget about the will and leave it up to the court. After all, kids are resilient, I’m sure they’ll be fine.)
  2. You get to decide how your estate will be distributed. (OR…forget the will, save the money, and just let your family duke it out. It’ll be a nice distraction from the grief.)
  3. Because as life changes, so can your will. (Change your mind? Then change your will.)
  4. You diminish the chance for legal challenges. “But mama told me she wanted me to have the __________ .“ (Insert object of potential/likely family conflict here.)
  5. A will protects against a potentially lengthy probate process. Whether you have a will or not, your estate will go through the probate process. The will serves as your “instructions” to the court. (And we all know how well things turn out without instructions.)

There are several other reasons, too, ranging from possible estate tax implications to the naming of an Executor who will handle the affairs of your estate once you’re gone. But if you could get past the first two without a pain in the pit of your stomach, then none of the rest will likely mean anything to you. But if a chord was struck as you read this article, please look into it.  It doesn’t have to be Shakespearean, but it will have to be signed. And that’s easier to do while you’re alive.   And afterwards, when someone asks you what happens when you die, you’ll have two potentially great pieces of news for them.

Give us a call. We can help.

Billy McCarthy is a Wealth Manager with CapSouth Wealth Management in Dothan, Alabama.

Contact Billy at 334.673.8600 or  http://capsouthwm.com/our-team/billy-mccarthy/

Investment advisory services are offered through CapSouth Partners, Inc., an independent Registered Investment Advisory firm, dba CapSouth Wealth Management. Nothing contained in this article is intended as, nor should be construed as, an individual investment recommendation.

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