Estate planning is an essential aspect of your overall financial plan, and it can give you peace of mind knowing that your affairs are in order, your loved ones are provided for, and your wishes will be carried out after you are gone. Watch this video to learn how an estate plan impacts the future, your finances, and your family.
Click to View Video TranscriptHi, I’m Dennis Goodwin, Vice President and Wealth Advisor at GreenUp Wealth Management. We often hear about estate planning, but have you ever wondered what proper estate planning truly is? Let’s take a few minutes to discuss this.
Estate planning is the process of making plans for the management and distribution of your assets and property after your death. It also includes making decisions about your finances and healthcare if you become incapacitated. Upon your death or incapacity, your loved ones are already going to be struggling, so it may be comforting for them to know that they are carrying out your wishes instead of guessing.
An estate plan can give you peace of mind for the future, your finances, and your family. When considering the future, a properly executed estate plan ensures that your assets are distributed according to your wishes. An estate plan includes legal documents that designate trusted individuals to make financial and health-related decisions if you are unable to make decisions for yourself.
When it comes to your finances, estate planning strategies can help to minimize the tax burden on your heirs by distributing your assets in the most tax-efficient manner. Estate planning may help protect the assets you leave to your heirs from creditors and lawsuits. Charitable giving strategies help you donate to your favorite charities in a tax-efficient manner during your lifetime and after your death to maximize your impact on the causes you care about.
And finally, when it comes to your family, estate planning may prevent or minimize conflicts between family members over inheritance and other issues, which unfortunately is something that happens all too often. By making your wishes explicitly known, you reduce the likelihood of disputes among family members after you are gone. Estate planning allows you to provide for your loved ones after your death. You can name guardians for your minor children, set up trusts for family members with special needs, and provide for the financial needs of your spouse and children. A properly executed estate plan will help your heirs avoid the potentially lengthy, expensive, and stressful legal process of probate court.
Estate planning is an essential aspect of your overall financial plan, and it can give you peace of mind knowing that your affairs are in order, your loved ones are provided for, and your wishes will be carried out after you are gone.
If you don’t have an estate plan, take the time to create a plan that aligns with your goals and values. If you already have an estate plan, remember to review and update your plan as your circumstances change. I’m Dennis Goodwin. Thanks for watching!
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Vice President | Wealth Advisor | Kansas City -- Dennis helps clients understand the importance of their financial future and create possibilities through planning and professional advice. Dennis is a Vice President, Wealth Advisor, at Greenup Wealth and brings over two and half decades of financial services experience to the firm. Prior to joining Greenup, Dennis spent eight years as an advisor with one of the largest RIA firms in Kansas City. Dennis’ prior experience within the financial services sector as a sales manager, operations manager, and learning and development specialist, have provided him a great deal of knowledge and experience which he brings to bear in each of his client relationships.
