Where There’s a Will, There’s a Way: Leaving an Estate

It’s time to talk about a difficult subject. The day will come when you are no longer living. During this time of grief, the last thing your loved ones will want to worry about is money and executing your will. The goal is to have the transfer process be as frictionless as possible—and that’s where effective estate planning comes in.

If you’ve been contemplating your legacy and wondering how else you can prepare your assets and family for the future, now is the time to get your finances in order (after all, it’s never too early!). Follow the six steps below to ensure thorough estate planning.

Get Your Family Involved

First, talk to your family about estate planning expectations and inheritances. Working on these concerns and those of your beneficiaries while you are alive and healthy is much easier, so you can explain your thought process to them. Early discussions can foster understanding and reduce bad feelings down the road.

Find Your Trusted Custodian

Consolidate and organize your investments under one Custodian. Dealing with one financial firm will save time and aggravation. If you do plan to consolidate, working with a larger, reputable, and financially sound Custodian is best to ensure a smooth, secure experience.

Hire a White Glove Fiduciary

Consider hiring a Fiduciary who provides white glove service to your family, handling the paperwork and requests needed for the Custodian to transfer your assets to the designated beneficiaries with the utmost care. They should also assist in dealing with life insurance companies, banks, and Social Security matters.

Appoint an Executor of Your Estate

Choose a trusted relative or friend as the Executor of your will (or estate). Provide them with clear written instructions or, better yet, sit down with both the Executor and your family to discuss the assets and process. Clear instructions leave less up to interpretation.

Prepare Your Family

You will not live forever, so open, regular conversations with your loved ones about your legacy are vital. Communicate how you’d like them to treat any windfall coming to them. Taking these steps can help improve the odds that your family will continue to support and love one another long after you are gone.

Work with an Attorney

Finally, we recommend working with an attorney to build and regularly update your plan. Carlson Investments constantly works with attorneys who prepare wills, create trusts if necessary (e.g., to protect the money going to a young adult who isn’t quite ready to handle it wisely), or estate planning. We’ll gladly refer you to a reputable trusts and estates lawyer if needed.

Are you looking for a trusted financial partner to help you plan for the future and ensure your family is comfortable when you’re gone? Our compassionate, family-oriented advisors are happy to help! Contact Carlson Investments to get started today.

Carlson Investments does not provide tax, legal, or accounting advice. This content has been written for informational purposes only. Always consult your individual tax, legal, or financial professionals for advice tailored to your situation.

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