How important is family to you?
The answer I suspect for most of us is obvious and recent surveys suggest that family is undoubtedly the most valuable element in people’s lives. One would presume that if families were of highest importance in our lives, we would seize all the necessary actions to ensure that our family is protected in case of our death or disability. In other words, it is our money, so let us do everything we can to ensure a smooth and quick way to get our money to our heirs as quickly as possible upon our death while keeping the IRS, courts and attorneys out of our wallet.
One the most important gifts I could give my kids was a well thought out plan for my estate. Regrettably, I find a remarkable amount of folks that have done little or no estate planning. The most significant deterrent to properly plan for one’s estate is the thief of time (procrastination). Sometimes known as the dark corner of planning, estate planning is difficult because it is challenging to become motivated to plan for our demise or special needs. I urge you not to make the blunder that I have witnessed repeatedly where one ignores this very important matter, only to pay a dear price for postponement. Please forgive me for being so direct but unless you take actions to protect your treasures, there is an excellent chance that your estate will be burdened with needless delays, attorney fees, probate costs, and tax obligations.
We have been told that if we do nothing for our estate plan, we should, at least, create a will. That is sound advice, but in many situations, a will is simply not enough. I believe the worst thing that we can do for our family is absolutely nothing, and that is what most people do.
I encourage you to take a few minutes to address the following questions. The more, “No” responses,” the more that you should talk with your advisor or attorney. I think this is a good time to give an important disclaimer; although I am Certified Estate and Trust Specialist (CES) by the Institute of Business and Finance (IBF) and have significant experience in estate planning issues, I am not an attorney and cannot provide legal advice. I advocate seeking the assistance of a competent estate-planning attorney to address your legal issues.
Estate Plan Checklist
Yes No Do you have a will?
Yes No Do you have a living trust?
Yes No If you have a living trust, are your assets titled in the name of the living trust?
Yes No Do you know the difference between a living trust and a will?
Yes No Do you have a durable power of attorney?
Yes No Do you understand the cost and process of probate?
Yes No Do you own any assets in your own name without beneficiary designation?
Yes No Are you aware of a simple and often overlooked technique to avoid probate?
Yes No Are you familiar with the probate avoidance strategy for real estate.
Yes No Do you have assets titled in your name along with family members or friends?
Yes No Have you named a contingent beneficiary on your IRA, annuity and life insurance.
Is your head spinning? I get it! This estate planning stuff can get a bit overwhelming, but it needs to be addressed if you care about your family. I urge you not to do what so many others do when they get a bit overwhelmed; the out the matter on the preverbal back burner, waiting for…who knows what! Please do not make this mistake! Just get’er done!
Don’t we owe it to our family?
Harry Pappas Jr. CFP®
Managing Director-Investments
Master of Science Degree Personal Financial Planning
Certified Estate & Trust Specialist ™
Certified Divorce Financial Analyst™
Pappas Wealth Management Group of Wells Fargo Advisors
818 North Highway A1A, Ste. 200
Ponte Vedra, Florida 32082
904-273-7955
harry.pappas@wellsfargoadvisors.com
The use of the CDFA™ designation does not permit Wells Fargo Advisors or its Financial Advisors to provide legal advice, nor is it meant to imply that the firm or its associates are acting as experts in this field.
Wells Fargo Advisors and its affiliates do not provide legal or tax advice. Any estate plan should be reviewed by an attorney who specializes in estate planning and is licensed to practice law in your state.
Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a Registered Broker-Dealer and a non-bank affiliate of Wells Fargo & Company.
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The opinions expressed in this report are those of the author(s) and are subject to change. The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Additional information is available upon request. CAR-0120-03242
