Some of the most important financial documents a person has are estate planning materials. Tending to such matters, though, can be an emotional challenge. It’s difficult to answer questions about what will happen after your death or if you are unable to tend to your own finances or health. People who don’t want to consider the end of their life may avoid this uncomfortable task. With support from your financial planner, you can quiet your heart.
Heavy Feelings You Might Have When Estate Planning
Estate planning essentials are largely a financial matter, but there are unavoidable questions – particularly for parents and business owners – that require you to think about things you may never have considered before.
- Who do you trust to manage your assets or business should you become incapacitated?
- Who do you consider the best guardian for your minor children?
- Is your adult child capable of taking care of minor children?
- Who is the best person to execute your will?
- Who do you trust to serve as your medical power of attorney?
Questions like these must be considered logically, financially, and emotionally – and that’s when estate planning can get tough. The choices you make affect others in your life, for worse or for better, and they make it clear to your heart where your loyalty and trust lies.
Build a Heart Healthy Estate Planning Portfolio
Estate planning is not for the faint of heart, but it is a must. These materials spell out your wishes when it comes to finances, family, care, and end-of-life planning. An estate planning portfolio typically includes:
- Last will and testament. Identifies how you want assets and major decisions to be managed after your death. A last will and testament names heirs, a trustee, guardians, and executor.
- Living trust. Allows an individual and family to avoid probate and rely on a trustee for the immediate distribution of assets. A living trust allows for privacy and control over a lifetime.
- Healthcare directive. Addresses end-of-life medical care, such as do not resuscitate (DNR). Names a medical power of attorney who can make medical decisions for you if you cannot.
Estate Planning for the Ones You Love
Many estate planning documents overlap and work similarly, so your financial advisor can guide you in selecting the most appropriate and helpful documentation for your unique circumstances, financial standing, family needs, and more.
Working with a financial expert makes estate planning much easier than it might otherwise be, helping you to identify your true feelings, concerns, questions, and hopes about your assets and how they are best manage upon your death.
Estate planning asks hard questions, but the experts at Hollander Lone Maxbauer are ready to help you make the choices that are best for your mind, heart, and accounts. When your financial future is accounted for, when your hard-earned income and careful investments are planned out, you will worry less. You’ve done the hard work and established an “insurance plan” in the form of estate planning. Now it’s time to enjoy your life. Contact us to schedule a consultation at our Southfield, MI, office.
