Estate planning is an essential part of financial wellness, yet it’s often overlooked until later in life. Many people think estate planning is something to consider only when retirement is on the horizon, but in reality, it’s important at every stage of life. Whether you’re a young parent wanting to ensure your children are cared for, or someone with significant assets looking to minimize taxes and avoid probate, having a solid estate plan in place is crucial.

At LivWell Seniors, we know that estate planning can feel overwhelming. That’s why we partner with trusted professionals like Plan2Thrive Financial Services, a valued member of our Caring Network, to help guide you through the process. Patrick Reid, financial advisor and owner of Plan2Thrive Financial Services, shares his expert insights on how to get started with estate planning and why it’s so important.

Step 1: Take Inventory of Your Assets

The first step in estate planning is understanding what you own. Gathering all your financial information in one place ensures that your assets are accounted for and that your loved ones won’t have to struggle to piece everything together later.

Your estate includes more than just your bank accounts and real estate. It also includes:

• Investment accounts
• Retirement funds (401(k), IRA, pensions)
• Insurance policies
• Vehicles
• Valuable personal property (jewelry, artwork, coin collections, etc.)
• Business interests

At Plan2Thrive Financial, they use a system that securely collects and organizes all this information. This system not only helps you track the value of your assets but also provides executor access, meaning that if something happens to you, your family or estate executor will have a clear roadmap of your financial landscape. Having everything in one place is invaluable during emotionally difficult times, allowing your loved ones to focus on healing rather than searching for critical documents.

Step 2: Define Your Wishes

Once you have an inventory of your assets, the next step is deciding how you want them distributed. Estate planning isn’t just about who gets what—it’s about ensuring your wishes are honored and your loved ones are taken care of in the best way possible.

Some important questions to consider include:

• Who do you want to inherit your assets?
• How should your assets be distributed (lump sum, staggered payments, trusts)?
• Do you want to leave money to charities or causes you care about?
• Who should be responsible for handling your estate?

For those with high net worth or younger beneficiaries, it’s often wise not to distribute large sums of money all at once. Instead, you can set up trusts that allow beneficiaries to receive funds at specific ages or milestones. For example, a trust might release funds at ages 21, 25, and 30, ensuring that younger beneficiaries have time to develop financial responsibility before receiving their full inheritance.

Step 3: Avoid Probate with Proper Asset Titling

Probate is the legal process of settling an estate after someone passes away. It can be time-consuming, costly, and stressful for your family. Fortunately, with proper estate planning, you can minimize or even avoid probate altogether.

One of the simplest ways to avoid probate is through proper asset titling. For example:

• Joint ownership with rights of survivorship ensures that an asset automatically transfers to the co-owner upon your passing.
• Beneficiary designations on retirement accounts and life insurance policies allow funds to pass directly to named beneficiaries without going through probate.
• Trusts can hold assets and distribute them according to your wishes while avoiding probate altogether.

By structuring your estate correctly, you can reduce unnecessary legal fees and delays, ensuring that your loved ones receive their inheritance smoothly.

Step 4: Keep Your Estate Plan Updated

Estate planning isn’t a one-time event. Your wishes and circumstances can change over time, and your estate plan should reflect those changes. Major life events that should trigger an estate plan review include:

• Marriage or divorce
• Birth or adoption of a child
• Death of a spouse or beneficiary
• Significant changes in financial status
• Relocation to a different state (estate laws vary by state)

At Plan2Thrive Financial, clients are encouraged to review their estate plans every three to five years to ensure everything remains up to date. Keeping documents current prevents outdated plans from causing unintended consequences, such as assets going to someone you no longer wish to inherit them.

Step 5: Work with a Professional

Estate planning is complex, and while DIY wills and estate plans are available online, they often don’t provide the level of detail and legal protection that a professionally prepared plan does. That’s where working with a trusted financial advisor or estate planning attorney can make all the difference.

A professional can help you:

• Create legally sound wills and trusts
• Ensure proper titling of assets
• Structure your estate to minimize taxes
• Establish durable powers of attorney and healthcare directives
• Keep your plan updated as your life changes

At LivWell Seniors, we recognize the importance of having the right guidance in place, which is why we refer our clients to Plan2Thrive Financial Servies for their estate planning needs. Their expertise ensures that families can plan with confidence, knowing their assets will be managed according to their wishes.

Estate Planning Is for Everyone

Many people delay estate planning because they believe it’s only necessary for the wealthy or the elderly. However, estate planning is for everyone. Whether you’re protecting your children, minimizing taxes, or avoiding probate, having a well-thought-out plan can make a significant difference in the financial future of your loved ones.

Getting started may seem like a daunting task, but the most important step is simply taking action. By working with a knowledgeable professional like Plan2Thrive Financial Services, you can develop an estate plan that provides peace of mind for both you and your family.

Get Started Today

If you’re ready to take control of your estate planning, Plan2Thrive Financial Services is here to help. As a trusted member of the LivWell Seniors Caring Network, their team offers personalized guidance to help you create a plan that aligns with your values and financial goals.

? Contact Plan2Thrive Financial Services today at (563) 323-5790 or visit Plan2ThriveFS.com to schedule a consultation.

Don’t wait until it’s too late—start planning today and secure your legacy for the future.

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