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Work with a Trusted Financial Advisor to Arrange Your Estate

Many people find estate planning to be the least savory aspect of financial planning. After all, who enjoys discussing the inevitability of mortality? Nevertheless, estate planning is critically important if you want to ensure your loved ones are financially cared for when you’re gone. Trust the experts at Financial Consulate to guide you through the complex estate planning process.

To learn more about estate planning from Financial Consulate, please contact us today. You can reach our Hunt Valley, MD office at 410-823-7283, our Gettysburg, PA location at 717-334-1861, and our Fernandina Beach, FL office at 904-833-7283.

What Is Financial Estate Planning?

Estate planning is the process of determining how you will distribute your property and assets after you die. The goal is to limit estate tax liability and ensure your wishes are met concerning who inherits what. You should start devising an estate plan today if:

  • You’re in a non-traditional relationship, such as if you cohabitate without being married.
  • You have been married multiple times.
  • You have children from one or more relationships.
  • You have retirement investments or a high net worth.

Benefits of Estate Planning

When done properly, estate planning should result in the following benefits:

  • Your surviving loved ones understand your final wishes.
  • Your children end up with the legal guardian of your choice.
  • Your loved ones receive the assets you intend them to have.
  • The conflict between family members is minimized.
  • Estate taxes, probate costs, and legal expenses decrease, thus preserving your wealth for the intended recipients.

Documents Needed for Estate Planning

As you begin the process, you need a few basic documents to clarify your wishes. With help from an estate planning attorney and your financial planner, you can prepare the following:

  • Will
  • Living will
  • Medical directives
  • Power of attorney
  • A durable power of attorney
  • Health care power of attorney
  • Revocable living trust
  • Irrevocable life insurance trust
  • Beneficiary designations

Estate Planning Strategies

Having the proper documents in place isn’t enough. That’s why you should work closely with your financial planner to avoid making mistakes during the estate planning process. We can offer advice to make sure you complete everything on your checklist. These items might include:

  • Naming an appropriate guardian for your children.
  • Naming an executor who will make decisions for you if you’re incapacitated.
  • Naming beneficiaries—which may include a spouse, children, trust, or non-family members—and implementing efficient strategies for each to minimize costs and wasted time.
  • Naming secondary beneficiaries in case the primary recipients pass away before the retirement plan owner does.
  • Titling assets in the name of the trust.
  • Using the correct legal documents to ensure assets in other states will get to the rightful heirs quickly and without undue costs.
  • Updating documents periodically to ensure the named executors, trustees, agents, and guardians still apply.
  • Informing beneficiaries of the wealth they may inherit and how you expect them to handle it.

Schedule Estate Planning Services with Our Financial Advisors

Now that you know the basics of financial estate planning, it’s time to get the process started. Completing certain documents with our help is the first step toward ensuring your wishes are met and your family is taken care of after you’re gone. Our advice will also help preserve your wealth and limit tax liabilities and wasted time. We are highly qualified to provide estate planning services and promise to always put your needs first.

Estate planning is just one of the many financial planning services we offer. Let us assist with all aspects of your asset management needs, from charitable giving to retirement and risk planning.

To schedule financial estate planning services, please contact Financial Consulate today. While we have offices in Maryland, Pennsylvania, and Florida, we serve clients across the country. 

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