Estate planning sounds abstract but it is actually very practical. It is the nuts and bolts of what you want to do with your assets, while you are alive and after you are gone. We encourage all our clients to establish, review (and if needed) update their estate plan, with LNW there every step of the way.
To give you an idea of the basic components of estate planning, below is a simplified checklist. The most important thing is to get started.
See the Big Picture
- Size up your estate – At LNW, we start with the most recent data and well-researched projections to determine assets, liabilities, cash flow and a host of other variables. All those inputs combined with a detailed assessment of your needs and goals provide the foundation for your estate plan. We then help you determine:
- Which of your major assets you want to go to whom – “when” is just as important.
- What happens to items with high personal value, heirlooms – to avoid family tension.
Confirm Beneficiaries & Co-Owners
Assets that require designated beneficiaries or are owned with someone else bypass probate and go directly to the beneficiaries or co-owners. We help confirm status on the following:
- Beneficiary designations – on retirement accounts, annuities, life insurance plans, etc.
- Titling/co-ownership – bank accounts, brokerage accounts, real estate, businesses, etc.
- Well-defined charitable giving strategies. LNW wealth managers can work with you to determine your capacity for giving and the structures and approaches that would be most beneficial for you, your legacy, and the organizations you want to support.
- The right trust(s) and other add-on documents. LNW trust advisors can help you determine which type of trusts would work best for you and your family and provide input to your estate planning attorney. Once trusts are established, LNW can serve as trustee or co-trustee to administer and manage the trust(s).
- A will that is valid and comprehensive. LNW estate planning specialists can work with your estate planning attorney to make sure your will supports all other elements of your estate plan, reflects your full asset base, and is up-to-date. LNW can also serve as the executor of your will.
Plan for the Unexpected
- Healthcare power of attorney and a living will. LNW can provide guidance to you and input to your estate planning attorney on these and other healthcare related documents.
- Financial power of attorney. LNW can provide guidance to you on this important role and input to your estate planning attorney.
LNW Wealth Manager Monica Padineant advises on “Plan C” planning here.
The End Result? Peace of Mind, Purpose, and Living Intentionally!
