Organizing your financial documents should never be a rushed process. These documents can have a massive impact on the future generations of your family and can make a huge difference on how they will be able to create generational wealth.
At Heller Wealth Management, we have witnessed and been able to revise many avoidable mistakes within a financial will.
Examples of these mistakes include the ex-wife being named the beneficiary, some grandchildren being forgotten about on the will, or having no beneficiary at all!
Read on for some more advice about revising your will and being sure it is up to date with your current family dynamic.
What We Can Help You With
At Heller Wealth Management, we do so much more than just asset management. We are here to hold you accountable, inspire you, and be in your corner about any financial questions or decisions you may have.
One of the many things we emphasize to our clients is that it is important to not just focus on estate planning issues, but also estate tax issues.
It’s also important to remember that creating financial documents is not just a ‘one and done’ deal. Consistently reviewing and revising those documents as family dynamics or your financial situation change is crucial and Heller Wealth Management can help you stay on top of that.
Something else that is mentioned in episode 109 of Life Unlimited is that Heller Wealth Management provides its clients with timeline documents to keep you updated on all the financial decisions that need to be made at different stages of life.
When should I draft my first financial will? Who can help me get started in that process?
These are great examples of what financial advisors are here to help you with.
Other concepts and advice that are expanded on in the latest episode include:
- How to properly title your assets and limit the amount of tax applied to each asset when passing them down
- How you can avoid some of the most common mistakes when drafting and finalizing your will
- Real-life stories about what went wrong within a will
- And more
Creating financial documents should never be a rushed process. Giving yourself enough time to make educated personal decisions can make all the difference for you and your family.
Reviewing Estate Planning Documents
Every client is provided with a summary page that outlines the main pieces of information found within their will.
Information such as their main wishes, who their main beneficiaries are, who their trustees are, and more are neatly outlined for individuals and spouses to review whenever they deem necessary.
The stage of life you are in (ie. early 40s, approaching retirement, in retirement) and how healthy you are can help determine how often you should review your financial documents and summary page with a financial advisor.
Every 5 years is generally what we recommend, but this number can change depending on your situation.
Again, creating financial documents for your family to use after your passing is not a ‘one and done’ deal. They need constant review for accuracy and completeness.
Errors We Have Found With Beneficiaries
In the latest episode of Life Unlimited, some stories are shared with you to educate you about just how silly some people’s mistakes have been when creating their will.
Children have been missing from the will, ex-family members are listed as trustees or beneficiaries, minor children have been listed as beneficiaries, and so much more!
Family situations change, therefore, your will needs to as well. It’s easy to just wipe your hands of the situation after you complete the will, but doing this can certainly come back to bite.
Tune in to this episode here to listen to some of these stories.
