In this week’s episode of “Retirement Readiness,” hosts Tim Regan and Katie Umland explore how estate planning can help you plan for the distribution of your assets after passing (while also establishing a legacy based on your values).
We spend our lives accumulating “stuff”: money, homes, knick-knacks – the list goes on. But what happens to all of those assets when you pass away?
Introducing estate planning. An estate plan allows you to create a plan for just that, helping to avoid any potential family conflicts and leave a legacy that reflects your values.
Tim explains: “Estate planning seems overwhelming, but really it can be an exciting time to say, ‘How do I look at what is important in my life?’ – and then ‘How do I accentuate that through my estate plan?’”
Of course, estate planning isn’t a “one-and-done” (or even a one-size-fits-all) sort of project. Rather, it’s important to sit down with a qualified professional to explore how best to align your plan with your goals. And as time goes on and your life, family and values evolve, you can check back in and make changes. For example, a new child, marriage, divorce or other major life event might prompt you to revise your plan.
Katie recently developed an estate plan for her family, and she shares a firsthand look at her experience in that journey.
“When we were putting it together, we thought we were kind of just safeguarding what we had,” she says. “But it also made us think about some long-term goals, like our childrens’ or grandkids’ college costs.”
Our hosts note that in addition to financially supporting your beneficiaries, having an estate plan in place is a great example to younger generations about the importance of proactive planning. For those who want to get started, a financial advisor can help make sure your estate plan fits into your overall financial goals and supports your values.
“The whole purpose of a financial advisor has really zero to do with the numbers – I mean, it does, but that’s maybe like 5% or 10% of the job,” Tim explains. “The 90% of what we do is helping to methodically walk people through some of those conversations to help tell their life story.”
Hit “play” to learn more about the value of estate planning, and be sure to check out our library of other “Retirement Readiness” episodes!
Key Timestamps and Topics
- 00:01:06 – What is estate planning and how does it relate to the two-comma life?
- 00:03:07 – An estate plan is valuable at each stage of life – even post-retirement.
- 00:04:11 – Katie shares about her own recent experience of developing an estate plan.
- 00:04:46 – Tim explains that an estate plan should be tailored to your unique values and goals.
- 00:09:40 – Financial decisions you make early in life can have a lasting impact. By creating an estate plan for your children and grandchildren, you’re setting a great example of the importance of planning.
- 00:13:44 – Tim explores an example of estate planning that allowed a family to provide for each member, their church and potential grandchildren.
- 00:15:30 – Tim and Katie discuss how lifespans can vary, which can affect your financial plans.
- 00:19:42 – Planning for your estate can inspire other ways to leave your legacy, like writing a book for future generations of your family.
- 00:21:40 – Tim talks about how keeping perspective can help you live in abundance. A financial advisor can also help along that journey.
- 00:25:07 – Our hosts look toward the holiday season and wrap up the conversation.
3 Key Takeaways
- Estate planning allows you to plan how assets should be distributed after your passing – while also offering an opportunity to continue your legacy.
- An estate plan should be updated regularly to reflect your family, values and goals.
- Your version of a two-comma life might differ greatly from another person’s version – and that’s okay!
Links
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