Why Your Estate Is About More Than Finances

In the middle of all your exciting plans for retirement, one further task is planning your estate with your family. Start to think about how best to engage with your kids in discussions concerning your financial legacy.

The Best Time to Talk is Now
Estate planning is about you—your life, your money, your future and your legacy. You have a right to be heard and to lead those discussions that need to happen now. But, estate planning is also about those who will be here after you and how they will be affected by your choices.

Don't wait until a crisis or until you become too frail or ill to make decisions and express your vision and wishes. Talk to your family about your values and about how those values relate to all of you, even now, as a family unit.

Express Your Values
Perhaps the most enduring financial legacy you can leave are the financial values you lived out in front of your children as they grew up and shared with them in their adult lives. Now is a good time to be open with them about your values and goals today, and any challenges you face. Be honest about any outstanding debts you have. Talk with them about your checking and savings accounts. If you have investments and other assets, tell them about these and how you plan to use them and/or to whom you want them distributed.

The Physical Side of Estate Planning
Take the initiative to explain to your family what kind of lifestyle and support you want as you progress from your active “go-go” years to your latter “no-go” years. This includes telling your kids and any other relevant parties about your wishes should you become very ill. What is your vision for your desired end?

Answering this question might involve a discussion of medical and supportive care issues. But it will be guided by your values and hopes for the end of your life—and the part you want your family to play in it.

Planning Your Financial Estate as a Family
You need to be crystal clear in defining the exact terms of the transfer of your estate. Zero uncertainty should remain concerning how you want money or other assets to be bequeathed to named family members or any other beneficiaries.

The best way to achieve this is by a written will in which all your estate is covered. For this task, it’s also prudent to contract the services of professionals, including an estate planning specialist and an attorney.

Involve Any Professionals in the Discussion
Throughout this process, it can be especially helpful to involve financial, tax, legal and other professionals in discussions with your family to answer any questions your family has.

Book an appointment today to discuss how to involve your family in your estate planning process.

^{This material was developed and prepared by a third party for use by your Registered Representative. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security. The content is developed from sources believed to be providing accurate information.}

^{For a comprehensive review of your personal situation, always consult with a tax or legal advisor. Neither Cetera nor any of its representatives may give legal or tax advice.}