Estate Planning

Estate planning near Phoenix, AZ, offers numerous benefits, including the ability to coordinate generational wealth transfer within families to create future financial opportunities. Estate planning is also an essential tool to assure that your decisions regarding your assets are detailed and respected upon your passing.

As such, understanding how to engage in effective estate planning and best practices for incorporating family members into this process is crucial for a successful result.

What is Estate Planning?

Estate planning is the process of making decisions about your estate. It incorporates specific documentation that details how you would like your assets to be properly distributed upon your passing.

One of the most common misconceptions about this process is that it is only for the wealthy. Anyone who has assets should engage in estate planning. This includes homeowners, those with financial accounts of any kind and families that include young children.

Why is Generational Wealth Transfer Important?

Generational wealth transfer is a pertinent part of the estate planning process. Many people erroneously assume their assets will immediately transfer to loved ones upon their passing. But depending on the asset in question, this is not always the case.

Failure to institute a plan for asset transfer means your loved ones may end up paying more in taxes and other fees to access your assets than they would if you set up an estate plan.

Generational wealth transfer as part of a larger estate plan ensures that your wealth passes down to others in your family. This allows your family to continue growing your wealth and building upon all that you've worked so hard to obtain. Empowering the next generation begins by keeping wealth in the family; each generation can build upon it to benefit the entire family unit.

How Do You Talk to Your Children About Estate Planning?

Involving adult children in the estate planning process is critical if you want to avoid confusion upon your passing. While naming an executor is part of the process for estate planning near Phoenix, AZ, involving your family in planning can help things run much more smoothly.

Start by setting a time and place where you can speak uninterrupted about your plans. Make sure that you have made all pertinent decisions before having this conversation, so that you know everything you decided for your estate was done without any influence or other interests playing a role.

Tell your children as much as you are comfortable sharing about your estate plans. You don't have to divulge anything that you are uncomfortable sharing. The conversation is more about giving them a chance to ask any questions about your wishes or decisions you've made while you can still answer them.

Do You Need a Financial Advisor for Estate Planning?

While it is possible to engage in estate planning on your own, working with an experienced financial advisor is critical to a more effective plan. Financial advisors are well-versed in the documentation that should be included in a sound estate plan.

Moreover, a financial advisor can help you determine the best products for your situation. Working with a professional while estate planning will reduce the stress and anxiety that you might have about your financial future.

A financial advisor will advise you on the best strategies for generational wealth transfer in a way that makes sense for your specific circumstances. All estate planning products are not created equal, so choosing the right options is critical for a successful plan. Get in touch with us to begin your estate planning process today!

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