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Plans fail for lack of counsel, but with many advisers they succeed. (Proverbs 15:22)

1. Not incorporating your faith

  • Draft a Christian estate plan. 
  • Don’t just pass on your valuables, also pass on your values.

Don’t just pass on your valuables, also pass on your values.

2. Not keeping your estate plan up to date

  • Investments and Insurance – Update (beneficiaries) in the event of a death. 
  • Review your wills and POAs every 5 years and update as needed.

3. Not storing your legal documents in the proper location

  • Keep your documents at home in a fireproof box – UNLOCKED
  • You should never keep your legal documents in a bank safe deposit box. 
  • Provide a copy to your financial advisor.

4. Not titling assets properly

  • If married, use JTWROS (Joint Tenants with Rights of Survivorship) or TOD (Transfer on Death) to avoid probate. 
  • Rarely is it recommended to title accounts under just one name due to probate implications.

5. Buying a trust that you may not need / Not properly using a trust that you already own

  • Beware of those who try to scare you into buying a trust based on the horrors of probate. 
  • If you already own a trust, make sure to transfer your property and assets into the trust.

6. Not talking to your spouse and kids about your money, plans, and legal documents

  • Conduct a family meeting to discuss plans, desires, and values. 
  • Be sure to show or tell them where to find your wills, power of attorney documents, deeds, titles, etc. 
  • Include a simple document with a list of assets and instructions for the spouse and heirs so that they know what to do when something happens to you. 
  • Keep this document updated annually!

7. Being a packrat

  • Learn what documents to keep and for how long. 
  • How long to keep tax returns, bank statements, utility bills, investment statements, general clutter. 
  • Can these documents be reproduced? 
  • What is your reason for keeping it?
  • Get help to clean out your house, garage, closets. 
  • Start giving items to your children/grandchildren or sell (or trash) your “collectibles” (coins, stamps, prescription bottles).

 

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The topics discussed in this podcast are for general information only and are not intended to provide specific investment advice or recommendations.  Investing and investment strategies involve risk including the potential loss of principal. Past performance is not a guarantee of future results.

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