If you’re considering hiring an estate planner to assist in your estate finances, it’s important to know what to expect before meeting with them. While it’s common for homeowners to want to delay this task, spending a little time now to address the subject could provide serious wealth savings for you in the future. At Ivy Ridge Asset Management in Rhinebeck, our experienced financial advisors have helped hundreds of families navigate through estate planning. If you’re new to the estate planning rodeo, below are a few key items to think about before scheduling a meeting with your estate planner. In part one of this series, we’ll discuss creating an outline of your assets and liabilities and account beneficiaries.

A Net Worth Statement

Before you sit down with a trusted estate planner, consider creating an outline of your current assets and liabilities. This can be incredibly helpful, as it will allow your attorney or financial advisor to easily understand the full scope of your financial picture. If you plan to do this yourself without the help of an expert, be sure to consider the following:

  • Current Assets: These can include your bank accounts, investment accounts, any real estate you may own, insurance policies and significant assets (boats, planes, etc.)
  • Current Liabilities: These can include your current and past mortgages, credit card debt, personal loans and business loans

Account Beneficiaries

If you currently have employer retirement plans or insurance policies, you probably selected beneficiaries when you first set up the accounts. Make sure you remember who the beneficiaries are for all of your accounts and bring a printout of that information to your meeting with the estate planner. If you are unsure of your beneficiaries, ask your financial advisor or contact the institution where your accounts are help.

In part two of this series, we’ll discuss two more key components to consider before meeting with your estate planner. Ivy Ridge Asset Management is proud to be a leader of financial estate planning in Rhinebeck. Contact our financial advisors today to schedule an appointment!