At Ivy Ridge Asset Management, we understand that preparing to meet with an estate planner can be intimidating, especially if you’re unsure of what to expect. In part one of this series, we discussed the benefits of outlining your net worth statement and beneficiaries before meeting with an estate planner. In part two, we’ll discuss a few more critical components to consider before meeting with your financial advisor.

Decide Who Will Inherit Your Assets

Determining who will inherit your assets can be challenging, especially if you come from a large family. While it may initially be difficult to discuss this topic with your estate planner, it’s important to remember that transparency is key, and the more information you can provide the better. As you start to map out where and how your individual assets should be disbursed, considering asking yourself the following questions:

  • How much should each person or charity receive? Is there a set maximum or minimum amount?
  • Will everyone be treated equally?
  • At what age would you like your beneficiaries to receive full or partial access to their inherited assets?

Consider Who Will Fill Important Roles

There will come a time when you’ll need someone to step into your shoes to make critical decisions and carry out your wishes. When considering who to choose for these roles, be sure to focus on friends and family members you trust to take on those responsibilities. Some common roles include:

  • The Executor: This is the person who will be in charge of administering your estate according to your written will. This role requires a significant amount of responsibility and should be administered to someone who has your best interest in mind.
  • The Trustee: This individual is in charge of managing and disbursing the assets held in trust. If none of your assets are left in trust, you do not need to consider this role.
  • The Guardian: The guardian will care for any minor aged children during an unfortunate circumstance.
  • Financial Power of Attorney: When you assign someone financial power of attorney, they will have the authority to handle your financial transactions and affairs in the event you are incapacitated.
  • Health Care Power of Attorney: When you assign an individual with health care power of attorney, they will be able to make decisions about your health care in the event that you are unable to do so.

If you live near Rhinebeck and are ready to schedule an appointment with a financial advisor to discuss estate planning, contact our experienced advisors today!