When is the last time you reviewed your estate plan? Do you have a will? According to a recent survey by the 1Harris Poll, 64% of Americans don’t have a will. Why? The most common reason mentioned was that “they hadn’t gotten around to it yet.” If you have a will, when is the last time you reviewed it? Due to estate law changes in the last five years, there is a good possibility that a will that was drafted more than five years ago needs to be revised.
In addition, when is the last time you reviewed your beneficiary designations in your 401(k)s, IRAs, life insurance policies and annuities? One of the most common estate planning mistakes is not making sure that beneficiary designations are in order. Many people believe that the will governs everything about their estate and don’t worry about regularly reviewing their various beneficiary designations. In fact, your beneficiary designations differ from what is expressed in your will, the beneficiary designations in your retirement plans or insurance policies will trump the will.
Every August, Susan Moore of Moore Wealth Management in Montgomery, conducts a free estate planning workshop in a Webinar format. The workshop covers a number of issues, including a review of the various legal documents involved in estate planning such as wills, durable powers of attorney, advanced healthcare directives, revocable and irrevocable trusts. Beneficiary designations are a great tool, properly used, in estate planning. They are flexible and can be changed without having to re-do legal documents to reflect family changes such as births, deaths and divorces. The workshop covers how to use these beneficiary designations properly, including primary and contingent beneficiaries and per capita or per stirpes distributions.
In addition, the Webinar offers attendees a template of how to conduct a family meeting at which you communicate to your family and heirs your plans and intentions around the distribution of your assets. A vital part of this meeting is to define the roles and responsibilities of your various heirs as well as general instructions, including the location of key documents, burial wishes and intentions for tangible personal property.
These methods will be covered in a Webinar format on Wednesday, August 26th by Susan Moore of Moore Wealth Management, Inc. at 12 p.m. Please call 334.270.1672 or email sarah@moorewealthmanagement.com for more information and reservations.
We conduct a variety of workshops and seminars at MWM. The mission statement of MWM is very simple: “and then some.” We attempt to do what is expected, what is required “and then some”. The Putting Your Estate in Order workshop is part of our monthly “and then some” workshops. In addition, MWM conducts daily current events market updates that attempt to explain what is going on in the financial world. If you would like to be on the mailing list or receive email notifications of upcoming webinars, please call 334.270.1672.
Susan Clayton Moore, J.D., is a financial advisor and wealth manager of Moore Wealth Management, Inc., with offices Montgomery and Alexander City, AL. Susan has over $150 million in assets (as of 9.1.24) under management through Kestra Financial and has been a financial planner for over 40 years. Contact Susan at 256.234.2761. Email contact is susan@moorewealthmanagement.com.
The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney or tax advisor regarding your individual situation. Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment Advisory Services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Kestra IS or Kestra AS are not affiliated with Moore Wealth Management, Inc. https://www.kestrafinancial.com/disclosures