Despite the common misconception that estate planning is only necessary for individuals of a certain asset level, the reality is that it’s something that all individuals and families should think about. Putting an estate plan in place is helpful in ensuring that your assets – no matter how large or how modest – are properly allocated when the times comes.

What is estate planning?

Estate planning is a process that includes deciding who will be the beneficiaries of your assets – including your car(s), home, other real estate, checking and savings accounts, financial investments, life insurance, furniture and other personal possessions – regardless of the amount or value of those assets. In other words, it allows you to control what happens to your possessions if you were to become disabled, or upon your death.

Why is estate planning important?

Naming your beneficiaries ahead of time has a profound impact on what happens to your assets after you die. When you leave this earth, many of your assets will pass on to your beneficiary designation. However, your beneficiary designation is not necessarily the person you want to inherit certain keepsakes or the person you’ve defined in your will. The beneficiary designation is the individual who will receive your assets from insurance, annuity plans, retirement accounts, etc.  By having an estate plan in place, it will ensure that your loved ones are taken care of in exactly the way you had intended.

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How MACRO Consulting Group can help

At MACRO, our experienced financial advisors will review where your accounts and assets are held and the types of beneficiaries on each. From there, we can help you:

  • Maximize what you leave behind
  • Plan for estate taxes
  • Manage beneficiaries on life insurance plans, IRAs, 401(k)s, etc.
  • Establish annual gifting to the charities of your choice
  • Coordinate and partner with your estate attorney to ensure that your financial wishes are also in your will. Your estate attorney will guide you in:
    • Naming an executor of the estate
    • Establishing durable power of attorney and healthcare power of attorney
    • Writing a letter of intent
    • Defining guardianship designations, as necessary

Don’t let your legacy of caring and generosity be tarnished by a simple oversight, leaving loved ones high and dry and potentially leading to family disharmony. Contact us today to learn more about establishing an estate plan that is right for you.