The Game Plan
On this episode, we’ll explore the role an advisor plays in the estate and legacy planning process and uncover some of the basic mistakes people often make when trying to sort all this out on their own.
As an advisor, we need to evaluate how in-depth your estate plan needs to be. For most people, you probably won’t need a trust. However, it will depend on your situation. If you want to pass money in your IRA on it’ll be a lot easier to look at your beneficiaries. These are some aspects that an advisor would help with. It’s about focusing on your retirement first and strategizing separately for your legacy whether that is separate savings or through life insurance. Estate planning is an ongoing process, make sure you are updating your beneficiaries and reviewing your plan regularly.
The X’s & O’s
Check out the timestamps below to skip around to specific topics on the show.
[1:01] – Merry Christmas!
[1:57 ]– What role does an advisor play?
[4:19] – How do people view their legacy?
[7:05] – What are some basic mistakes?
[8:15 ]– Beneficiary designations not up to date
[9:21] – Dale’s story with a client