An estate strategy is about much more than just who will get your money or who will get your possessions. It's also about creating an approach for your assets when you can no longer guide the process.
But we also wanted to share with you some common mistakes we've seen and what to keep in mind when you move forward with your strategy:
- Consider whether designating assets as Payable on Death (POD) or Transfer on Death (TOD) is good enough. You may want to explore setting up assets as POD or TOD. While these designations can help, there are more powerful estate documents that may offer more flexibility.
- It's not just for after you die: An estate strategy is also about managing your affairs while you’re still alive. For example, a financial and healthcare power of attorney can be established to help manage your affairs if you become incapacitated.
- You don't need one when you're young: Avoiding making an estate strategy because you’re young and healthy is a common mistake. At any age, you could find yourself in a medical emergency that requires medical and financial decisions to be made on your behalf.
- Avoiding the tough conversations and decisions: You will have to make tough decisions that you'd probably rather avoid, like deciding who should raise your children. But that's exactly why you should create one, so you can have those conversations with your family now while you still can. As hard as it is to think about your death, it's better to have a strategy to help guide your loved ones.
Estate management is about helping your loved ones after you’re gone. We’re happy to discuss how you can create a strategy for your legacy or answer any questions you may have.