Wealth Management Feb. 28, 2016

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Structured Wealth Management


Wealth Management, as you think about your future and that of your family once you’re gone, it is crucial to set up a
structured estate plan in order to properly address your family’s needs. This can be done in ways
other than just a will. For instance, many assets in your possession will allow you to name a
beneficiary-in other words, the person with whom you want to receive that asset in the event of
your death.


Examples Of  Assets


The most common examples of such assets include life insurance policies,
retirement accounts, bank accounts, and non-retirement invest brokerage accounts. These
assets allow you to name a beneficiary via a Payable On Death or Transferable On Death form.
Many people write their wills, thinking it will take care of everything, only to find out later on
than their will doesn’t actually control their specific assets. Any asset that is owned jointly along
with another person (such as a spouse) will go to that person directly, due to laws around Rights
of Survivorship. Any asset which names a beneficiary will be given directly to that beneficiary
upon death. A will is only used when an asset is owned solely by that person (not jointly) and no
beneficiary is otherwise named. So as you write your will, be sure your list of executors, trustees
and beneficiaries are up-to-date and accurate. You will also want to be sure to title all of your
assets in order to minimise the chances of being subject to unnecessary tax after your death. As
you go over your life insurance policies, you may want to ask yourself if your beneficiary
designations are correct, or if you want secondary beneficiaries.


Surviving Spouse


If you are the surviving spouse of a loved one, getting all the financial details in order can be an
added stress on top of an already difficult situation. Do not take on all of the burden yourself if
you feel overwhelmed; be sure to ask trusted family, friends, or a lawyer for help. Firstly, you will
want to make sure you can locate all important documents and financial records. This will
include your spouse’s will and any other estate-planning documents (like a trust), insurance
policies, stock/bond certificates, deeds, bank/brokerage statements, ID, birth, marriage and
death certificates. To make things easier on yourself, set up a system in order to keep track of all
ingoing and outgoing emails, letters, and phone calls. You may also find it very helpful to enlist
the use of a filing system to organize all your important documents-like tax information, estate
records, bank records, certified copies of deeds, etc.





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