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October 22nd, 2014 |
In a recent blog, my colleague, Jennifer Cumming, discussed ‘Four Tips for Retirement Planning for Women.’ While Jennifer stressed that planning for a comfortable retirement is extremely important—especially for women—we also know that protecting those hard earned assets is of equal concern. We thought this would be a good time to remind everyone of the value of a strong and current estate plan.
So, what is Estate Planning? It is the coordinated effort, using legal documents, to appoint and direct someone (or a corporate entity) to manage your assets when you are unable to do so. A strong estate plan will give directions, to a specific individual, as to how to manage, preserve and ultimately distribute your assets. Estate Planning documents speak for you when you cannot.
There are four basic documents that you should include when planning for a time when you are unable to manage a variety of matters on your own:
With these documents legally executed, you increase your ability to protect and preserve your assets. How? By choosing capable individuals for the tasks at hand.
Choose someone who understands and shares your management goals, possesses expertise in the areas that you will need assistance, and knows how to work with a team of professionals to carry out your wishes. This will give you a higher degree of control over what will happen to your assets.
Finally, as you are selecting your “Dream Team” of professionals to help you reach your financial and retirement goals, we encourage you to equip them with a strong and current estate plan. Not only will you have taken a step toward securing your financial future, you will have given your team an opportunity to know—in writing—exactly what you would like them to do when their assistance is needed.
In the coming months, Laurie Kramer, Jennifer Cumming, and I will continue to discuss financial issues for women, including retirement planning, estate planning, and financial scams. We appreciate your comments, questions, and suggestions. Let us know what you think and how we can help. Look for us here, as we continue to share information through our blog, and look for opportunities to join our in-person seminars next year.
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