The Setup:

Once you have a conversation with your family about legacy planning, what are the next steps to ensure your plan is put into place? On today’s episode, we’ll explore everything from trusts and wills, to beneficiary designations and TODs and how all of these fit into your overall retirement plan.

The Combination and Key Points: 

On today’s episode of Unlocking Your Financial Future, we’ll continue our conversation on legacy planning and why generational planning is important for your family. When we work with clients to create an estate or legacy plan, some common worries come up. We’ll break down these common worries and how the transition planning works.

The first step to any legacy plan is having this tough conversation with your kids and that’s what we explored in Part 1. Now, how do we actually implement a plan? You’ll need to work with an attorney for the legal process including wills, trusts, etc. We work with a great attorney that helps clients through the process. Not everyone needs a trust, some of us will be okay with a will.

The reality is that wills still go through probate. Meaning you need to really consider who the beneficiaries on your retirement accounts are. Beneficiaries’ designations trump what is stated in the will, so make sure your desires match. A will is a way to ensure all the small details are put into place, having beneficiaries can clean up the process for your children or family.

In some cases, clients will need a trust to protect their family and their assets. Having a large number of assets or having young children are two such cases. You don’t have to have millions of dollars to reap the benefits of a trust, sometimes it’s just an easier way to simplify complicated family dynamics.

Join us today as we explore the details of a legacy plan and the steps we take to ensure your assets are transferred in an efficient way.

If you have any questions, please reach out to us at https://www.baschrock-fg.com/ or give us a call at 330-473-1060

To hear more you can listen to the full episode or use the timestamps below to find a specific segment.

0:46 – What are some other things people should consider?

2:13 – No two plans will look the same

5:51 – When is a trust advisable?

8:20 – What is a transfer on death?

10:25 – Probate is not the end of the world

12:21 – Communication and conversation are important!

Key Quote: 

Probate is always getting a bad rap. It’s a lot of leg work and tedious work, it’s not something you want to have to deal with especially when you lose a loved one.

-Ben Schrock

Thanks for listening to another episode of Unlocking Your Financial Future. We’ll talk to you again next week!

Related Content:

How Legacy Planning Fits into Your Retirement Plan – Part 1

Potential Tax Reforms – Part 1

Preparing Financially for the Future with Offensive Guard, Brain Winters