Leave a Legacy, Not a MessSubmitted by Butera Wealth Management, LLC on October 1st, 2019
Sorting out all the details of legacy planning—including wills, trusts, advance directives, beneficiary designations, life insurance, pets, family heirlooms, funeral arrangements—can feel like a daunting task. No one likes to think about the end of their life. In fact, “procrastination” is often the number one estate planning mistake that people make.1
But working with a financial planner can take a lot of the hassle out of the process, for you and your family. Butera Wealth Management (BWM) not only provides expert guidance, we also give you access to tools and systems that can make it easier to set up your plans now and facilitate a seamless handoff to the next generation when the time comes.
Streamline & Centralize
Modern life is busy and complicated. If you’re like most people, you rely on a patchwork of print and computer documents and file folders, sticky notes, paper and online calendars, your lawyer, your tax accountant, your insurance agent, bank, and your own fallible memory to keep track of it all. But if something were to happen to you, will your family be able to pick up all the pieces? Chances are you have multiple bank and investment accounts, a mortgage and housing bills, assets, debts, safe deposit box, online accounts, insurance policies—even your phone is password protected.
We help you to collect and store all this key information in one place, using a secure software program made available free to BWM clients. Additionally, all of your information is safe in the event of fire, flood, or other circumstance.
Lose your passport while traveling abroad? A copy is stored in the software tool. If wildfires force you to evacuate without your “bug out” box of critical documents, they’ve all be scanned in. You can log in to the software securely (with two-step authentication) from any computer to help get your life back up and running.
Connect to the Next Generation
Once all your key information is stored in one place, it’s easy for you to give access to anyone who needs it, whenever you want. You can invite your beneficiaries and/or executor to set up their own login to the program linked to your account.
But you can also choose what information you want to share with family members at what time. For example, you might want to immediately share your healthcare advance directives with the person who will be your medical power of attorney in case you are unable to make decisions—just in case of an emergency. But you might choose not to share access to your will and bank accounts until after you’re deceased.
However you choose to manage your information, the most important element is that it’s all in one place, neatly laid out for your family and executor to work with. They won’t be scrambling around in desk drawers, boxes of papers, and on the computer trying to find and unlock key information.
Supporting You Through the Process
There are a lot of common estate planning mistakes you can make without meaning to. For example, Kiplinger’s lists a few as simple as not naming or updating beneficiaries.2 As a holistic financial planning firm, BWM is ideally positioned to help you with this kind of planning and organization.
Unlike a lawyer or accountant, we don’t look at just one aspect of your life picture, we touch every financial planning matter that you have—from retirement planning, to insurance, to your children’s education. We’ll help you coordinate all the details and keep track. We know the pitfalls and can help you avoid common estate planning mistakes to prevent complications down the road.
We’ll even walk you through the software tool and be there to explain and prioritize, based on the specifics of your personal circumstances. We’ll make sure you don’t have any loose ends. In our decades of financial advisory experience, we’ve seen how many disasters and complications can be avoided just by having a checklist and a centralized place for information. Let us get you set up for peace of mind.
1. Gigante, S., “Estate Planning: 6 Big Mistakes That You Might Be Making”, MassMutual, published 2/4/19
2. Reich, T.E., “10 Surprisingly Common Estate Planning Mistakes”, Kiplingers, 6/1/18
*This content is developed from sources believed to be providing accurate information. The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel. Neither the information presented nor any opinion expressed constitutes a representation by us of a specific investment or the purchase or sale of any securities. Asset allocation and diversification do not ensure a profit or protect against loss in declining markets. This material was developed and produced by Advisor Websites to provide information on a topic that may be of interest. Copyright 2014-2018 Advisor Websites.