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What financial documents do you most need, based on where you are in life? David points us toward the right ones you want to focus on in your life stage.
From early on, you need certain financial documents in order. On today’s episode of Cover Your Assets KC, David talks through the different life stages we face and how to prepare for them through different financial documents. These are the important basics, but remember, the more complicated your situation, the more you’ll want to reach out to a professional to make sure your unique scenario is properly covered.
The key thing in your 20s is to have really good beneficiary designations. This is a lifelong process to make sure your beneficiary designations reflect what you want to have happen. There are a number of ways you can do this, but you have to designate someone. Don’t forget to communicate with these future beneficiaries to make sure your wishes are fulfilled. What happens if you only name a primary beneficiary but not a contingent one? Do you own a home? If you do, do you have a will? Did you know you can have a beneficiary designation on your home, your car, and your bank account? This helps beneficiaries avoid waiting for those assets to go through probate.
Make sure you have long-term goals in your 30s for what you want for the future. Write these down so that you can come back to these goals. Where do you want to be by age 40, 50, 60, and beyond? How much money do you want to have in retirement? If you are successful, you may look back and see how much you underestimated what was possible.
As your life becomes a little more complex, you might end up needing or wanting a will. Remember though that a beneficiary designation will override the will. Many people set up a will after having children in order to set up guardianship for their children. You want to discuss this role with you’re the chosen guardians to avoid any surprises in the will. Beyond beneficiaries and wills, David thinks it’s really important to have powers of attorney assigned for healthcare and financial purposes. This person can speak for you if you can’t. Do you have a living will?
In your 50s and onto retirement, there are more documents to consider. Do you need a trust or an estate plan? A trust can be a sensible thing depending on the situation, but David says the vast majority of people do not need a trust. When you are 50, it’s time to have a really good written retirement plan. You’ll want to include what your plan is for things like long-term care or your withdrawal strategy. Then once you are retired, continue to reassess your plan each year to make sure your money will last.
Depending on where you are in life, do you have what you need done?
If you ever want your question spotlighted on the show or to ask David something about your retirement, email him at [email protected]
Listen to the entire episode or skip ahead using the timestamps below to skip to a particular question.
0:28 - March Madness is here!
2:06 - Which financial documents do you need in which life stage?
3:46 - Do you have the right beneficiary designations listed?
8:49 - If you own a home, who is it set to go to?
9:51 - Do you have financial goals?
12:45 - Do you have a will in place?
16:30 - Who will speak for you if you can’t?
18:06 - Do you have a living will?
20:27 - What do you need ready in your 50s and into retirement?
“You need to have really good beneficiary designations…this is a lifelong process to make sure your beneficiary designations reflect what you want to have happen if you die."
– David Dickens
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OUR LOCATION
10975 Grandview Drive
Building 27, Suite 190
Overland Park, KS 66210
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CONTACT US
OUR LOCATION
10975 Grandview Drive
Building 27, Suite 190
Overland Park, KS 66210
Get Directions
Investment advisory services are offered through CreativeOne Wealth, LLC, a Registered Investment Adviser. CreativeOne Advisors Group is a DBA of CreativeOne Wealth. Insurance services are offered through Licensed Insurance Professionals.