Episode 95: 3 Things Your Heirs Should Know

Today’s Prep:

You may have spent plenty of time planning for your legacy, but do your heirs know what they need to know? What conversations should you be having with them now?

(Click the featured times below to jump forward in the episode)

Equipping Points:

While it might be awkward to discuss what you wish for once you’ve passed away, it’s often an important conversation to have. Not only should you discuss this with your financial advisor and your lawyer, but discuss it with your heirs. Do they know what they need to know? Is your estate plan in order?

Do you have a living will? Have you designated a medical power of attorney and communicated your wishes clearly? Instead of family members having to make tough decisions when they are in an emotional state during your last days, it’s important to determine this ahead of time.

Pretty much everyone needs a will and sometimes you need a trust. A will specifies who gets what, especially if there are contentious items that you own. Most of your financial accounts will be covered by beneficiary designations. If you have a trust, make sure the assets are funded. Do your heirs know what is in your will or trust? You might have to have an uncomfortable discussion with your heirs, but the more transparency, the better.

Finally, do you have a financial power of attorney and executor named? Do your heirs know who it is? This person has a lot of legal responsibility and are supposed to carry out your wishes. The more exact your instructions, the easier the executor’s job is going to be.

Listen to the entire episode or click on the important things heirs should know with the timestamps below.

[1:48] – What should you be thinking about with the next generation?

[2:52] – #1: Make sure that you have a healthcare directive or living will.

[5:39] – #2: Have a will and make sure your heirs know about it.

[7:54] – People with a trust think they can set it and forget it.

[10:13] – Communication is important.

[11:10] – #3: Name a financial power of attorney and executor. 

Today’s Takeaway:

Communication in the financial realm amongst your heirs almost always is the right thing to do and it makes everybody feel better about what’s going to transpire when you’re gone.

– David Dickens

Additional Resources:

PODCAST: Millennials In Retirement

PODCAST: 3 Reasons to Review Your Tax and Estate Plan Now

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The host: David Dickens

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