At AOG, our holistic approach to financial planning considers all aspects of life that touch an individual’s finances. Although we do not provide legal advice, we work closely with attorneys to assist clients in organizing their assets with the future in mind. 

It is never too early to start estate planning, even if it feels a little morbid. Although we cannot control our time here, planning ahead may reduce some of the burden our loved ones could face in settling our estates once we pass. Even if you are just beginning to work and save, there are steps you can take to keep your estate in order. First, make sure that your IRAs and 401ks designate your desired beneficiaries. You can also designate Transfer-on-Death beneficiaries on your non-IRA investment accounts as well as your checking and savings accounts. Check this information periodically and make changes as soon as possible when necessary.

If you have young children, talk with your attorney about establishing an Appointment of Guardian. This document allows you to appoint an individual of your choice to care for and make decisions on behalf of your minor children should something happen to you. You should also consult with your attorney about obtaining a Medical Power of Attorney and General Power of Attorney so that someone of your choice can step in to help with your affairs should you become unable to manage them yourself. 

To avoid the costly, time-consuming, and arduous process of probate, you may choose to establish a Revocable Trust. Once you have executed those documents, it is important to revisit them as well as the registration of your assets periodically. One common mistake people make when establishing a Revocable Trust is never fully funding it. Assets that are not properly titled in the name of your Trust may still be subject to probate. Your attorney can give you specific advice about titling real estate and other tangible property.

Want to learn more or need an attorney referral? You can reach our team at 703-757-8020.