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5 Essentials to Address During the Estate Planning Process

by AOG Wealth Management

Talking about how to divide your possessions after your death can be an emotional and daunting task.  Nevertheless, it is essential that you plan properly for the future. This way, you can avoid creating problems for the people you love after you pass, leaving them with an orderly distribution of your assets per your wishes. Estate planning is not just for the wealthy, after all, as it applies to anyone who has possessions regardless of how many or how expensive.

Planning Process

AOG Wealth Management, your Great Falls expert in financial planning, discusses five of the areas you need to address during the estate planning process.

  1. Dispositions. You need to make sure you have the necessary documents to properly dispose of your assets. If you do not have a will or trust yet, you need one. Just be sure to name the beneficiaries of your retirement plan and individual retirement account accordingly. This will help avoid any problem in the future. You should also plan for the possible removal of a trustee.
    Additionally, if you are planning to distribute significant retirement funds, consult an experienced financial advisor like AOG Wealth Management to protect the assets from dissipation. We can guide you through every aspect of your trust and estate planning in Washington, DC. Our professional advisors can help you reach your specific financial goals with our quality solutions.
  2. Family Business and Real Estate. Be sure to follow a business succession plan. Consider leaving the family business to members who will run it. The rest of the assets could go to heirs outside the business. This prevents conflict between family members that have differing financial goals.
  3. Incapacity Planning. Sometimes people experience a period of incapacity before passing on. For this reason, having a Medical Directive that handles all the medical decisions is essential. It is also necessary to have a General Power of Attorney to manage the decisions regarding assets, income, and property issues.
  4. Updated Documents. Divorce does not void the rights of an ex-spouse. If you have ended your marriage, be sure to review or change beneficiary designations, estate planning documents, and passwords. This way, you can be sure that your assets will pass to right beneficiaries.
  5. Personal Property. This refers to furniture, art, jewelry, and collectibles. Talk to your children and designate which piece they will receive. It is better to prepare a detailed disposition list.

You can turn to AOG Wealth Management for your financial needs, whether they are estate planning or tax planning in Washington, DC and Northern Virginia. With our extensive services, we will guide you in reaching your financial goals. Call us today at (703) 757-8020 or fill out this form to schedule your consultation.

The article and opinions in this publication are for general information only and are not intended to provide specific advice or recommendations for any individual. We suggest that you consult your accountant, tax, or legal advisor with regard to your individual situation.

Category: Wealth Management