Estate Planning - Naples FL

Welcome back the blog space for Advanced Wealth Advisors. We’ve been calming your nerves about estate planning by giving you a list of the different items that you’re going to need as you go through the process. If you’re just now joining us, make sure to go back and check out our last blog that started off this two-part series. Otherwise, let’s get started on the other items you can start accounting for.

Mortgage Accounts

If you own property and still have a mortgage that you’re paying, then you’re definitely going to want to include any mortgage documents into your estate plan for easy access. These specific documents make it easier for your dependents to organize your estate planning and how to best manage the finances that you’ve left behind. Aside from that, if you’re still paying on your mortgage this is going to be the primary way that they obtain that information and gain access to those accounts.

Your mortgage and all of the account information that comes along with it are going to be one of the most important documents that you are going to include in your organization and planning. Working with the lender that you have gotten your mortgage through is the easiest way to access the information that you’ll need to fully prepare your estate if you don’t currently have it. Providing all of your remaining debts at the time of your estate planning is going to be crucial, so make sure to cross all of your t’s at this time. It’s better to over plan than to be missing some pieces at this point.

Vehicle Title

Your estate plan should have all of the information and the documentation for all of your physical items, and that includes your vehicles. Whether it is the title of your vehicle or any information that they need in order to sell or follow through with your wishes of your car, boat, motorcycle, etc., you’re going to want to provide it to them.

While they may not seem like as large of an asset as a property or land, they’re a piece of your estate plan and they are going to be a piece of what needs to be dealt with after you’ve passed. If you have multiple vehicles, make sure to get as much information on each vehicle as possible. Copies of the title and registration records are also extremely helpful when it comes to breaking down your assets.

Transfer on Death

Another area that you’re going to want to spend some time thinking about and considering is setting up transfer on death (TOD) on any accounts of yours. This is essentially figuring out who is going to be the one that has access to your accounts and finances when you pass. This will include everything from bank accounts to CD accounts and individual investment accounts.

If you have an account that has finances stored in them, or at the very least tied to them, then you’re going to want to have this set up in advance. As a whole, this is a pretty quick and easy thing to get set up so that you can get it done in one fell swoop. If you contact your bank or investment firm, they should be able to provide you with a quick and easy way to get all of that information set up across the board.

Review, Review, Review

While it may not be a piece of the documentation that goes into your estate plan, it is easily one of the most beneficial, and incredibly important, parts of the estate planning process. Working with a qualified estate planning advisor is going to provide you with the guidance and informative direction that you need to fulfill the plans that you have after your passing.

Once you’ve compiled all of your documents and have figured out most of your decisions, the estate planning advisor that you’re working with is going to help you review everything and ensure that it’s done correctly and everything is in line. As pieces get added and more and more decisions continue to be made, our team will guide you to the final plan that you have in mind. Without a doubt, our team of estate planning advisors will always provide you with advice that is tailored to you and your needs, as well as continue to inform you with everything that you need along the way.

Estate planning can feel like an overwhelming step of your life, but it doesn’t have to. While all of these items can pile up quickly and require further information and organization, you’ll be thankful that you have an estate planning professional and familiar face working alongside with you to compile the estate plan that you’d like to end up with.

While this blog series has covered many items and topics, each individual will differ, as will their assets. As we get into the weeds of your assets and estate, you’ll see that there are additional items that need to be added or certain pieces that you don’t need. That being said, working with a professional that understands all of the circumstances, instances and reasonings will provide you with the plan that is tailored specifically to you and your assets.

If you’re ready to start planning your estate, reach out to Advanced Wealth Advisors and we will help you schedule some time to sit down and visit all of the different areas that will need to be included. With a team of estate planning professionals that have years of experience in the industry and a vast bank of knowledge, we know that you’ll feel confident with the service that you receive.