Estate Planning - Naples FL

One of the financial services that we offer at Advanced Wealth Advisors is full guidance and assistance with estate planning. While it surely isn’t the financial path that most people look forward to in their life, it’s one that should be taken seriously and done well. That being said, it’s also crucial that you do estate planning so that in the case of an accident or an immediate diagnosis or death, you’ve got it taken care of.

If you are in the process of estate planning, and you’re curious as to what you should be taking into consideration, today’s blog post is going to be very helpful. The goal of today’s blog is to provide you with some input on the various things that we take into consideration while setting up an estate plan, and how you can best prepare for the process.

Your Will

Easily the most important thing that you’ll need in your estate plan is your will. This document is going to break down the majority of your estate and where you would like for it to be distributed. As a whole, having this organized is going to make the process of your estate planning much easier, because it is certainly the most time-consuming part.

As you create your will, you will want to be as detailed as possible. Remember, this is a document that people will turn to after you have passed, so it’s important that it is well written, thorough, and states your wishes clearly. This will not only make the process of estate planning easier, but it will help ensure that as your beneficiaries work through your wishes, everything is crystal clear.

Now that we’ve mentioned beneficiaries, make sure that you have also decided who the executor of your will is going to be – this is the person that is going to ensure your wishes are followed through, so take some time to decide who is going to be the best fit. Afterall, you’re going to know better than we do on this portion of the process.

If you have yet to create your will, this is where you’re going to want to start. You can find more information on what to include in your will by checking out our blog, we have various posts on the types of items to consider and so much more.

DNR Order

This isn’t something that will be needed for every estate plan, but if you are someone that has been diagnosed with a life-threatening illness, has been put into hospice care, or you’re currently living in the care of a medical professional, having a “Do Not Resuscitate Order” (DNR) is another document that you’re going to want to have taken care of.

This document legalizes your wishes in the case that your heart stops beating, and you do not want efforts made to resuscitate you. If these orders are not filled out, then the decision will be left to any remaining family. If that is not an option, then the medical professionals are required to make their best efforts to resuscitate you.

You will usually need to fill out a new DNR order each time that you enter a medical facility or switch your medical care, so this is definitely another document that you’re going to want to stay on top of.

Account Information

An item that you likely included in your will is going to be your monetary value with the way that you’d like for it to be distributed. A part of estate planning is having all of the necessary information that will be required in order to follow through with those wishes. For example, you’re going to want to have a list of your bank accounts, any usernames or passwords, and the names of assets you’ve invested in.

This makes it so that the individual in charge of following through with your will is able to access all of the accounts and distribute it as you’ve requested. You will want to include all necessary information for your bank accounts, 401k, IRA and Roth IRA, safe deposit boxes, automatic payments going into the accounts, pension information, annuities, bonds and any life insurance information.

It may seem like a lot, and it may take some time to acquire and organize it all, but this will make following through with your wishes much easier.

We’re just diving into the various components that need to be considered when planning an estate. Our next blog post will cover a few more items that will ensure you have everything that you need to have, organized and ready.

Don’t let estate planning become a stressful process. Reach out to the professionals at Advanced Wealth Advisors and we can work with you to prioritize your wishes after you’ve passed. Contact us today at our office in Naples, and our team will schedule a time for you to meet with a financial advisor.  

Make sure to continue checking our blog periodically so that you can get the additional items that we’re going to cover. Until then, reach out to us with any questions or needs that you have, we’re happy to help!