April is Financial Literacy Month. Financial literacy is crucial in the estate planning process, which is why we want to take the time to blog about it! You may be asking yourself, what is financial literacy? Financial literacy is knowing and navigating your personal finances. This includes budgeting, saving, effectively managing money, and planning your future expenses.
It is important to track your finances and know where your money is going. In our estate planning process, we will make sure your assets are documented and up to date in our asset review, signing, and verification so your plan is as accurate as possible. We keep a spreadsheet for each of our clients and recommend that they review it periodically and document any new assets or changes to their current assets over time, so their plan remains up-to-date.
Without accurately disclosing your assets in your estate plan, what you own may have to go through a lengthy and expensive probate process after your death and may not go to the person you originally wished them to. An estate plan can help make sure this doesn’t happen to you. There are a couple of additional steps you can take. Selecting financially responsible trustees who are well-informed about your plan to administer your trust will help ensure the right assets go to the right people in the best way. Routinely reviewing and updating your plan and communicating with any advisors or loved ones involved in your plan can also help ensure that your wishes are followed and your loved ones are cared for after you die.
For more help with protecting your assets and information on financial literacy, please call or email us. We would be happy to help!