The standard advice you’ve read about financial planning is true. It’s great to start saving early, max out your 401(k) and diversify your portfolio. But establishing a financial legacy through estate planning also is imperative. By planning in advance, you or your loved ones can develop a fail-safe plan to ensure that your wishes are implemented in the future.
“We understand that estate planning involves deeply personal decisions, and we guide clients through the process with sensitivity and respect for their wishes,” says Stephanie Thompson, attorney and owner of Krueger Hernandez & Thompson.“By encouraging open communication and actively listening to their concerns and goals, we empower clients to articulate their priorities and preferences clearly.”
When preparing to discuss estate planning with loved ones, Thompson says it’s important to cover these essential topics to ensure clarity and understanding:
- Do you have a trust or will, financial power of attorney? Where are they located?
- Who is named to manage your finances when you are unable?
- What assets do you have (property, investments, savings, life insurance)?
- Do you have online accounts (email, social media, banking) and how can they be accessed?
- Are there any subscriptions or recurring payments that need to be managed?
- Who has durable power of attorney for healthcare decisions?
- Do you have a living will or healthcare directive?
- Are there specific wishes or preferences for end-of-life care that the family should know about?
- Are there specific instructions regarding funeral arrangements or preferences?
- Who are your legal and financial advisors?
It may also be helpful to involve legal or financial professionals to ensure all aspects of the estate plan are properly documented and executed according to legal requirements.
After a loved one has passed, settling their affairs can be daunting, but Thompson says family members need to take the following steps:
- Notify close family members, friends, and colleagues of the death.
- Obtain the death certificate from the funeral home.
- Ensure that the deceased’s property and assets are secure.
- Gather important documents such as the will, trust documents, insurance policies, bank statements, investment accounts, deeds to property, vehicle titles and any other relevant financial records.
- Consider consulting with an attorney who specializes in probate and estate administration.
“Our firm values long-term relationships with clients, recognizing that estate planning is an ongoing process,” Thompson says.” By maintaining these relationships, we provide peace of mind that clients’ wishes will be honored and their loved ones protected according to their intentions.”
Krueger Hernandez & Thompson SC
608.824.9540 | khtlawyers.com
