One of the most beautiful things about life also is one of the most terrifying.
We start out young and, for some of us, we are lucky enough to grow old and watch our children, grandchildren and even great-grandchildren grow from youth to beautiful, amazing adults and know this alone is a great legacy.
What about other legacies? How else can we keep giving to our children, their children and their children’s children? Well, these are questions I hear every day, and I have made it my goal to help people leave a legacy that can last a lifetime. Here are just a few simple and helpful tips:
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Know what you have. If you have a spouse who manages your fortune (or lack thereof, in some cases—no amount of fortune is too small), be sure you know where it is and how to access it. One of the hardest things for couples to imagine is losing a spouse, but it is important to be prepared.
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Keep your beneficiaries up to date. Listing beneficiaries is something we overlook, or tend to forget about. If the beneficiary you have listed pre-deceases you, and you don’t change who is listed before you pass, it will be up to the state to decide who deserves your money.
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Inform your beneficiaries. You will want to be sure every beneficiary you have listed, whether it is on a life insurance policy or an annuity, is aware of being listed as your beneficiary. If you pass away, and they are unaware, your policy can be left unclaimed. This leaves the policy in the control of the company through which it is written. You and I both know those companies will not be chasing after your loved ones to give them money. It is up to your beneficiary to claim the funds and inform the company that you have passed away.
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Decide the best way to disburse your money. If you are like me, the idea of leaving a lump sum of money to my children terrifies me. Did you know the average life expectancy for lottery winners is 13 months? Also, did you know it is possible for your money to end up entangled in your child’s divorce? It is best to figure out which disbursement will work best for your loved ones, and be sure they are aware of your wishes for them.
While these tips are helpful and necessary, every person’s circumstances are different. Be sure you sit down with someone who can help. I am available to sit down with you and your loved ones any time to help answer some questions regarding this and other concerns. Refer to our ad in the service directory for a complimentary review.
For more information, call (480) 726-8805, or send an e-mail to Michael@asset1.com.
I think Thomas Scott said it best. “A man cannot leave a better legacy to the world than a well-educated family.”