As we honour Women’s Month, it’s essential to focus on leaving a financial legacy and ensuring that your affairs are in order once you have passed on. At Bayport Financial Services, we understand the importance of planning for the future and the peace of mind that comes with it. A financial legacy is more than just the assets you leave behind; it’s about ensuring that your loved ones are taken care of and that your wishes are respected. This process involves careful planning and consideration of various aspects of your financial and personal life.
Steps to get your affairs in order
Create a will:
A will is a legal document that outlines your wishes regarding the distribution of your assets after your death. It also allows you to appoint guardians for your minor children. Without a will, your assets will be distributed in a way that you may not like. Understand your spouse’s will: If you’re married, it’s crucial to understand your spouse’s will and ensure that it aligns with your financial goals and wishes. Discussing each other’s wills can help avoid conflicts and ensure that both parties’ wishes are respected.
Establish medical wishes:
Document your medical wishes in an advance directive or living will. This document specifies your preferences for medical treatment if you’re unable to communicate them yourself. Discuss these wishes with your family and healthcare providers.
Designate beneficiaries:
Ensure that your beneficiaries are up-to-date on all financial accounts, including retirement accounts, life insurance policies, and investment accounts. Designating beneficiaries can help streamline the distribution of assets and avoid probate.
Organise important documents:
Keep all important documents, such as your will, insurance policies, and financial statements, in a safe and accessible place. Inform a trusted person of their location and ensure they have access if needed.
Consider estate planning:
Depending on the complexity of your estate, you may want to consult with an estate planning attorney. They can help you create trusts, minimise estate taxes, and ensure that your assets are distributed according to your wishes.
So how do you get started? It’s easy…
Start early:
It’s never too early to start planning your financial legacy. The sooner you begin, the more time you have to build and protect your assets.
Educate yourself:
Take advantage of financial literacy resources to educate yourself about estate planning and financial management. Bayport offers financial literacy training to help you make informed decisions.
Communicate with family:
Have open and honest conversations with your family about your wishes and the importance of financial planning. This can help avoid misunderstandings and ensure that everyone is on the same page.
Review regularly:
Life changes, and so should your financial plans. Review your will, beneficiaries, and estate plans regularly to ensure they reflect your current wishes and circumstances.
Leaving a financial legacy involves careful planning and taking proactive steps to get your affairs in order. At Bayport Financial Services, we are here to support you on this journey, providing the resources and knowledge to help you achieve financial stability and peace of mind. Celebrate Women’s Month by taking steps to secure your financial legacy and ensure a bright future for your loved ones.
