Seven Principle of Wealth - Number Six

Six, estate planning is very important when you think about generational wealth. Estate planning is not only about providing for your family when you die but it also includes retirement planning. You want to have assets/money available to you when you are no longer working. When you begin the estate planning process, you cover all of your financial arrangements for the present, future and beyond.

Actions Recommended: Again as mentioned in other principles, you want to begin saving at your job and taking full advantage of any matched savings program. Retirement assets should not be placed in risky ventures as you age and even when you are younger your risks should be well calculated.

Estate Planning - How Do I Get Started?

An associate of mine was preparing to make my introduction to a group of his colleagues. He wanted me to listen to what he had put together for my concurrence. He was very complimentary of my estate planning expertise and my caring and professional services. He then proceeded to tell people what they needed to have for a first meeting with me. Let me share his list and provide my comment:

1. Make sure you have all your assets appraised so the value of your estate can be determined.
My comment: Not Necessary
2. Make sure you purchase adequate life insurance to cover your loved ones.
My comment: Not Necessary
3. Pull all your important papers together, including your deeds, insurance, car title, bank statements, income tax returns and investments including retirement accounts.
My comment: Not Necessary

There were some other things that he mentioned. I thanked him profusely for the thoroughness of his remarks but had to comment on the last part. No wonder folks procrastinate on getting their estate planning done. It would be overwhelming for people if they had to prepare that much for the first meeting with me.

I made his last part easy: "For your first meeting with Yvette, you do not have to bring anything. She will guide you easily through the process which may entail obtaining certain documents or not depending upon your specific situation. So, what are you waiting for?"

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