Review your investment portfolio and assets to ensure your estate plan follows your wishes

Review your investment portfolio and assets to ensure your estate plan follows your wishes

Estate planning is an important process that ensures your assets are distributed according to your wishes after you pass away. When it comes to estate planning for your investment portfolio, there are several considerations to keep in mind.

Review and update your beneficiary designations: Ensure that your beneficiary designations for all investment accounts, such as retirement accounts, are up to date and accurate. Keep in mind that beneficiary designations override any instructions in your will, so it’s essential to ensure that your designations reflect your current wishes.

Create a will or trust: A will is a legal document that outlines how you want your assets distributed after your death. A trust, on the other hand, is a legal entity that can hold assets for the benefit of your beneficiaries. Consider working with an estate planning attorney to help you create a will or trust that best fits your needs.

Consider tax implications: Depending on the size of your investment portfolio, you may need to consider tax implications when planning your estate. Speak to a financial or tax professional to understand how taxes may affect your beneficiaries and your estate.

Determine your legacy goals: Think about what you want your legacy to be and how your investment portfolio can help achieve those goals. This may involve setting up a charitable trust or gifting investments to loved ones.

Organize and communicate your plan: Make sure your loved ones and heirs are aware of your estate plan and where to find important documents. Consider creating a document that outlines your investment portfolio and how it should be managed after your death.

Overall, estate planning for your investment portfolio is a crucial aspect of planning for the future. By taking the time to review your beneficiary designations, create a will or trust, consider tax implications, determine your legacy goals, and organize and communicate your plan, you can help ensure that your investment portfolio is distributed according to your wishes.

This article was published by a third party and is intended for general informational purposes only and does not necessarily represent the views of Legacy Assurance. Some information may not apply to your situation. It does not, nor is it intended, to constitute legal advice. You should consult with an attorney regarding any questions about estate planning matters. Legacy Assurance Plan is an estate planning services company and is not a lawyer or law firm and is not engaged in the practice of law. For more information about a last will and testament and other estate planning matters, visit our website at