How To Prepare Your Loved Ones For An Inheritance

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Dealing with the loss of a parent is already a confusing and an emotional time. Real life isn’t like the movies as when you die you take all your worries with you and your kids easily receive your inheritance. There are fees, taxes and much more your child will have to deal and sort through. Help make the process easy for them by preparing your finances and talking to your children.

Schedule a meeting with a financial advisor and begin the process of choosing your beneficiaries. Your advisor will explain to you what exactly are your options. Once you have made your decisions set up another meeting with your advisor and your children. It will be extremely helpful if they exchange information because your advisor will be able to walk your children through the process once you are gone. They will be able to explain IRA rollover and be updated on any new changes that might have occurred.

Your advisor might suggest for you to visit with a lawyer to set up a will. A will isn’t necessary but it will make everything go much smoother after you have passed. You will be able to decide how your family will handle your properties and belongings. If there is a special painting you want a niece or cousin to have, you can put that in your will and they will be able to receive it. You can add any funeral preplanning details you have done into your will. A will saves your family from arguing over how to handle your affairs.

Talking to your loved ones about how to handle your estate after you are gone, isn’t signing your death certificate. It is alleviating them from having stress and arguing with loved ones in the future. If you have any questions about preplanning give our office a call, 405-872-3466.