Preparing for the Biggest Transition of Your Life

Last month we wrote about one of life’s major transitions: changing jobs.  We recommend using that as an opportunity to organize and simplify your life. If you want a copy of that article, call me, or send me an email.

This month I want to talk about a much bigger life-changing event – your final exit – and what you need to do to care about those left behind.

One of the key roles we play in our clients’ lives is to ensure that when they pass on, those left behind are cared for and that their financial affairs are properly managed. 

Everyone is different but here are some of the questions we help our clients resolve in discussing their estate plans

• Who gets your physical property: your home, car, collections, etc.?
• Who gets your bank and investment accounts?
• Who are the beneficiaries on your IRA and other retirement accounts?
• Do you need life insurance and if so, who is the beneficiary?
• What is going to happen with your pension and social security income?
• Who will manage your investments if you become incapacitated or are no longer here?
• Where are your estate documents?
• What is the difference between a will and a trust?
• What is an advance medical directive, and do you need one?
• What is a Power of Attorney and do you need one?
• Who will pay the bills when you no longer can?
• What are your basic living expenses, and can your surviving spouse afford them?

When we began our practice over 30 years ago we were surprised at how many people had not prepared adequately.  As a result, those left behind often spent months trying to understand the departed’s financial affairs.  To help our clients we wrote a book to answer these questions.  It is called Before I Go.  We also created the Before I Go Workbook to give people a fill-in-the-blank guide. 

To order from Amazon, type “Before I Go Korving” in the search bar.  Or you can come to our office for a discounted copy.

If you have questions about financial planning, estate planning or investment management please call for an appointment.  We are always happy to be of service.