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Steered Straight Thrift

Your Legacy: Intentional or Accidental?

As the old saying goes, “don’t put off for tomorrow what you can do today.” This is especially true when planning for your family’s future.

While it may not happen every day in your life, the loss of a loved one is a reality for many. It’s a common belief that the most valuable asset you have is your home, but the ability to earn an income is often the most valuable asset. If that goes away, what does that mean for your loved ones? I met with someone about a year ago and he told me that he just doesn’t see anything happening to him. While he may be correct, unforeseen deaths occur daily and if you aren’t prepared, you could be leaving your family in a terrible financial situation.

Are You Putting Your Family First?
A colleague posed a powerful question: If you were to pass away, would you want your spouse to remarry for love or for financial security? If you don’t leave your spouse in a good financial situation, they could end up living with their parents, losing your home that you worked hard for, or worse, left with nowhere to go. Depending on your stage of life, this may involve life, disability, or long-term care insurance. You don’t want to leave your family in a bad situation as a result of unintended circumstances. Be sure you have the proper protection in place.

Spell Out Your Wishes
Avoid placing the burden of critical decisions on grieving family members. Differing opinions among family members can lead to disputes and damaged relationships if your wishes are not clearly documented.

A lack of planning can result in your intended heirs never receiving your legacy. Here is how that can happen. Let’s say you pass away and your spouse inherits everything. That may be exactly what you want to happen, but what happens if they get remarried? If they also don’t plan and they pass away, their next spouse could inherit all of the assets you worked so hard for. Then they could potentially leave everything they have to their children or whomever they like better than your children or heirs. Your intentions would be nullified. Instead, people you never met get to inherit what you worked so hard for. Your children or grandchildren may be in a situation where they are powerless to do anything to receive the legacy you wanted for them. With the proper planning, that doesn’t need to happen.

Consider using life insurance to provide for your children and grandchildren, while your spouse manages your existing assets. Perhaps you want to leave land or a home to the next generation, but you want to make sure that they can’t kick your spouse out of the home. Through proper estate planning, you can grant your spouse life rights to the property and establish a trust for the proceeds if it’s sold.

Unintended Consequences
If you don’t have a spouse or children, you may think this doesn’t apply to you, but it still does. What happens to your assets if you aren’t here tomorrow? Even if you have no strong preferences, do you wish for a sibling, charity or friend to inherit your assets? Without clear instructions, a judge will determine the distribution of your assets. Maybe you have a sibling that you haven’t spoken to in years and don’t want your assets going to. If you don’t make it clear that you don’t want them to get a dime, and they are the only relative you have left, you can’t stop them if you didn’t specify in writing that you don’t want them to receive your inheritance.

Proactive planning is essential. Documenting your wishes ensures they are fulfilled. Feel free to reach out if you need help on what steps to take to make sure your legacy is as you intend.

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Disclaimer: This article is not tax, legal or financial advice. Every person’s situation is different. If you would like to discuss your personal situation, feel free to reach out to Sean at 615-619-6919, email smoran@redbarnfinancial.com or schedule a meeting at calendly.com/spmoran. Investment advisory services offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member SIPC, 800-873-7637, htk.com. Red Barn Financial is unaffiliated with HTK. HTK does not offer tax or legal advice. Always consult a qualified adviser regarding your individual circumstances. 7772870RG_Mar27

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Photo, top, courtesy of Juan Pablo Serrano / Pexels

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About the Author

Sean Moran is a financial advisor with Red Barn Financial in Murfreesboro. Contact him at 615-619-6919 or smoran@redbarnfinancial.com

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