What Is The Basic Estate Plan Most People Need?

Estate planning isn’t just for the ultra-wealthy—it’s for anyone who wants their wishes clearly handled. Deanne Rosso and Gary Stoller cover the basic documents most people need, plus one of the most commonly missed items that can override your will: beneficiary designations.Want help organizing an estate planning checklist as part of your financial plan? Visit elevate-wealth.com and click Let’s Talk.🔗 Website: https://elevate-wealth.com🔗 Facebook: / elevatewealthadvisory 🔗 Instagram: / elevatewealthadvisory Subscribe to our channel and hit that notification bell 🔔 to stay updated on the latest investment strategies and financial planning tips!Estate planning sounds intimidating, but the basics are simpler than most people think. Let's talk about it today on Elevate Wealth. Hello again. I'm Deanne Rosso with Elevate Wealth Advisory. And today I'm joined by our Director of Wealth Advice, Gary Stoller. Hello, Gary. Hello. Glad to have you with me today. So, Gary, people tend to think that estate planning is only for the ultra wealthy. Do you run into this misconception? Yeah, I do. And kind of the term estate planning can can throw people off sometimes, but really it's just designed to make your life easier to know where your help's going to come from if you need help and to just have your wishes documented and made known. Absolutely. You know, we talk about making sure the right person gets the right asset at the right time. And so, what's the basic estate plan that most people should have in place? Most people should have a final arrangements will. Okay. A durable power of attorney. So, a final arrangements will is going to basically say, "All right, if I pass away, here's what I want to happen." Yep. A durable power of attorney is, "All right, if I'm unable to really make decisions for myself and communicate for myself, I'm going to have someone dedicated to make financial decisions for me." Yeah. And the third one is called advanced healthcare directive or proxy which is "if I'm incapacitated all right make these health care decisions for me." Right. And there's and there's one more. Okay. It's your beneficiaries. Yes. Correct. Keeping your beneficiaries current or even adding them if there may be accounts that don't even have beneficiaries. Yep. And like what's the most common missing piece that you see? I would say it's actually the beneficiaries piece. You know, you may have an investment account or a bank account that doesn't have a beneficiary listed. Maybe you rush setting up, maybe didn't know you could add a beneficiary. Maybe you had a beneficiary who passed away and it's just out of date. Or there's been a change in the family for some reason. Maybe you want to add contingent or secondary beneficiaries. Doing a review of all the accounts you have, making sure the beneficiaries are as you want listed. That is probably the biggest missing piece. Yeah, we see that a lot. And so I think, you know, it's important for...I think we think that it's important for most people to have an estate plan in place, even if it's just that...simple will, durable power of attorney, healthcare directive, and making sure those beneficiaries are in line is also very, very important. So, thank you for those insights today, Gary. You're welcome. And if you need help drafting, creating your estate plan, or just thinking through that making sure the right person gets the right asset at the right time, we are here to help. Visit us at elevate-wealth.com and click let's talk. Thanks for joining and we hope to see you next time.#EstatePlanning #WillAndTrust #PowerOfAttorney #HealthcareDirective #Beneficiaries #LegacyPlanning #FinancialPlanning #FamilyPlanning #PersonalFinance #ElevateWealthAdvisory