Money Matters
When considering the principles of stewardship, you might first think of budgeting or investing. These are certainly worthwhile considerations. However, it is also wise to consider components of stewardship that extend beyond a lifetime. When planning for your estate, here are a few elements to keep in mind.
Are your estate planning documents in force and relatively current? If you have not updated your estate documents within the past 10 years, have had a significant change in circumstance (such as a large inheritance or marriage), or have unsigned documents, you may want to ensure your written plans still accurately reflect your intentions. It is also wise to periodically review your named executor, trustee, or guardian (and successors) to ensure those individuals are still able to perform those roles.
Are your beneficiary designations set up appropriately? Did you establish your 401k plan or insurance policies long ago, or before changes in your marital status? Typically, retirement plans and life insurance beneficiary designations will take precedence over the disposition of assets dictated by your will. You may want to review designations to ensure they are in accordance with your goals. Consider designating TOD (transfer on death) beneficiaries for any individually owned accounts to minimize probate costs and allow prompt access to financial resources.
Have you considered those aspects of estate planning that are not addressed by a standard will/power of attorney? For example, if you own a business, have you developed a feasible succession plan that will allow the company to continue in a healthy manner if you were to pass away or be incapacitated? Have you developed a list of accounts/insurance policies that could be shared with a trusted family member or financial advisor to ease the administrative burden on a surviving spouse in case of a premature death? Have you effectively communicated your values and life lessons to family members in a lasting form that they can revisit when needed?
An estate planning attorney or experienced financial advisor can walk alongside you as you evaluate these questions and fine-tune organization and planning for your unique circumstances. While stewardship and careful planning are good practices to pursue, consider that our only lasting peace is found in the love and holiness of Christ; our heavenly Father knows our days and upholds us throughout this earthly life!
BMSS Wesson Wealth Solutions offers comprehensive financial planning and investment strategies aligned with your values. We specialize in serving business owners, corporate executives, and families stewarding earnings or inherited wealth. Please feel free to contact me to discuss your interests in our services. Qualifying portfolios may be eligible for a review at no cost.
-Abigail Waddell, CPA, CFP®
Senior Financial Planner
