2. Review Your Beneficiaries
You have worked hard to save money and follow the steps to attain financial success, but if your beneficiary listings for your investments are not correct, you may inadvertently disinherit your loved ones. This happens when you fail to change or update beneficiaries on ALL of your accounts. Also, be sure to mark your beneficiaries as “per stirpes,” which lays out how assets should be distributed if a beneficiary passes away before you do. Finally, if you list beneficiaries incorrectly, whether it is due to spacing limitations on forms or because someone was marked off as a primary beneficiary rather than a contingent, you could cause trouble for your family down the road. Do you remember that comprehensive list that was mentioned in step one? Use it to cross-reference your beneficiary listings to make sure your wealth is transferred according to your wishes.
3. Build and Preserve Your Legacy
You’ve taken the right steps to build a financial legacy for your family, but have you considered how you will share your history and wisdom with future generations? This is the ideal time to invest in preserving your legacy. Make a video or write a journal or book for those who will come after you. Tell them about your life, how you met your spouse, and how you came to live where you did. Share details and anecdotes about your siblings, parents, and grandparents. Make it personal and explain what you would tell your younger self about how you would do things differently, especially from a money management perspective. Pour out your words of wisdom to help future generations create a stronger financial future.
We want to see you enjoying every moment of your retirement and reaping the rewards of years of planning. Let us help you get every piece of the puzzle in place so that you have confidence that your loved ones are taken care of and benefit from your legacy. To set up a meeting, contact your Trilogy advisor today!