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If youve reachedretirement age, you should also have started estate planning.
But you dont have to wait that long.
Kevin Reed, chief revenue officer atAquilance, agreed.
Its never too early to start thinking about wealth transfer, Reed said.
Conversations should center on financial responsibility, family values, and the childs goals and dreams, he added.
A sudden, overwhelming information dump later in life is rarely the best approach, Reed said.
Healthcare Directives and Power-of-Attorney
A smooth transition doesnt just relate to financial matters.
You need a power-of-attorney who is empowered to make decisions on your behalf, if needed.
Life Insurance Policies
Life insurance is often a significant asset for many families, Reed said.
Youll want to gather these documents and verify the coverage, beneficiaries and terms.
Retirement Account Statements
These accounts have specific tax implications for beneficiaries, Reed said.
Youll want to account for these account balances in your financial planning.
Reviewing these documents provides a history of income, deductions and potential tax liabilities, Reed said.
Real Estate Deeds and Car Titles
Youll need these to transfer ownership.
Also, gather information regarding loans and mortgages.
Also, double-check to account for digital assets stored in online accounts or crypto wallets.
These can have significant value, Reed said.
These are the ones who have a complete view of your financials, Weiner said.
Also, be prepared to review and revise these documents as your life circumstances change.
Creating an estate plan is not a one-and-done event, Reed concluded.
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