- Posted December 2, 2022
What to Do With Your Wealth When You Die
Most people work their whole lives to make money, but that wealth can’t go with you when you die. This means that you need to figure out what you want to happen with the wealth you accumulate over the years. You can do anything with that wealth, but there are a few options that you might want to consider first as you are planning your estate.
Give it Away
If you want to leave a legacy of charity after your death, you may decide that giving your money away is the best thing you can do. You can give your money to multiple places or decide that you want to put all your money into the same cause. If you want to give away your money upon your death, you need to make sure that you have it written out legally so it is distributed appropriately. Talking to one of our certified financial planners and advisors in Hartford, CT can help you to decide what you need to do to properly give away your money when you die.
Pass it On To Your Children
You can also decide to pass your money on to your children and other relatives. If you want this to happen, you should take action and write a legally binding will that describes what money you want to go where. If your home is in a living trust, you can pass it on to your heirs without probate. The probate process can be frustrating and complicated, so you want to do what you can to make sure that your kids can avoid it when looking for their inheritance.
Talk to Your Heirs
Before you start giving your money to the people you want it to go to, it is a good idea to have a discussion with the people who will be benefiting from your wealth. This gives you a chance to get everyone on the same page and make sure that your money goes where you want it to go. This can also help to prevent frustration or confusion that could otherwise come up when your will is read. Our estate planning and financial advisory specialists in Hartford can help.
The way you plan for your wealth after your death will help to impact how you are remembered. You get to decide what you want to do with your wealth and how you want that process to go. All you have to do is make sure that your plan is clear and legal so that the process will go as planned after your death.
Check out this article on how to manage real estate investing!
Contact Tenpath Financial Group for certified financial planning services.