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The Importance of Aligning Your Estate Plan and Assets

Estate planning is often an overlooked part of an individual’s financial picture. Taking care of matters after you have passed away can be very costly and time-consuming for your loved ones. This is why at Bernicke Wealth Management, we believe in holistic wealth management, which incorporates estate planning throughout our process.

Planning your estate is one of the most important steps to ensure that your loved ones are provided for, and your wishes are honored. Once you have created your estate plan and signed the necessary documents, the next step is to review your beneficiary designations. A will and beneficiary designations are tools used to pass assets along after an individual has passed away.

Often, documents are drafted, signed, and then stored in a safe deposit box until an individual passes away. It is important to verify that your beneficiary designations follow the plan you have set out in your will and trust. Your beneficiary designation on a specific account supersedes what you have stated in your will. This means that your assets will pass through to the specific beneficiary listed and avoid probate court.

Because of the importance of your beneficiary designations, these must be reviewed regularly. If you want to ensure that your beneficiaries are up to date and set up correctly, please consult with your estate planning attorney. Making sure your estate plan and beneficiary designations stay up to date is a combined effort by your financial advisor and your estate planning attorney. We recommend reviewing your estate plan and beneficiary designations every three years.

Keeping a physical copy of your beneficiary designations with your estate plan can be helpful for your loved ones after you pass away and to stay organized as you regularly review your plan.

If you would like any assistance in updating or confirming your beneficiary designations, please do not hesitate to contact our office. We are happy to help prepare any necessary paperwork or coordinate a conversation with your estate planning attorney. We understand that this is a complex process, and we are committed to helping you achieve your goals and protect your loved ones.

This information is not intended to be a substitute for individualized legal advice. Please consult your legal advisor regarding your specific situation.

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About Us

Bernicke Wealth Management, Ltd. (Bernicke) is an independent, multi-disciplinary firm with 25 employees located outside Eau Claire, in Altoona, Wisconsin. Our financial advisers provide wealth management services for individual investors, businesses, foundations, and nonprofits, including investment planning, retirement planning, estate planning, and tax planning.

© 2022 Bernicke Wealth Management, Ltd.

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Great Valley Advisor Group, a registered investment advisor. Great Valley Advisor Group and Bernicke Wealth Management are separate entities from LPL Financial. The LPL Financial registered representatives associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.