Wealth Management
New Year Fresh Start
January 04, 2023
As the New Year begins, life can be unexpected, and one year can be completely different than the last. Which is why, now is a perfect time to assess your lifetime and estate planning goals. Do you have a plan in place? And if so, is it current with any changes that may have occurred in your life? Reviewing and revising your plan to reflect your overall objectives, will ultimately benefit both you and your loved ones.
When taking steps towards proper Estate Planning, consider these essential documents:
Will
A Will is the main component of an estate plan. It is used as the primary document to ensure that property and assets are distributed accordingly. A Will should be reviewed and updated at least once every two years and after any life-changing events such as marriage, divorce or new children. If you pass away without a will, your assets will be distributed through the applicable state’s law of intestate succession and could become property of the state.
Trust
A living trust or revocable trust permits assets owned in the trust to avoid probate when passing to heirs. This type of trust has flexibility and can be changed or revoked at any time. You can remove beneficiaries, designate new ones, and modify stipulations on how assets within the trust are managed.
An irrevocable trust, like a revocable trust, details your assets and how you would like them to be distributed to your beneficiaries. However, unlike a revocable trust, the terms in an irrevocable trust cannot be changed at any time once the document has been created and signed.
Life Insurance
Life insurance provides financial support for your loved ones. The death benefit that is passed on to the beneficiaries can be used to cover expenses such as a mortgage payment, education, and any other everyday living expenses that may arise. Your life insurance coverage should be reviewed periodically to make certain it is in line with your current and future financial goals and objectives.
It is so important to take the time to document your intentions regarding your financial and physical well-being to ensure that whatever life may throw your way, you and your family will be taken care of.
Face your future with confidence by planning ahead
DISCLOSURE
The information contained herein is general in nature, has been obtained from various sources believed to be reliable and is subject to changes in the Internal Revenue Code, as well as other areas of law. This material is for informational purposes only and should not be construed as a solicitation of any particular insurance product or insurance carrier. Insurance is sold through Oppenheimer Life Agency, Ltd. (OLA), an indirect wholly owned subsidiary of Oppenheimer Holdings. Before purchasing a policy of insurance, please review both the insurance carrier and the insurance policy carefully before investing. A strategic alliance exists between OLA and various outside providers whereby products and services may be utilized. Such providers may receive compensation as a result of the strategic alliance. However, the firms are completely independent of each other. This material is not a recommendation as defined in Regulation Best Interest adopted by the Securities and Exchange Commission. It is provided to you after you have received Form CRS, Regulation Best Interest disclosure and other materials. Oppenheimer & Co. Inc. Transacts Business on all Principal Exchanges and Member SIPC. 5369747.1