Why a Fiduciary is Important in Estate Planning

rev mortgageIn the grand scheme of financial planning, creating an estate plan is hardly at the top of the list. It can be difficult to consider what might happen to your assets once you pass, and often when people are in the prime of their lives, determining end-of-life decisions is just not on their radar. However, the hard fact of the matter is, none of us knows what tomorrow holds. Having a say in where your financial investments go can be comforting and often gives people a great sense of peace when they are in the midst of trials.

Setting up an estate plan is not always a simple procedure, however, some people think that they can save a few bucks and just do it themselves. While they might think that they have everything in place, there are many considerations that people who are not familiar with the intricacies of estate planning just don’t take the time to think about.

Consider an individual who goes through the process of setting up their own trust only to find out after the death of their spouse that the titling was not set up correctly and the funds will not distribute as they had planned. One thing that can be missed is the scenario of a trust vs. life insurance or will designation – the plain fact of the matter is, a will, trust or any other legal document will not supersede the beneficiary designation form from a life insurance policy.

Additionally, it is important to remember that while it is important to have a will, this document is not enough. For example, if an individual has recently remarried and names his new wife as sole heir in the will, yet he forgets to remove his ex-wife’s name as beneficiary in the life insurance policy, the ex-wife will receive the funds from the policy and not the new wife if this is not changed before his death.

Creating an estate plan that remains consistent with your wishes throughout your lifetime can be a complicated task that is best left to the experts. We recommend discussing your plans with a qualified fee-only financial planner and a trusted attorney specializing in estate plans.

About Objectively Speaking

Tom Batterman, founder of Vigil Trust & Financial Advocacy and Financial Fiduciaries, LLC is in the business of representing the best financial interests of his clients. Having provided objective, fee-only financial management services for over two decades, he specializes in managing the investment and related financial affairs of individuals and mutual insurance companies who do not have the time, interest or expertise to manage such matters on their own. As an objective, unbiased professional who takes on a fiduciary responsibility to his clients, he guides clients to the financial decisions they would make themselves if they had years of training and experience and the time and expertise to fully research and understand all of their options. Founded in 2010 as an outgrowth of Vigil Trust & Financial Advocacy, Financial Fiduciaries, LLC is a financial management solution for individuals and mutual insurance companies who recognize they do not have the time, interest or expertise to properly attend to their financial matters on their own. While there are many financial “advisors”, most of them have investment products to sell and the “advice” they provide is geared toward getting their clients to engage in a purchase. As one of the rare subset of advisors known as “fiduciary advisors”, Financial Fiduciaries does not sell any investment product so its guidance is not compromised by conflicts of interest which plague ordinary advisors. Prior to his employment in the financial industry in financial advocacy and trust positions, he worked at a private law practice in the Wausau area in the areas of estate planning, tax, retirement planning, corporate organizations and real estate. He is a graduate of the University of Wisconsin-Madison and the UW-Madison Law School and has during his career held Series 7, 24 and 65 securities licenses. A longtime resident of the Wausau, Wisconsin Area, Tom is active in the community. He enjoys golf, curling, skiing, fishing, traveling and spending time with his family.
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One Response to Why a Fiduciary is Important in Estate Planning

  1. Pingback: Tips for Medical Professionals to Avoid Being Victims of Fraud | Financial Fiduciaries, LLC

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