The Shakiba Report: 5 reasons why you need a will
Houston private wealth advisor shares the benefits of estate planning
HOUSTON – If you're wondering if you will ever need a will, the answer is probably yes.
Creating a will may not be the most exciting thing to talk about, but there can be serious consequences for not putting one together.
Private wealth advisor, Trevor Shakiba shares 5 reasons why you need a will in today's Shakiba Report.
Who needs a will? Really the answer is everybody, almost without exception. What's really interesting is this is the most over looked aspect of financial planning, and usually when I meet with people for that first time I would say 90% of people have not given any thought to estate planning at all," said Shakiba.
THE SHAKIBA REPORT
WHO NEEDS ESTATE PLANNING?
- The short answer is everyone
- Estate planning is the most ignored area of financial planning
- Over 90% of people Trevor meets will have done zero estate
WITHOUT A WILL YOU LOSE CONTROL OF WHAT GOES WHERE
- State law controls without a will
- Consider ancillary documents as well
- What do you want to happen? When? And to whom do you want to benefit?
HOW MUCH FAITH DO YOU HAVE IN YOUR KIDS?
- 85% of inherited IRA's are cashed in within 2 years of IRA owner's death
- We never want unnecessary dollars going to Uncle Sam
TEXAS IS A COMMUNITY PROPERTY STATE
- Money earned by either spouse during marriage is owned equally along with property acquired
- Texas is a great state to live in but not a great state to die in if you don't have your affairs in order
- For example, debts can still be owed after the debtor is deceased even if there isn't enough money in the estate
ESTATE PLANNING IS CRITICAL WITHIN A COMPREHENSIVE FINANCIAL PLAN
- Be careful doing it yourself on this one
- Seek out professional help and look for a certified estate planning and probate attorney
- Don't have a financial plan or will, get one
For more information or to request a complimentary consultation with The Shakiba Group, click here or call 281-724-9917.
The initial consultation provides an overview of financial planning concepts. You will not receive written analysis and/or recommendations.
Sponsored by The Shakiba Group
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