Role of a CFP in Estate Planning

A CFP can help you understand your estate planning needs better. They can assist in creating an estate plan that fits your unique situation, taking into account factors such as the size of your estate, your family dynamics, and your financial goals.

The CFP guides you through the entire process by helping you identify your assets, specifying your beneficiaries, designating the executor of your will, and even planning for taxes. They can also help with more complex aspects such as planning for incapacity or setting up trusts.

Benefits of Enlisting a CFP for Estate Planning

Hiring a CFP for estate planning comes with numerous benefits. Professional guidance ensures that your estate plan is comprehensive and legally sound. Having a well-crafted estate plan can minimize potential disputes among beneficiaries and reduce any tax liabilities, ensuring your loved ones are well taken care of financially after you’re gone.

In conclusion, a Certified Financial Planner plays a fundamental role in estate planning, helping to ensure that your assets are distributed according to your wishes and that your loved ones are adequately provided for. With their expertise and guidance, you can navigate the complexities of estate planning with ease and confidence.

About Matt

Matt Ward is a financial advisor and the president of New Century Investments, an independent investment advisory firm serving business owners, pre-retirees, and retirees in the Dallas-Fort Worth area and beyond. Matt is passionate about integrating investing, planning, and tax management into a holistic approach. Matt’s breadth of knowledge and experience in both taxes and investment management sets him apart, giving him the ability to design, advise on, and manage business strategies, tax efficiency, and retirement planning. He is known for his care and attention to detail and works hard to develop personal relationships with each of his clients so they can benefit from his customized service and guidance. He loves walking with his clients through their financial journey, supporting them and celebrating with them as they reach their goals. 

Matt’s Corner

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You may have heard that you need to make an “estate plan,” but what does an estate plan cover and how do to make one? Here is a simple list of the most important estate planning issues to consider.

Estate Planning Checklist: Actionable Steps

1. Establish a Will
– Designate beneficiaries
– Appoint a guardian for minor children
– Appoint an executor to manage your estate

2. Evaluate a Trust
– Consider the benefits of a living trust
– Identify which assets to include in the trust
– Appoint a trustworthy trustee

3. Establish Health Care Directives
– Draft a health care declaration or “living will”
– Appoint a power of attorney for health care

4. Arrange a Financial Power of Attorney
– Choose a trusted individual to handle your financial affairs
– Clearly outline the scope of their responsibility

5. Safeguard Your Children’s Assets
– Appoint an adult to manage your minor children’s inherited assets
– Consider making this person the same as the guardian named in your will

6. Complete Beneficiary Forms
– Designate beneficiaries for bank accounts and retirement plans
– Register stocks, bonds, or brokerage accounts to transfer upon your death

7. Grasp Estate Taxes
– Understand the current estate tax thresholds
– Consider tax implications for your spouse and potential charitable donations

8. Plan for Funeral Expenses
– Set up a payable-on-death account at your bank
– Deposit sufficient funds for funeral and related expenses

9. Finalize End-of-Life Arrangements
– Document your wishes for organ and body donation
– Specify your preference for burial or cremation

10. Safeguard Your Business
– Develop a succession plan if you’re a sole owner
– Establish a buyout agreement if you have business co-owners

11. Securely Store Your Documents
– Organize essential documents such as wills, insurance policies, real estate deeds, and financial account information
– Provide your attorney-in-fact and/or executor with access to these documents

• Wills and trusts
• Insurance policies
• Real estate deeds
• Certificates for stocks, bonds, annuities
• Bank accounts, mutual funds, safe deposit boxes information
• Retirement plans, 401(k) accounts, or IRAs information
• Debts information: credit cards, mortgages and loans, utilities, unpaid taxes
• Funeral prepayment plans and final arrangements instructions
• Maintaining organized documents is a significant service to your survivors.

Remember to review and update your estate plan regularly or whenever there are significant changes in your life or financial situation. Consulting with a professional estate planner or attorney can help ensure your plan is comprehensive and meets your specific needs. Please don’t hesitate to contact us for any questions on your specific situation.

Matt Ward, CFP®

817-238-6300

Matt.Ward@newcenturyinvestments.com

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