Planning for life after you’re gone can be a challenging and uncomfortable activity, but the reality is that it’s necessary for peace of mind that your wishes will be followed, and your loved ones will be protected. When most people think of putting together an estate plan, they tend to think of wills. The reality is that an estate extends far beyond a will, encompassing all of your possessions including your home, car, retirement accounts, investments, and more.

It is an essential planning tool, detailing what should happen to these belongings and assets after you pass away or become incapacitated. Begin by Asking Questions Prior to designing an estate plan, begin by asking yourself three fundamental questions: • What do I want to achieve with my assets, or who will inherit them?

• Who do I trust to handle business affairs or oversee medical care if I am unable?
   
• Where could professional guidance be helpful during this process? Start discussing these plans with loved ones and heirs sooner rather than later. Communicating what to expect early on avoids any confusion or uncertainty once you’re gone. If you’re unsure about any aspects of your estate plan — or even if you just need an outside perspective — a financial planner can offer some guidance. How a Financial Planner Can Help When it comes to estates, a financial planner can provide expertise in a few key areas, including:
   
• Pinpointing your legacy – Determine what you would like your wealth legacy to be, and how it should be implemented and prioritized. Do you have dreams of funding your grandchildren’s education? Would you like to leave a major mark at a charity close to your heart? Align your legacy and goals, and decide which steps need to be taken.
   
• Itemizing your assets – Organize and position your assets in the best tax-efficient and diversified way possible. This process may reveal additional areas that should be included in your estate plan. • Constructing your plan – After ironing out the details of how you want to allocate your assets, create a formalized plan that includes:
   
  • An executor, usually a family member, who will handle locating and overseeing all of your assets after you pass or become incapacitated o If you’re a business owner, directions on how and when to transfer your business o Care instructions for your wellbeing should you become disabled or incapacitated o Beneficiaries for any retirement accounts and life insurance.
     
  • Guardians for living dependents o Detailed funeral arrangements
     
  • Power of attorney • Setting up a support system – Outlining a holistic plan calls for collaboration with an estate planning attorney, accountant and potentially others, with your financial planner serving as a central point-person.

Bill Kelso, CPA, CFP®, is a financial planner* at Pinnacle Financial Advisors, which assists individuals, families, and businesses with financial planning and wealth management in Sedona and the Verde Valley. He is a Registered Representative offering Securities through UNITED PLANNERS FINANCIAL SERVICES, Member: FINRA, SIPC. *Advisory Services offered through SEROS FINANCIAL, LLC. Pinnacle Financial Advisors, Seros Financial, and United Planners are independent companies.