Pursuing Knowledge
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Pursuing Knowledge
Estate Planning
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Estate planning helps protect your legacy and the people who matter most - here's how.
#EstatePlanning #FinancialPlanning #PursuitWealthGroup #ClientJourney #WeAreHereForYou #FinancialWellness
Hi, welcome to Pursuing Knowledge, brought to you by Pursuit Wealth Group. My name is Brittany Drish, and today I'm joined by Crystal Weis, a wealth advisor here at Pursuit. And today we're going to be talking about a topic that oftentimes does get overlooked in the financial planning world, but definitely very important. So, Crystal, if you kind of want to start by discussing estate planning for us. Absolutely.
SPEAKER_01So estate planning is a huge topic that is definitely overlooked. And during the financial planning process, we will go through your assets, your debts, and say, hey, how are these structured? Do you have beneficiaries tied to your accounts? And do you need additional documentation based on you know the financial planning process that you go through?
SPEAKER_00Right. So where would somebody go to have these estate documents created?
SPEAKER_01So you would go to an estate planning attorney, you know, we have some that we can refer you to, and they will go through to say, Hey, do you need a will? Do you need a trust? Go through that asset list and say, Hey, this is what's recommended based on what are your desires, um, you know, where do you want them to go, and you know, what kind of documentation is really needed there.
SPEAKER_00Okay. Um, something that definitely comes up in this world often are financial and health care power of attorneys. Can you kind of touch on that point?
SPEAKER_01Absolutely. So the estate planning attorney would go through and say, hey, you know, who do you want in charge of your financials and who do you who's in charge for your health care? And those are called power of attorneys. So financial power of attorney and healthcare power of attorney, you would want to get those documents in place as well, too, in case something does happen to you and you have that stuff documented.
SPEAKER_00Perfect. I think you can probably attest to this, but the creation of your estate planning documents, um, something just as important is the storage and safekeeping of those documents. So can you kind of touch to that and how we can help it pursue?
SPEAKER_01Yeah, so our financial planning software is called Wright Capital, and there's a vault in there which is secure where you can put these documents, your will, uh your trust, your power of attorneys. Um, some people will put birth certificates or passports in there as well to say, hey, this stuff is secure in case you are traveling. Um you need to pull those documents from a secure place, and that's a place that we store some of those documents.
SPEAKER_00That's awesome. So we have our estate documents, um, they're stored. How often should we be looking at these documents, reviewing them?
SPEAKER_01Yeah, so people's situations change all the time, um, you know, as needed, or typically every three to five years is what we recommend. You go back and review them. Is this where you want your assets to go? Who do you want to leave them to? Are there any laws that change and or has your situation changed?
SPEAKER_00Perfect. Thank you so much for your insight today, Crystal, and thank you for watching. If you are watching this video and have any questions on estate planning, please reach out to our office and we'd be happy to refer you out. Um, but we will see you next time on Pursuing Knowledge.