Boutique Broker Dealer Firm Encourages Having a Plan in Place to Ensure Protection of Assets
NEW YORK, Dec. 23, 2022 /PRNewswire/ -- It's always important for everyone to be laser-focused on estate planning. For high-net-worth individuals, Reid & Rudiger advises them to have a plan in place to ensure their estate is protected — especially for heirs and other beneficiaries down the line. From drafting a will to naming a power of attorney to oversee everything from finances to end-of-life health care, estate planning is essential.
Some of the key components involve a will, living trusts, a power of attorney, and living wills. For instance, a power of attorney is important for giving a trusted person the ability to make direct health care decisions or one's finances in the case someone becomes incapacitated or unable to make these important decisions. Another crucial issue that's becoming all the more relevant is the social footprint one leaves behind — it can directly impact a family business or brand years after a person passes. A power of attorney can manage these social media accounts. A living trust might be put in place to avoid assets going through probate. This will also mean a trustee manages assets following death.
However, a person ultimately chooses to devise an estate plan, what is especially important is that the terms of the will are updated regularly. A person never knows what could change in overall health or circumstances in family or business. What made sense just a year ago, might no longer apply. So, conducting a review of an estate plan every few years is important. All too often, poor planning can result in complicated, painful legal disputes among potential beneficiaries. It's necessary to have a clear beneficiary for retirement accounts, for example, to clearly establish who should receive these assets after death. Why is this important? Not naming a beneficiary means these assets will go through probate. This could result in delays in distribution of assets as well as escalating legal costs for loved ones and beneficiaries.
If these designations have already been made, but plans have shifted or wishes for beneficiaries have changed over time, then that is why it's healthy to regularly reassess one's will. Using an attorney who specializes in estate planning will ensure the best outcomes.
About Reid & Rudiger LLC
Reid & Rudiger is a research-generated broker dealer founded on the principle of providing high-net-worth clients with unbiased, conflict-free advice.
Media contact:
Kelli Mezzatesta
Reid & Rudiger
212-785-0500
SOURCE Reid & Rudiger
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