Your Estate

How can I be sure my Will represents my wishes?

No other financial document can cause more issues than a Will. That’s why it’s important to make sure your Will accurately conveys your wishes and your beneficiaries understand them. Wills should be updated every time there’s a change in circumstances. Laws affecting Wills can also change over time, so be sure your Will is current. Working with an advisor can ensure that your Will is in line with your financial planning and takes advantage of tax positions. Talk to a BlueRock Wealth advisor to evaluate your estate planning needs today.

Read a client story about how one couple’s Will led to major confusion.

How can I be sure my Will represents my wishes?

Annette and John never imaged their estate plans would cause so much confusion.

They wouldn’t call their holdings a fortune, but they had a nice home in a good neighborhood, a cottage, two solid pension plans and life insurance. Their investments had done well. After making their Wills, the couple invited their children and spouses over to update them on the plans – a move they thought was sound and proactive.

Only the conversation didn’t go as planned. What seemed clear to Annette and John almost instantly seemed open to interpretation when their children became involved. Emotions ran high. Everyone had an opinion or horror stories of estate settlements gone wrong. Producing the life insurance, Will and pension documents only added to the confusion. Annette and John found they couldn’t answer all the questions that came up.

The BlueRock Wealth Solution

Annette and John came to us perplexed about what went wrong. We looked at their pension and insurance plans and instantly deciphered the legalese. Just doing that helped clear up some of the questions that had come up with their children. We also clarified concerns around Power of Attorney, and how it’s used.

We looked at the tax-sensitive difference between charitable donation tax credits and deductions. And we raised some issues around their estate planning that they hadn’t considered. After working with the BlueRock Wealth team, Annette and John felt more informed and confident that their estate wishes would be carried out the way. They scheduled a follow up meeting with their children and felt it would run more smoothly.

What to Ask Your BlueRock Wealth Advisor

  • Which of my assets are dispersed through my Will and which assets have direct beneficiaries and do not need to be handled by my Will?
  • Should we have joint accounts?
  • How can I avoid probate fees and lower my taxes when I die?
  • Who will pay the taxes on my estate?