Strategic Wealth Designers: How to start estate planning

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Estate planning seems far-off for many. Not only that, the idea of putting a plan in place can be daunting. Fiduciary retirement advisor Thomas Reilly of Strategic Wealth Designers joined the newscast to break down how to begin estate planning. Taking inventory of your assets will guide your next steps.

“You have to take inventory so you know what you need to make plans for,” Reilly says. “After that, establishing a will and your beneficiaries is critical to estate planning as it allows you to determine what happens with your assets. You’ll then have to establish directives for power attorney and medical care. You might also consider a trust.”

Most people need estate planning in some capacity. If you are young, it will likely be relatively simple with a will, designated beneficiaries, and medical power of attorney. As you get older and your family and estate grow, the planning can become more advanced.

“After taking inventory, it is time to start planning,” Reilly says. “You’ll have some hard and complicated decisions to make about your assets, so consulting a professional may be best. They can help advise on how to navigate taxes and will make sure you don’t miss any steps.”

An estate planner or tax attorney can be valuable when estate planning. To see additional stories surrounding business and economic news for Denver area, visit https://KDVR.com/Money and if you have a question for Thomas send an email to info@swdgroup.com

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