Financial planning should always take into account the legal issues that influence the transmission and conservation of your wealth at death – that is, your estate.

The first thing to ascertain is that your estate will devolve to the people you choose. Your financial planner will check whether the provisions of your will and the beneficiary designations of your life insurance and annuity contracts reflect your wishes in this regard. If you don’t have a will, the law will decide how and to whom your estate will be distributed.

Imagine how you’d feel if an aunt you don’t even know inherited half of your assets! That’s why it is so important to plan.