Estate Planning

Estate Planning: A New Perspective

At Schultz Financial Group (SFG), we view wealth differently through our Four Capital approach. Our team works with you to build your wealth across Four Capitals – Financial Matters, Physical Well-being, Intellectual Engagement, and Psychological Space. This post focuses on an important aspect of Financial Matters: Estate Planning.  

Individuals may put off estate planning for several reasons. Among those reasons, few people find joy in considering their own mortality or incapacity. However, an estate plan is crucial in ensuring your assets – and your legacy – are passed appropriately to your heirs. Rather than focusing on the mortality of estate planning, focus on your life and legacy. 

The Importance of Estate Planning

What are the life lessons or values you hope to transfer to the next generation? Estate and legacy planning may include developing a family vision, mission, and values. In addition to the legal documents that make up an estate plan, you may consider including letters to loved ones or an ethical will. Your vision of your legacy and your personal and familial values may inform the legal planning decisions you make. Ultimately, legacy planning is a process that begins during life. You share life lessons and core values to those you care for. Your actions reflect your thoughts on philanthropy and causes you care about. These actions during life help build your legacy and a well-done estate plan ties these beliefs together.  This process is an opportunity to transition your values and life lessons – in addition to your assets – on to heirs. 

Start Planning Now

Some individuals put off estate planning when they think they are too young to start. However, estate documents apply once an individual reaches the age of majority (18 in most states). An estate plan may provide for you during life. In the event that you become incapacitated, a power of attorney for healthcare decisions appoints a decision-maker for your care. Other important estate planning documents include a power of attorney for financial matters and a living will. 

Overall this can be a complex and highly customized process. You should contact an estate planning attorney to discuss your estate and legacy goals before executing an estate plan.

Check out our post on planning for digital assets here

Alyssa Yocom is an Associate Wealth Manager with Schultz Financial Group Inc.

Schultz Financial Group Inc. (SFG) is a wealth management firm located in Reno, NV. Our approach to wealth management is different from many other wealth managers, financial advisors, and financial planners. Our team of fee-only fiduciaries strives to help our clients build their wealth across four capitals: Financial Matters, Physical Well-being, Psychological Space, and Intellectual Engagement. We provide family office and wealth management services to clients located in Nevada, California, and other states. If you’d like more information, please check out our website or reach out to us via our contact page.

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