Where There’s a Will, There’s a Way

June 12, 2019

According to our home metaphor, protection come before assets, before liabilities—even before the income you bring in each month. The fact is, without adequate protection, your wealth is left exposed to life’s many unexpected events.

That’s why I chose the importance of a will as the first point in our protections series. It may not be the most popular topic, but I’m passionate about it. By having a legally binding testament in place, you afford yourself and your family total protection without increasing your monthly or yearly expenses.

Alongside homeowner’s and life insurance, a will acts as a roof, the defensive blanket that covers all other investments and savings in your portfolio. It’s a safeguard in the event that you pass away or become disabled, protecting your family in many ways:

  • By directing exactly how your estate will be distributed
  • By appointing someone to take care of your minor children
  • By helping minimize the estate taxes drawn from inheritance
  • By preventing future legal challenges for your loved ones
  • By placing your assets in the most capable, trustworthy hands

Following the philosophy on which this column is built, I suest that you look for creative ways to verbalize your hopes and dreams for the future. A legal document is ideal, but there are other means of managing money on your children’s behalf.

I tell clients to record themselves going through all of their valuable assets, and put the video in their account with tax returns, deeds, family photos, audio messages and more. Keeping a record of paperwork and future wishes reassures your loved ones while costing practically nothing.

So tomorrow, take a moment to speak from the heart. Take stock of the people and things that matter, and set up a plan that prepares for the worst. If anything happens, everything you own (and owe) will be covered.

Who wouldn’t want that financial confidence?


Series contributor: Simon Friedman

Partner, Friedman Associates

Before joining BFG over a decade ago, Simon Friedman amassed years of family insurance and financial services experience under his legendary father, Samuel D. Friedman. In the first year of his career, he earned a coveted seat at the Million Dollar Round Table, and has since gone on to qualify for the distinguished Presidents Council.

His belief that protections are ‘the basis for all wealth’ has inspired countless clients to build solid foundations before acting on their ambitions.

Simon Friedman is a Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. Brooklyn Financial, which is the doing business as (DBA) name of Guardian Distributors, LLC, is an Agency of The Guardian Life Insurance Company of America® (Guardian), New York, NY.

 

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