Financial planner emphasizes the importance of having a will
HUNTSVILLE, Ala. (WAFF) - Most people do not like to think about death which is why estate planning is often delayed, overlooked or ignored.
Having a will can eliminate a messy court process and ensure the transfer of wealth that is cut and dry and in black and white.
“Not writing things down, particularly when it comes to will can create a lot of issues,” Marshall Clay with the Welch Group said.
The wealth management expert explains how wealth typically transfers in three ways: a title, beneficiary designation and a will.
“If you don’t have an asset titled correctly or if you have no beneficiary designations, all roads ultimately lead to the will. So the will is very important,” Clay said.
He explains that a will is not about divvying up financial assets. Particularly with families, it’s important to decide and put in writing who will take care of the children in the event of an early death.
“If that’s not spelled out in a will, there can be a lot of arguments from family members,” Clay said.
Clay adds a will and estate plans do not matter until they are the only thing that matters. He suggests having a will spelled out by a professional.
For more ways to stay financially savvy, visit The Welch Group’s website.
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