Succession Planning

Preparing for succession after death is a difficult issue to discuss, but it is also an important part of any comprehensive financial plan.

A financial planner can help individuals and their loved ones approach succession planning in a constructive manner that addresses potential problems. The process involves two main considerations: life insurance and preparing a will.

Life insurance can ease the financial burden and provide resources for loved ones in the event of death. A lump-sum payment can be used for mortgage costs or to supplement lost income, helping successors during a difficult period. Financial resources and independence can make it easier to cope with the loss of a loved one.

A written will provides a means to guide loved ones through the succession process. By naming executors and providing instructions on the distribution of an estate, surviving loved ones avoid having to guess the wishes of the deceased. Rather than state law determining how assets are to be divided—a situation that can result in lengthy court proceedings—a clear, carefully considered written will provides clear instructions to successors. Save loved ones the stress of dealing with financial issues by planning for succession as soon as possible.

Contact us today to discuss succession planning in more detail.

Brian Kelly and LPL Financial do not provide legal advice or services.  Please consult your legal advisor regarding your specific situation.