What is the biggest financial planning mistake made by clients and how can they fix it?
Biggest mistake: The wrong account titling or not updating any changes.
Titling, in most cases, supersedes estate planning documents such as: trust and last will and testaments. One incorrect account titling can cause an intended beneficiary to lose their inheritance or a major delay in distribution with potentially unnecessary probate costs.
Fix: First, we draw a flow chart of assets for each account from the client to potential beneficiaries, which includes transitional life events such as: births, deaths, marriages, divorces and subsequence events and proper account titles.
We are sure to add the chosen path to the estate planning documents as a check and balances. As life happens, we make updates to ensure that if a major life event occurs, the client is prepared to make a smooth transfer of assets to the intended recipient.
"All the hard work you put in to building your estate for your heirs can quickly be thrown away without proper account titling."
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About the blog:
Many Christians struggle with the seemingly conflicting views about our faith and the pursuit of financial gain. They were taught that poverty was piety and that a lack of money was the only way to truly detach themselves from the love of money. Our blog debunks some of those claims, teaches you that you can be rich and righteous, and at the same time fulfill your obligation to tithe and give to the less fortunate. We are dedicated to helping you become cheerful givers by organizing your personal finances, providing investment tips to help you create wealth, and encouraging you to create a gifting strategy that will make your family and God proud.
Meet the Author:
A.B. Ridgeway, MBA (email@example.com) is the owner and Christian Financial Advisor with A.B. Ridgeway Wealth Management. With a decade in the finance industry, his goal is to give believers clarity around the most confusing topic in the Bible, money, and tithing. A.B. Ridgeway helps tithing Christians become cheerful givers but unlocking their money-making potential, so they can prosper and be the great stewards of the wealth God has entrusted them with.
This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.