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Let’s make it a priority to get your estate documents in place before the end of the year. Here’s why it’s super important.
The biggest misconception I hear is, “I am not rich. I don’t need estate documents.”
The best gift you can give your family is the gift of knowledge. It’s not until someone close to us passes away that we understand the importance of estate documents.
Please do not let this be the case with you and your family.
I challenge you not only to get your estate docs in place, but have a conversation with your parents as well. I find that for most of my first generation, wealth-builder clients, not only does the financial burden of settling the estate fall on them, but the burial cost as well.
Your estate documents should include, but not limited to, a will, healthcare power of attorney, durable power of attorney, a revocable living trust and if you have children with special needs then a document that specifically states your wishes which could be found in a special needs trust.
You will need to find an estate attorney in your state of residence. For example, if you live in Georgia, you will need to find an estate attorney who is barred in Georgia. I know it’s a lot navigating the Internet.
Start with asking for a referral from other professionals on your team like your Certified Financial Planner, CPA or business attorney. We’ll continue to unpack this very important subject.
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Rianka R. Dorsainvil, CFP®️ is the Co-Founder and Co-CEO of 2050 Wealth Partners a virtual, fee-only comprehensive financial planning firm dedicated to serving first-generation wealth-builders, entrepreneurs, and thriving professionals. Rianka also hosts 2050 TrailBlazers, a podcast aimed to address the lack of diversity in the financial planning profession by engaging industry experts and leaders in conversation.
As an award winning successful, millennial Certified Financial Planner professional, Rianka offers a unique perspective not only on the current state of the financial service industry, but on how to stay relevant in an ever-changing world.
Rianka serves as a member of CNBC’s Digital Financial Advisor Council and CFP Board’s Diversity Advisory Group, is a Forbes Personal Finance Contributor, and has been recognized for her accomplishments and leadership within the industry by leading publications and organizations such as Investment News’ inaugural 2017 Women to Watch Rising Star and Wealth Management’s Ten to Watch in 2018. She has been published in PBS NewsHour, Forbes, USA Today, Black Enterprise, CNBC, Women’s Health, and more.