Since 2004, April has been designated as financial literacy month to help people understand the importance of financial literacy. Depending where you are in life, financial literacy means different things and involves different people in our lives. For example, one of our team member’s first grader’s class is learning about the value of different coins. Many slightly older Pinellas County Schools students have spent six weeks learning about financial literacy which culminates to a visit to Enterprise Village in Largo. However, once we reach adulthood, financial literacy entails much more than just income and spending and often the help of a financial planner and estate attorney.
Plan for the Unexpected
No one predicted the toll that the recent pandemic would take on families; from companies downsizing to soaring housing prices and the need for a parent to be home to help with education. But, with some financial literacy and a good plan, the unexpected does not derail your plans, it simply disrupts or pauses them. Having liquid savings that equates to a six-month budget is one good plan.
It is also important to have a plan for your children should you die before they are adults. That requires the help of both a financial planner and estate attorney. The financial planner can help ensure that they are provided for financially. Your estate attorney can draw up a trust as well as a will so that the wealth you have accumulated assists in their upbringing by the people you want raising them. Living wills and powers of attorney ensure that your debts are paid if you are temporarily unable to write checks or access your account to handle financial matters.
Plan for the Inevitable
Eventually we will all leave this life. When that happens, we leave behind our loved ones and our belongings. Belongings include everything from the clothes in our closets to our investments. Without an estate plan, your loved ones will not know what your wishes are for those items. Even worse, neither will the state, which means a lengthy and more complicated probate process. With the help of an estate attorney, you will have peace of mind that when you do pass, someone you appointed will handle the probate process. You can also know that your minor children are provided for in case of the unexpected.
Trust Wagstaff & Pitelis as Your Estate Attorney
We have both the knowledge and experience to help you craft a trust for your specific situation and needs as well as a will with your last requests. Of course, we also help with living wills, powers of attorney, and medical directives. Let us know how we can help you with your estate planning needs. Call (727) 584-8182 or fill out our contact form to schedule an appointment today.