RBC Wealth Management has released a report on first-time estate planning, finding that while many couples plan for their children, they forget to plan for the most likely outcome: their surviving spouse.
“No one likes to think about death, let alone build an actual plan around that fateful day,” said Tony Maiorino, the vice president and head of RBC Wealth Management Services. “But one of the most important financial decisions you can make during your lifetime is to take the time to develop a well-thought-out estate plan to ensure assets are seamlessly transferred according to your wishes.”
“We find that when we talk to couples about estate planning. Most of them naturally focus on their kids. Children are an important part of the decision making process, no doubt, but a comprehensive estate plan needs to consider an important step before the kids, and that’s the surviving spouse.”
RBC Wealth Management says that couples planning an estate should:
Take a family inventory – meaning all of your family information, financial and otherwise, as well as any online information that would need to be dealt with, like social media accounts.
Create or update a financial plan
Have a meet and greet so your spouse can get to know your financial advisers
Build a business succession plan