Deep Dive #5: When do I need an advisor?

Congratulations on making it to #5! Don’t worry if you haven’t done every step, you’re still making great progress on the journey to a legacy plan! Steps 1-4 are always available to you here.

So far, you’ve been thinking about the conversations you want to have, you’ve expanded your definition of wealth and added to your list, and maybe you checked the beneficiary page in your accounts!

At some point you might look around and wonder, Do I have to do this all by myself? You might even feel a little lonely!

The answer is: NO! We’re here to help and connect you with the people and resources you need.

Starting the conversation is Step 1 for a reason. It’s the hardest part, but once you do it, you will gather support for the rest of your journey. You can share your hopes and dreams, as well as your intentions for the future. We hope you’ll also share with us here and on our social pages. So if you’ve had the conversation, it might be time to go back to those family and friends and ask for their support on the journey.

 A few questions you might work on together:

• Who is able to care for my child(ren)? Financially, emotionally, and physically?

• Who would my children feel safe with after I’m gone?

• Do I need to leave money to my family? A life insurance policy?

• Who is most able to care for my property when I’m gone?

• Who would benefit the most from my cash gifts?

Beyond family and friends, professional advisors can continue to guide you on your journey. An attorney can help you finalize the paperwork, a financial advisor can explain the benefits of life insurance, and an estate planner can help you bring it all together.

Here are two like-minded organizations where you can search the directory for advisors.

CHIP (Changing How Individuals Prosper) Black and Latinx Financial Professionals

Association of Black Estate Planners

If you’d like to talk things through with a non-lawyer first, sign up for 15 minutes with me. Let’s work together to take that first step in your legacy planning journey.