2409-B Plantation Center Drive,
*Dr. Thomas and Melanie are a retired couple. They are in their 60’s and are both in their second marriage. Dr. Thomas has two adult aged children from his first marriage and Melanie has a teenage daughter who lives permanently with the couple. Originally the intent for their visit to FairWay Financial was to discuss retirement income strategies. However, when statements were reviewed…
It was quickly realied that the beneficiaries on their investment accounts were still designated as their ex-spouses.
This produced a sense of panic as they had a written will which stated quite clearly they wanted each other to inherit their wealth upon the passing of the other. Dr. Thomas had recently gone through a cancer scare and the realization that his money would have gone to his ex-wife had he not survived was a shock to them both.
We decided to review their life insurance policies too and discovered they also needed to be updated. They wanted to control the wealth transfer of certain assets to their children. We were able to meet with them at the referred estate attorney’s office to help explain the current situation and now they have a new estate plan that fits their expectations.
Making sure to have beneficiary reviews can help prevent increased costs in estate transfers after death, family dramatics and control of wealth.
*The is a hypothetical example of how Fairway Financial interacts with the community.This is a fictitious creation by the author to demonstrate our services. None of the names or images belong to actual clients, accounts or relationships.