Barrett Legacy Estate Solutions


Your noble calling is to help others grow in their faith and help them navigate the difficult circumstances that life may throw their way. It is important that you also take care of your affairs, however. A financial and estate planning team can help you create a plan that will protect you today and tomorrow so you can better serve your community and provide for those who count on you. Below are some important considerations for you to be aware of as you begin your planning journey

Retirement Accounts

If your benefits package includes a retirement account, this valuable and sometimes complex account must be planned and managed properly. One thing that makes a retirement account attractive is that you can name a beneficiary to receive ownership of the account when you pass away without court involvement. However, for this to work, you must complete the appropriate beneficiary designation forms. If you do not list a beneficiary, you risk the account having to go through the time-consuming and costly process known as probate and being given to the person that the state designates, not the person you would have chosen. Depending on your circumstances, the state’s choice could be the last person you would want to receive such a potentially large account.

If you had already designated someone as the beneficiary of your account when was the last time you reviewed the designation? Is this still the same person you would like to leave the account to? There are several reasons why you might reconsider your beneficiary designation. It is possible that the individual has passed away, has become disabled and needs to maintain eligibility for government assistance (in which receiving a large retirement account could disqualify them), or is someone with whom you have had a falling out. Or there may be some other individual or charitable entity that you would rather leave the account to now. As with many steps in the estate planning process, completing the beneficiary designation is not just a one-and-done task.

As with so many other areas of life, it is always good to have a backup plan. Your retirement account is no exception. After you have decided on a beneficiary or reviewed your beneficiary designation, you must name a backup beneficiary (also known as a contingent beneficiary). This will ensure that your account goes to the person you have chosen and not someone the state has chosen if your original beneficiary is deceased or decides that they do not want the retirement account.

If you find that deciding on a beneficiary or backup beneficiary for your retirement account is difficult, we can assist you. Due to recent changes in the rules governing retirement accounts, some beneficiaries may benefit more from receiving a retirement account than others. We can help you navigate the sometimes complex rules and design a plan that leaves the account to who you want, the way you want.

Choosing Beneficiaries

Just like with a retirement account, if you do not have an estate plan, your money and property will be given to those individuals that the state dictates in its intestacy laws. The exact amounts and order of who will receive your money and property are determined by these state laws. Still, in general, your money and property will go first to your surviving spouse, then to your descendants (children or grandchildren), then to your parents, then to your siblings, and then to your siblings’ children, depending on who survives you. If you are not close to these individuals, this could be the last thing you want to happen.

Choosing beneficiaries can be a major roadblock for many people, but it does not have to be for you. As part of the estate planning process, we can work with you to do some soul searching to determine the legacy that you want to leave behind. Are there individuals you are particularly close to, regardless of blood relationship, that could benefit from additional money or property from you? Do you have a pet that needs to be provided for at your passing? (No one said your beneficiary had to be human.) Is there a cause important to you that you would like to see furthered by a charitable contribution? No matter your answer, proper estate planning must be in place to get your money and property into someone else’s hands.

Charitable Giving

If you are considering donating money to your favorite charitable organization either during your lifetime or at death, here are a couple of questions you need to ask yourself before moving forward.

Once you consider these questions and decide to move forward with making a charitable gift, there are a variety of ways you can do so during your lifetime and at your death.

During your lifetime:

At your death:

Choosing Trusted Decision Makers

Another important estate planning consideration is who you should choose to make important decisions on your behalf. These are people that will either communicate or make decisions for you when you cannot due to incapacity or death. The following are some important roles that will need to be filled:

We Are Here to Serve You

These can be very overwhelming decisions to make on your own, but you are not alone. We are here to walk you through the process, answer your questions, and help you design a plan that protects you and your loved ones and leaves a lasting legacy you can be proud of. We are available for in-person and virtual consultations, whichever is more convenient for you. Contact us today.