‘Pearls of Wisdom’ for Navigating Financial Wellness as You Age
Posted on April 10, 2024
Financial preparedness is a lifelong journey, and all of us should take proactive steps to secure our financial future as we age. By building a solid foundation, investing wisely, planning for health care costs and staying informed, we can navigate the complexities of aging with confidence and financial security.
As women, we need to take extra care. We want some control over how our assets are managed and disbursed, and how our prized possessions are passed on.
Jewelry is a big part of this. From gold to silver to pearls, jewelry is an asset that has great value and often becomes a point of contention when the time comes for our heirs to take possession.
As author Joyce Hilfer once said, “Life is made up of a few moments all strung together like pearls. Each moment is a pearl.” So why should these moments be controversial and cause arguments between your children over who gets what after your death? By taking care of proper estate planning, this can be avoided.
Take the pearls that Joyce Hilfer mentioned, for example. As a piece of jewelry, they’re considered tangible personal property. Other tangible personal property items include your car, furniture, boats and even your pet. Although these may not be the most expensive items in your estate, they often have the most sentimental value. In your will, you’ll need to appoint an executor or personal representative, and provide instructions about passing on these items. You can also create a separate writing, which is just as it sounds, separate from your Last Will. The Florida Probate code allows you to personally author a description of items and to whom you would like to receive it. To be valid, it must be signed and dated. You should make the most recent copy accessible to your executor and attorney.
Some other “pearls” you should be aware of as you plan who will get your assets when you pass:
– Have your jewelry appraised by a professional jeweler. Our longtime Sanibel friends at Congress Jewelers are one of our trusted partners when it comes to appraising and valuing jewelry. Scot Congress advises customers to have jewelry appraised at least every five years.
– Scot also advises customers to keep appraisals on-hand to document the worth of these valuable items should your heirs decide to liquidate as an asset.
– Take photos of the items and attach the appraisal so there is no confusion over which item goes to which heir.
– Have letters of instruction, i.e., names and contact information for your advisors, location of your original will and a list of your accounts and passwords.
– Consider having conversations with family members about your wishes for the heirlooms. Open communication fosters understanding and can help resolve any potential conflicts that may arise. Knowing the sentimental value attached to each item can guide family members in making informed decisions about how to honor your legacy.
Aging is an inevitable part of life, and proper planning can ensure that you not only account for all your tangible property, but that it ends up in the hands of the loved ones you want it to go to when you pass.
By embracing these financial “pearls of wisdom,” you’ll know that your cherished possessions continue to tell the unique story of your family for generations to come.
Megan Marquardt, CFP®, CTFA
President, Fort Myers | Wealth Services
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