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Estate planning is not just for the wealthy

12-29-2022

Tips to get you started

Some people may hear ‘estate planning’ and think it only applies to millionaires or billionaires; those people who have a vast fortune to divvy up once they pass on. The truth is you don’t have to be uber wealthy to make plans to distribute your possessions. In fact, you don’t have to be wealthy at all.

Planning your estate

Planning your estate basically means you get to decide how your possessions will be distributed after you die. It also eases the burden of decision making on your loved ones during their bereavement.

Here are a few tips to help you get started:

  • List your assets - It’s hard to design an effective estate plan without first having a complete list of what you own – real estate, bank accounts, investments, family heirlooms, etc. Update the list periodically.
  • Draft a will - A will is a written legal document that dictates the distribution of your property after your death. If you die without a valid will, state law will not only govern the distribution of your estate, but could also decide the guardianship for your children.
  • Update your beneficiary information - Make it an annual event to check and update your beneficiary information. This due diligence can help save your loved ones from the burden and cost of probate.

An up-to-date estate plan is part of saving for retirement. Schedule a meeting with a financial professional to develop an estate plan, as well as outline the action steps and strategies that will help you achieve your estate planning goals.

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This material is general in nature, was developed for educational use only, and is not intended to provide financial, legal, fiduciary, accounting or tax advice, nor is it intended to make any recommendations. Applicable laws and regulations are complex and subject to change. Please consult with your financial professional regarding your situation. For legal, accounting or tax advice consult the appropriate professional.

Annuities are issued by The Variable Annuity Life Insurance Company, Houston, TX. Variable annuities are distributed by Corebridge Capital Services, Inc., member FINRA.

Securities and investment advisory services offered through VALIC Financial Advisors, Inc., member FINRA, SIPC and an SEC-registered investment adviser.

VALIC Retirement Services Company provides retirement plan recordkeeping and related services and is the transfer agent for certain affiliated variable investment options.

All companies above are wholly owned subsidiaries of Corebridge Financial, Inc.

Corebridge Retirement Services, Corebridge Financial and Corebridge are marketing names used by these companies.

RO 2648516 (12/2022)