FYR011: Trusts, Beneficiaries, and Financial Planning with Chris Wagner

We are excited to share the latest conversation in our intra-generational wealth transfer series. In this episode, Chris Wagner, one of Vector's knowledgeable wealth advisors, shares financial planning insights to help ensure your financial legacy.

Learn how to use different financial planning tools to avoid probate, set wealth transfer conditions, and honor your wishes. We discuss beneficiary designations, the roles of wills and trusts, and trust administration. Chris says, for some families, establishing beneficiary designations can solve a majority of the estate planning and it doesn't cost anything.

One of our roles at Vector is to keep you and your heirs informed and on track with your financial planning goals. Each family situation is unique so we believe a case-by-case review is appropriate.

Listen to this entire episode or replay specific sections.

Section Titles and Times

Wealth Transfer and Financial Planning

• Learn about how wills and trusts complement each other to streamline asset transfer and avoid probate.
• Start: 00:03

Beneficiary Designations vs. Wills

• Beneficiary designations on accounts supersede instructions in a will. For many families, setting and periodically reviewing designations is an excellent foundation.
• Start: 00:49

Trust Types and Uses

• Exploring different types of trusts (revocable, irrevocable, dynasty, charitable, special needs) and their purposes in estate planning.
• Start: 06:31

Trust Administration

• Choosing a trustworthy trust administrator, including the option of corporate trustees like Schwab.
• Start: 09:02

Financial Advisor's Role

• Talk with your advisor to understand the nuances of trusts, wills, and beneficiaries to ensure alignment with your overall financial goals.
• Start: 10:49

Case-by-Case Planning

• Financial planning requirements vary based on individual needs and goals, requiring personalized strategies. Start by asking why.
• Start: 11:09