You will often hear us referring to investment accounts here at Leibman Financial Services as orchards. We tend to the orchard by making contributions during our working years, when we have the time and energy to spare it. Then we can choose to live off the fruit crop of the orchard when things settle down, or we can share an apple or two for good causes.

When we think about orchards, most of the time the orchard is not tied to the life of one single person. When the soil is optimal, the water is plentiful, and the sun is shining, the orchard has the chance to go on for generations.

We want to pose a question to you now: Do you know what will happen to your orchard should it outlive you?

Investment accounts have a feature that allows owners to specify who should receive their assets after the owner’s passing, without the delay and expense of probate:

Retirement accounts have beneficiary designations.

Non-retirement accounts have transfer on death designations.

Some perks of having these designations: 

• Ease of Administration: simplified forms are available through our broker-dealer. No need for complicated legal documentation to establish or update.
  
• Flexibility: designations can be updated as personal circumstances change.
  
• Privacy: unlike a will that becomes a public document during probate, beneficiary designations remain private.
  
• Control over Asset Distribution: you can choose who receives what assets and in what proportions.
  
• Immediate Transfer: assets are transferred to beneficiaries without delay or added costs.
  
• Certainty and Clarity: helps avoid conflicts or legal challenges among heirs, as these designations take precedence over a will.

Establishing transfer on death designations or assigning beneficiaries to a retirement account does not change ownership of the assets. You remain in control until the end.

We have been working alongside you, as your loyal orchardist, tending to the crop. We have seen the sacrifice and how many seasons it took for you to get to where you are now—which is why we want to make sure that you are always in charge of what to do with it.

This is no call to action; we just wanted to plant another seed.

Clients, if you want to talk more about this topic or make sure that your plans are up to date, please give us a call.