Financial Planning

Wealth Planning During Times of Transition

August 31, 2022

As the summer season comes to an end and the leaves begin to change colors, many families will be experiencing change. They may be dropping their kids off at college, celebrating a marriage, welcoming a new baby, or adjusting to the realities of divorce.

Change is inevitable. And when your family experiences a transition, you need to update your wealth plan. For example:

If you or your children are having children, make sure your life insurance is sufficient to protect your loved ones, update your estate plan to include your new beneficiaries, and consider opening a 529 or educational trust to start putting money away for college!

Did you know?

September is the most common month for birthdays. 1 In fact, the most popular dates are:

  • September 9th
  • September 19th
  • September 12th
  • September 17th
  • September 10th

If you are getting married, consider adding your spouse as the beneficiary of your financial accounts, including your 401(k)s and IRAs, and revise your wealth plan to include your and your spouse’s shared goals.

Did you know?

The most popular time of the year to get married is in October and this year:

  • October 22nd is expected to be the most popular wedding day of the year. 2

If you are filing for divorce, meet with your wealth advisor to create a new budget and investment strategy to help you get a fresh start.

Did you know?

Divorce rates spike at the end of the summer: 3

  • Sometimes an unsuccessful family vacation or a new school year will prompt a couple to start the divorce process.

If your family is going through a transition, don't hesitate to get in touch with your Washington Trust Wealth Advisor to make sure your wealth plan remains on track. And follow us to learn more about wealth planning!

1 The Most Common Birthdays In The World, World Atlas, December 11, 2019.

2 The Most Popular Wedding Date of 2022, The Knot, February 22, 2022.

3 Divorce rates increase at the end of the summer. Here are 6 reasons why, Business Insider, August 27, 2019.

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This document is intended as a broad overview of some of the services provided to certain types of Washington Trust Wealth Management clients. This material is presented solely for informational purposes, and nothing herein constitutes investment, legal, accounting, actuarial or tax advice. It does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon. Please consult with a financial counselor, an attorney or tax professional regarding your specific financial, legal or tax situation. No recommendation or advice is being given in this presentation as to whether any investment or fund is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors, or markets identified and described were, or will be, profitable.

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