Key Points for Wills and Powers of Attorney’s

After COVID-19 families realized they should focus on planning the family’s future.

One of the most difficult challenges a Certified Financial Planner^® has is to encourage clients to update and/or review their estate plan and documents. Often families tend to put this off, as it is not seen as urgent.

However, the trauma of COVID-19 brought family planning and care issues to the forefront for many families as concerns for their loved ones and their economic well being become top of mind.  Everyone’s life has been impacted, regardless of age.

As a result, families now realize they should focus more on these concerns, but are often unsure where to start.

Based on my experience of helping many families over the years, the following list from my book can be a good starting point.

Excerpts from the Book – Preserving Wealth – written by Jack Lumsden, MBA, CFP®

It was still raining, and as we rode staunch­ly back home in the tin boat, getting drenched, I summarized the key points from today’s meeting in my mind:

1. Everyone should have a will drawn up, as well as a power of attorney for property and per­sonal care.
2. You should consider factors of trust, ability, financial knowledge, and sometimes even geographical proximity when choosing your executor and designating your power of attorney.
3. A power of attorney for property comes into effect as soon as it is signed.
4. A power of attorney for personal care will not come into effect until or unless you become incapable of making your own deci­sions.
5. You should review the contents of your will and power of attorney on an annual basis and every time your circumstances change significantly, such as a divorce or birth of a child.
6. Create a digital estate plan.
7. Consult a lawyer and be prepared to spend enough money to ensure the job is done properly and thoroughly.
8. It’s important to name trustees and guardians for your children in your will. – Consider a professional trustee for your trusts.
9. Spouses might give one another power of attorney for property and per­sonal care to ensure that the spouse has access to all financial assets and can imple­ment your expressed wishes for personal care.
10. It’s important to have a frank discussion now with the person who holds your power of attorney for personal care about your specific wishes should you become incapacitated.
11. Introduce your power of attorney for property and your executor to your certified financial planner.

For more information, you can refer to Preserving Wealth: The Next Generation – The definitive guide to protecting, investing and transferring wealth by Jack Lumsden, MBA, CFP®

For your FREE Copy CLICK HERE

To buy a copy of the book CLICK HERE

Have Questions?

If anything above isn’t clear—or if you’d like to talk through any of it—let’s set up a quick call or virtual meeting. 

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Looking forward to helping you stay on track.

Best Regards, Jack Lumden, MBA, CFP® Financial Advisor