The Estate Documents Conversation

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

Living through the COVID-19 Pandemic has made more people review their estate plans and ensure they have what is required. A critical part of this review is to include an Estate Documents Conversation with their family.  The point is, why create a plan if no one knows about it?

What is an Estate Documents Conversation?

The estate documents conversation is a conversation you should have with your parents, children, executors, and powers of attorney to review and discuss the following key issues:

With your parents:

• Find out who their powers of attorney and executors are.
• Obtain copies of their wills and powers of attorney (or the location of the documents).
• Meet your parents’ financial advisor(s).
• Obtain the listing of the location of their financial assets and the contacts for their bank, accountant, and lawyer.
• Discuss what they would want to happen if they could not make financial decisions for themselves.
• Discuss what they would want to happen if they could not make health care decisions for themselves (also see Eldercare Conversation article).

With your children:

• Let them know who your executor and powers of attorney are.
• Provide copies of your wills and powers of attorney (or the location of the documents).
• Introduce your children to your financial advisor.
• Discuss what you would want to happen if you cannot make financial decisions for yourself.
• Discuss what you would want to happen if you cannot make health care decisions for yourself (also see Eldercare Conversation).

With your executor and powers of attorney (if not your children):

• Let them know you have appointed them and provide them with the documents.
• Confirm every few years that they are willing, able, and capable to act on your behalf.
• Provide to your executor/power of attorney the list of where your financial assets and the contacts for your financial advisor, accountant, and lawyer.
• Discuss what you would want to happen if you cannot make financial decisions for yourself.
• Discuss what you would want to happen if you cannot make health care decisions for yourself.
• Have the eldercare conversation with your power of attorney for personal care.

 

This can be a difficult topic to bring up; however, it must be done and planned for ahead of time if possible.

For more information, see the Four Essential Family Conversations in Appendix B, from the book 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