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

The current COVID -19 Pandemic has made more people review their estate plans and make sure 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.
  • Have a frank discussion on what they would want to happen if they were unable to make financial decisions for themselves.
  • Have a frank discussion on what they would want to happen if they were unable to make health care decisions for themselves (also see Eldercare Conversation article LINK).

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.
  • Have a frank discussion on what you would want to happen if you are unable to make financial decisions for yourself.
  • Have a frank discussion on what you would want to happen if you are unable to make health care decisions for yourself (also see Eldercare Conversation LINK).

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

  • Let them know you have appointed them and provide them 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 are and the contacts for your financial advisor, accountant, and lawyer .
  • Have a frank discussion on what you would want to happen if you are unable to make financial decisions for yourself.
  • Have a frank discussion on what you would want to happen if you are unable to 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

Jack Lumsden, MBA CFP®   Financial Advisor, Assante Financial Management Ltd.  905.332.5503 www.jacklumsden.com

This material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources however no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please make sure to see me for individual financial advice based on your personal circumstances. The information provided is for illustrative purposes only. Commissions, trailing commissions, management fees and expenses, may all be associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated. Please read the Fund Facts and consult your Assante Advisor before investing.

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