The final piece
It is said death and taxes are the only thing we can do nothing about. Well we are proving everyday that taxes can be reduced and we are also living longer, so who knows for sure in the future. But for now we should have a plan in place. We recommend seeking the professional help of a lawyer to draw up the legal documents such as wills, power of attorneys etc. However, we know that lawyers can be expensive.
What we do for our clients is spend some time to review and prompt the questions. Walking into a lawyer's office is like stepping into a cab. The meter starts, and if you don't know where you want to go they will drive until you are out of money. This may sound like I am trashing lawyers. This could be no further from the truth. They serve a valuable service. To get the best value for your money it is your responsibility to be prepared. It is part of your financial planner's duty to help you get that way.
As part of your investment and insurance planning we get to know your wants and desires and develop a detailed understanding of your family dynamics. This allows us to help put all of the pieces together in advance of drawing up the legal documents. This will help save you money.
It is critical that you understand what is covered by your will, your power of attorney and other legal documents. What assets form your estate and which can be allocated without being part of your estate. You need to have those documents and keep them up to date as your situations change. Let us help you do so.