Financial Focus with Robert

cooperspotQ.  Robert, my wife and I have had a will for many years.  It seems like every time I read a paper or watch television everyone is saying that just having a will is not enough to cover all the affairs properly at our death.  What do you think?  – Larry in High Point 

A.  Larry, having a Last Will and Testament is extremely important but there are some other things to think about.  What I have found over the years is that accessibility is a key factor.  What I mean by that is making sure the executor of the Will knows exactly where the Will is located.  Also, that they know where all Life Insurance policies are and how to contact the Life Insurance company in the event of a claim.  Do you have instructions on how your heirs can contact your brokerage accounts?  Banking accounts, etc.?  Do you have TOD’s (Transfer on Death) on your brokerage accounts?  How about POD’s (Payable on Death) on your banking accounts?  By having the POD and TOD designation in place, these accounts will avoid probate.  This will save your estate time and money.  Please plan your funeral arrangements ahead.  Do not leave this task to someone who is grief stricken.  Besides they may not know what you really wanted for your funeral.

Larry, here is another question.  What if you do not die, but are completely incapacitated by an accident or medical condition?  You will need to have more than a traditional Last Will.  A lot of our clients also have a Power of Attorney designated to help with even the simple things such as paying bills, taxes, etc.

Also, if you are medically incapacitated, a Living Will can spell out the types of medical treatment you want or do not want.  You can set up a Health Care Power of Attorney that designates an individual to make medical decisions for you.

Seminar Dates – May 6, 8, & 13  /  Outwest Steakhouse at 6:30 p.m.

 

Robert Cooper 

CRPC, RFC   Registered Investment Advisor Representative / Providing Financial Planning Services in the Triad for Over 20 Years

336-993-2012 • www.coopercares.com

935-E Mountain St., Kernersville, NC 27284

Investment Advisory Services Offered Through Global Financial Private Capital, LLC, an SEC Registered Investment Advisor.

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Please keep the questions coming at:

Robert@CooperCares.com

If you would like a complimentary one-on-one consultation please contact our office at 336-993-2012.

Any comments regarding safe and secure investments and guaranteed streams refer only to fixed insurance products. They do not refer, in any way to securities or investment advisory products. Insurance and Annuity product guarantees are subject to the claims paying ability of the issuing company, and are not offered by Global Financial Private Capital.

 

 

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