Here is a great article written by Benoit Poliquin, CFA, CFP & VP / Portefolio Manager at Pallas Athena Investment Counsel:
Yes, that is right. Tonight, while you are watching your favourite television program, once the kids have gone to bed and you are thinking whether you should turn on your laptop and catch up on work, clean your Inbox or finish that book you started....don't! Instead, make the following list: The Estate List.
As a portfolio manager, I am called in at the best of times (when someone or a family) comes into large amounts of capital, or at the worst of times (death or illness). Well, recently, I have been helping a client through some difficult family health issues. During these trying times, the simplest of task becomes much more complex.
To make things easy, here is the list:
Will and Power of Attorney: Make sure you have an updated will, and make sure your executors know that they are indeed executors, and where they can find the will. Do you have a power of attorney in case you are unable to make decisions for yourself? Call your lawyer this week and get it sorted out.
Insurance: Do you have any? Is it sufficient? Where are the policies? Do you have all of them ? If you are uncertain, contact a competent insurance professional for an insurance audit. As for the copies of the policies, keep them in a safe yet accessible place.
Safety deposit box: Do you have one? more than one? Could your executor find the key? Could they have access to the box? Get that sorted this week!
Passwords: In this day of online security...we all have a collection of passwords. What if you were not around to make that monthly bank transfer? Make sure your online banking does not breakdown because you are not around.
Advisors: Chances are your lawyer, your accountant, your insurance advisor and your investment advisor don't know each other, and most certainly don't speak to each other on a regular basis. Does your executor and your loved ones know who they are, and how to reach them?
Accounts: You might have banking relationships for business and personal accounts at different institutions. Is this know by your executor and loved ones? Are your bank accounts listed in a central place?
Business Assets: You might own a business, a building or units in a limited partnership. Is this a known fact? Is this reflected in your will? What would happen to these assets if you were unable or worse, not around, to make decisions?
In short, you are trying to make things easier for your loved ones who depend on you. Make this list, and make it known to those that it concerns....and keep this list current!
No comments:
Post a Comment