MINT HILL, NC – One idea to simplify matters for your family is to create a file that includes a list of your assets and liabilities as well as your financial professional, legal, and tax advisors and how to reach them.  While death or disability are not the easiest subjects to broach, completing and sharing your file with loved ones can save them many sleepless nights during what is sure to be an emotionally challenging time.

In this article we will focus on two more areas: Power of Attorney and beneficiary designations.  A medical POA grants someone the power to make any medical decisions for you if you become incapacitated, whereas a durable POA is someone that handles your legal and financial matters should you become incapacitated.  Detailing powers that are bestowed is important to make certain your designate can handle key matters without concerns about conflict of interest, tax issues, or other issues.

Lastly, a piece of advice is to keep your beneficiary designations current.  Keeping beneficiary designations current is extremely important because in many cases your beneficiary designations may supersede your will.  Don’t forget your contingency beneficiaries!

Do you have all of these estate planning basics covered?  Remember, we are here to help you with all of this.

Let us help you find your clarity of purpose!

Portions of this article were written by Principal for use by your local Cambridge Investment Research Financial Advisor.

To discuss further, please contact me at (704) 817-4480 Option 2, or by email at mmiller@fulcrumwealth.com.