With Valentine’s coming up this week, Cory Sickles from Safe Harbor Retirement Group is here to talk about protecting the ones we love. Cory, tell us what you mean by that?
It means preparing for a time when you are not going to be around for or maybe not physically be able to support those who either rely on you or those you’d like to be sure are taken care of in the future.
That’s very important, how would one start?
Having a will and trust are so important. We all know it is important, but not many of us take the steps to create these documents. If something happens to you, with these legal documents, you can be sure your assets are not going to probate which can be incredibly frustrating and costly. The hardest part is getting started with these documents, but we have estate planning attorneys who walk you through ever step.
Included in this would be assigning power of attorney and setting up advance directives. You want to make sure your wishes are known so that your family isn’t left guessing during a difficult and stressful time.
So you recommend this for all of your clients?
Absolutely, we consider it part of a complete and healthy financial plan. But once you have these documents in place, you can’t just set them and forget them. It’s important to review and update as needed. So many times a beneficiary is unintentionally left off of documents, maybe there was a divorce and if you don’t take your ex off of your plans, they will be getting your inheritance not your current spouse.
We meet with our clients at least once a year or more and we are always sure to go over these documents to make sure they are up to date.
As we live longer, I’ve seen the financial hardship caused by a family member having to go into assisted living. Do you help your clients prepare for this?
You are right and yes we do. There are things like life insurance and long term care products that can not only be used to help financially support your loved ones when you pass, but it can also help pay for the big expenses of long-term care so that you don’t cause your family in financial hardship.
You discussed here before a unique way your company helps keep all of these document not only safe, but accessible from anywhere. Can you talk about that?
We have a virtual vault set up for each of our clients, it’s essentially an online safety deposit box that our clients or their loved ones can access from anywhere…