Hello Again –
We hope you and your families are safe. We miss seeing you and look forward to the time we can sit down once again.
Here is a little homework assignment for you so you can be ready for our next meeting. Now may be a good time to review beneficiaries and estate documents.
Think about how many decisions you make in a day. From the moment you wake up you are making choices. Some of them are minor, “should I wear the brown or blue socks?”, others are extremely important, “who will make medical decisions for me if I become incapacitated?” When it comes to the latter category you should have these written down. Let us talk about five documents you need in place to be ready for some important decisions at some point.
- Will – Instructions for distributing your assets after you pass away.
- Durable Power of Attorney – Where you give permission to someone else to make decisions, regarding your assets, on your behalf if you cannot manage them yourself.
- Health Care Power of Attorney – Same as the durable power of attorney but this time for medical decisions, and yes it can be the same person.
- Living Will – Your desires when it comes to life-sustaining measures if you are terminally ill. This is where decision such as a “Do Not Resuscitate” would be written
- Revocable Living Trust – This is the entity that will help control the assets during your life and after you are gone.
Often these five documents get rolled into one and just called a trust. But you will need each of these to be ready to handle what life throws at you.
After reviewing your estate documents, the next step is to review beneficiaries on all investment and insurance documents. Some will be linked back to the estate but others, like an IRA, may list the beneficiaries separately. If you need help finding yours at our office give us a call!
Lastly, make a plan and put these documents in an easy location. Contact the person that should know, for example a successor trustee, and show them where to find them. They might not need to read them, but it is important that they know where they are. Include contact details of professionals and account passwords. Yes, this should be in a safe or under lock and key that’s not easy to remove from your house.
Once again, we look forward to seeing you again. As you come across friends and family members who have questions, we are always happy to listen and help where we can. Some topics we have been helping with are the SECURE Act, CARES Act, Paycheck Protection Program, unemployment, Required Distributions, changes in IRA rules and regulations. Please do not hesitate to send them our way.
Garrett G. Smith
Ascend Investment Partners
Paul M. Norman
Senior Financial Advisor
Ascend Investment Partners
1300 N 200 E #114C
Logan, UT 84341
175 Historic 25th Street
Ogden, UT 84401
Wells Fargo Advisors Financial Network and Ascend Investment Partners are not legal or tax advisors. You should consult with your attorney, accountant and/or estate planner before taking any action.
Wells Fargo Advisors Financial Network did not assist in the preparation of this report, and its accuracy and completeness are not guaranteed. The opinions expressed in this report are those of the author(s) and are not necessarily those of Wells Fargo Advisors Financial Network or its affiliates. The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy