Do you have someone you would trust with your life? Do you have a person you would trust completely with your finances and other business? If you are one of the people that can answer yes to these two important questions you are indeed blessed. One of the most important details of having an estate plan is having someone you completely trust to carry out your wishes if you are not able to. Unfortunately many people never have documents completed because they aren’t blessed to have such a person in their lives. Many are forced to seek professionals to serve as their agent, successor trustee, or executor because they aren’t blessed to have a competent person they completely trust.
If you are one of the blessed ones that have a competent trusted individual to take care of you and your business when you no longer can, do yourself and that person a huge favor. Please discuss with the person what you want to happen if and when their services are needed. Many people view such a conversation as negative or unnecessary. Many parents don’t want to burden their children with details of sad events that may happen in the future. Many children refuse to discuss events with parents that they hope will never happen.
If you may be needed to help with the estate of another I would offer this advice. Insist on having the conversation. It is one of the most loving things you can do for any friend or family member. Make sure to use discretion. Explain the reason for the conversation is for your peace of mind and not because you plan to be in the express lane at the funeral home soon. If your family member is resistant try plan B. You should be to put your important thoughts and instructions in the form of a letter, and put the letter with your estate documents. Please make sure your loved ones know where all your important papers are. The best drawn estate plan is useless if no one knows where your documents and property is. The ones you trust most should know where your will, trust, powers of attorney, living will, and any other important papers are. It is also vitally important that the person(s) know where all your insurance policies and investments are located.
If you are the person that will be responsible for carrying out the wishes of a friend or loved one, explain the need to make sure you follow instructions as closely as if they were there standing beside you. Sadly, at that time they won’t be there. You know that if the need arises you won’t have the opportunity for questions, so you need to talk about it now. Explain that you hope they live a healthy life for at another hundred years, but you take the responsibility very seriously. If all else fails let them read this article. However you motivate your loved one, please have the conversation!
Investment Advisory services are offered through AlphaStar Capital Management, LLC, a SEC Registered Investment Advisor. AlphaStar Capital Management, LLC and Master’s Estate and Financial are independent entities. Masters Estate does not offer tax or legal advice.