While you are still healthy, it is critically important to make plans for a time in your life when you may be unable to make your own decisions. Everyone will die and most people will enter a time in their lives when they will be unable to effectively make their own financial decisions.
I cannot stress strongly enough how important it is for everyone to have a valid will, as well as to select a person to act as Power of Attorney for them. If you haven’t already done this, talk to a notary or lawyer about this today.
Once you have selected a trusted individual to act as Power of Attorney for you in the event you can no longer make your own decisions, it is a good idea to plan for a time when you will introduce them to your professional relationships. Lawyers, Accountants and Portfolio Managers should all meet the person whom you have selected as your POA. This provides a valuable opportunity for you to ensure that everyone understands your wishes and that any questions they might have are answered by you while you still have the ability.
This will not only reassure you and your loved ones that your financial affairs are in order, but it will also provide peace of mind to your trusted individual or POA. They will be reassured that everyone is on the same page and working together, in harmony, to ensure your financial wishes are implemented.
Maria Dawes, Portfolio Manager
Capstone Private Wealth