Perhaps you have already been there. If so, you will know (and not just envision) how difficult it is to lose a loved one. Having personally done so recently and with the pain still quite fresh, I can say that little can be done to prepare mentally. For that part, I’ll just say I can’t imagine how difficult it would be without Jesus’ grace and love. Yet, on top of the emotional burden – at least one person close to the deceased will be handed the unpleasant financial and administrative burden that comes with disbursing possessions of the deceased. However, much can be done now for those future financial, medical and other matters. This is what sets the stage for the third post of a four part series on the most satisfying conversations I have had with clients over my years in the business. The majority of my specific job is analytical and portfolio management related, but I wanted to devote a little space and time here to my role as l financial advisor.
This conversation, like the prior two, is specific and recent, but similar to so many others along the way. In the investment advisory business, the central element of our job is making sure client assets are properly invested and maintained. At FEG, we extend beyond that central job in order to take a comprehensive view of finances. Partly because of the knowledge base of our team (one of our founders is a Certified Financial Planner (CFP), the other an Enrolled Agent (EA) and other specialties added throughout the years). But mostly, we just believe that a comprehensive approach is the right thing to do. One of those extensions to investing is working alongside and helping people make sure they are prepared and have WRITTEN plans should they die or even become incapacitated.
Please note that I am not a practicing attorney and therefore do not dispense legal advice. My role is simply to provide the format and direction needed to coordinate and achieve the legacy intentions for the client. I’m sure as you are reading this, these sound like simple and obvious steps to take. And for the most part they are. In a conversation earlier this year, I heard what we hear so often: “I’m glad you mentioned this stuff, we have been meaning to get things updated but just haven’t gotten around to it”. For the minority of you that don’t say something akin to this just know I always marvel at your preparation.
What made this such an enjoyable conversation for me isn’t as much about sharing wisdom (I let the attorney, with whom I have a great working relationship with handle part). It is nothing more than taking a look beyond their investments and helping them compile financial inventory of sorts. No brilliance is necessary, just a checklist and a willingness to talk about the uncomfortable. Often that involves just sharing real life stories as examples of why plans either need written or updated. Such as:
-Having a wife in the hospital but no immediate grounds and authority to make critical health decisions
-Your children who get along so well now can be exposed to debate and solve matters without real good instructions. Time and again, this has led to poor outcomes between siblings.
-For some, it is an unexpected death from which we need to protect our families. For others, it might just be the need to protect ourselves from our future selves! Documenting wishes and executing plans is complicated and legally challenge once mental capacity begins to diminish.
-Some of you may not have spouses or children to plan for, but what about pets. These family members can also benefit from well-planned exit from this planet.
All told, by investing just a few hours collectively in conversations with these lovely people, they were able to get the necessary plans in place for their family. Working with a qualified attorney enabled these people to be prepared and to feel secured that their affairs were in order. These steps are skipped due to common snares like: (1) While the importance is acknowledged its priority is not (2) Estate planning is thought of as only for the wealthy, but is actually for everyone. All I had to do on my end was direct, coordinate and participate in conversation. . Often times, this isn’t a job -it’s a delight. It was a great feeling to leave the room knowing those folks were better prepared than when they arrived. And I can’t believe they actually pay me to do this.