What Costs Us the Most
Give attention to life's most important documents.
In college I turned in every research paper with pride, anticipating a high grade in return for all the unpronounceable words and perfect formatting I used.
One day in class, shortly after turning in one such paper, the professor pulled a couple of papers out of a stack and held them up for the whole class to see as he said, “Can you believe someone would turn their research paper in without their name?”
No name, no grade.
Sometimes it’s the simple mistakes that cost us the most. The top three oversights I see when discussing financial planning with new clients are simple, but they carry a high cost.
Lack of a will.
Studies have shown that over half of Americans over the age of 55 still don’t have a will.
Would you trust a government that can’t fill your potholes to manage your estate? No way.
Fortunately, a simple will is quick and inexpensive to make. You can knock this out tonight.Outdated beneficiary.
You may already have a retirement plan in place. Good for you! But when was the last time you updated the beneficiary on those accounts? Have you forgotten to change your beneficiary since you’ve been married?
A quick double check could save your rightful beneficiary from a drawn-out, unnecessary court battle.No power of attorneys.
When you’re on your deathbed and unable to make key decisions regarding your own life, who will call the shots? If you become incapacitated later in life, who do you want to be in charge of your finances and estate? A power of attorney lets you make those decisions ahead of time. Websites like legal zoom or a personal attorney can help get the job done for you.
Life throws us curveballs. We might exit earlier than anticipated. Don’t let these simple mistakes cause those you leave behind any unnecessary pain. As a financial planner, I can help you identify potential risks in your financial plan.
Let’s talk about that.