While You Hunker in Your Bunker

By HMA Team on June 2, 2020

Things you should definitely handle before you break quarantine

We probably don’t have to remind you that these are uncertain times. We also probably don’t have to point out that you’ve got some spare time on your hands. Given this situational combination, now is a great time to dig in and make sure you have your “I”s dotted and “T”s crossed when it comes to your →financial and estate planning picture.← If something unexpected happens, you’ll be glad you did. Even if something unexpected doesn’t happen, you’ll be glad you did. Here are three things you should definitely handle before you venture back out into the world.

Wills and Trusts

This is a great time to break out the will and trust documents to make sure they’re consistent with your wishes. Stress affects us all differently. Ask yourself, “Is there anything that has occurred over the last few months that is causing me to think these documents need to be structured differently?” Did anybody develop a retail therapy tendency that makes you think a spendthrift clause might be a good idea? Are all prior relationships still intact? It may also be a good idea to make sure your attorney is still healthy and practicing. Who is your executor and are they still willing to serve? Do you have a corporate trustee as a failsafe? If not, HMA can assist you here. Make sure you have copies of everything, and the necessary people also have been furnished with their own copies.

Medical Directives and Powers of Attorney

Make sure your medical directives are up to date. If you haven’t had one in place prior to now, a durable power of attorney may be a good idea as they allow other people to make decisions on your behalf in the event you become incapacitated. Nobody wants to end up unconscious on a ventilator for any length of time. Unfortunately, it’s happening to a lot of people right now. Make sure the necessary parties such as attorneys, family members, and doctors, have copies of these forms. Do you know what hospital you would likely go to if you contracted COVID-19 and needed attention? Is it possible to put these forms on file with that hospital? In addition, it may be a good time to check your beneficiary assignments. The current economic situation has caused some folks to move. Is the contact information for all of your beneficiaries still correct?

Financial Planning Documents Checklist

Review this financial planning documents checklist to make sure you have everything organized, updated, and in one place. This includes account statements, insurance policies, copies of wills and trusts, as well as other items. Make sure a loved one who will be involved in processing the estate knows where these documents are held. Upon reviewing your documents, does it seem as if your accounts and assets are spread out all over the place? That might be complicated or confusing for your beneficiaries to deal with while grieving. It might make sense to consolidate.

Since all three of these categories fit into a comprehensive financial plan, we’re absolutely here to assist you with any questions you have or providing resources you need to make the necessary updates you need to these documents. We’ve likely been keeping in touch with you to discuss COVID-19 related market volatility and how it affects your portfolios, but if we haven’t discussed these particular issues in a while, it might be time for that specific conversation. We hope you and your family are well, safe, and keeping yourselves entertained while you hunker in your bunker.