As Retirement Advisors, we are in the business of helping clients enjoy and finance their retirement years.
In a surprising number of cases, we discover problems with key documents. These include Powers of Attorney, Wills, Trusts and Advanced Health Care Directives. Here are three common problems:
1) No documents. You may need a will or trust so that your property will be properly transferred to your beneficiaries. A power of attorney is critical because if you were to suffer a debilitating health event, like a stroke, someone needs to be able to access your bank accounts, pay your bills and otherwise act on your behalf. You should visit an attorney who practices in this area if you don’t have these documents.
2) Power of Attorney is out of date. This is a little complicated but some years back each financial institution would evaluate their client’s POA and decide if they wanted to accept the document. This caused problems as various institutions required a different language.
In 2011, Virginia adopted legislation that effectively required institutions to accept properly drawn and notarized POAs.
3) Account registrations that conflict with Wills. You probably put a lot of thought into the distribution of your property upon your passing. But improper account registrations or beneficiary designations can trump the provisions of your will. Sometimes you may prefer transferring property by using asset registration but you should be sure it’s done correctly.
If you are retired or planning for retirement, we offer a no charge, no obligation financial analysis. We’ll review your key documents, check each investment, and conduct a stress test of over 1000 market scenarios that you could face during retirement.
We hope to show you ways to improve and grow your cash income. And give you a strategy to manage the risks you face (like inflation). We’ll also provide an unbiased calculation that shows how much you should be able to safely spend in each year of your retirement.
The analysis is detailed and comprehensive, and it’s free for you. When the process is complete we’ll even give you a $100 gift certificate to Ruth’s Chris Steak House.
Some of those who take advantage of this offer become clients of our firm. But often we serve to validate the strategies already in place with perhaps a few suggestions. The process and offer are designed for those age 50 and up who have retirement assets of $500,000 and over (including 401k’s IRA’s, stocks, bonds, mutual funds, annuities, and bank accounts).