Once is not enough…I know that was the title of a spicy 1970’s movie, but what does that have to do with my wealth and my wealth plan?
Unfortunately, many people, consciously or unconsciously, think once is or was enough. They drafted (and hopefully executed) estate related documents when their first child was born. Maybe they even purchased a life insurance policy at that time. And then over the years, they lived their lives. They are now older - closer to retirement or maybe even in retirement. Their children have grown up and left the nest. Family structures have changed. Marriages celebrated and maybe some ended. Maybe even grandchildren have been added to the family tree. Their former dreams, causes and worries have evolved to new dreams, causes and worries. But as they were busy with life, they never took the time to review and update their wealth plans to reflect these new realities. Many don’t even know when their plan was last reviewed and what their plan says. Once is not enough!
Hopefully, this situation is not reflective of your situation and your plan.
Please take the time during this upcoming holiday season to consider how you and your family have changed since you last revisited your important wealth related tools. These include your estate plan, your living will and your medical power of attorney, your power of attorney, your digital power of attorney, your beneficiaries, your life insurance policies, your umbrella and other insurance coverages, the asset allocation of your investment portfolio, your gifting plans, the storage and accessibility of your important documents, and the ongoing administration of your financial matters. Please take time to consider whether your spouse and your children have a basic understanding of your plans as well as know and have a relationship with your trusted wealth advisors?
At Telemus, the foundation of our organization is based on a holistic approach to financial life management. We believe that once is not enough. We believe it is important to review your plan on a periodic basis as life happens and as your life situation changes. We have the experience and resources to assist you in reviewing your plan and developing, implementing and supporting appropriate ongoing strategies for you and your family.
Let us help. Let’s start the discussion.