June 13, 2012
Dear Members and Friends,
You may remember a movie where the main character was forced to make a statement over the telephone to his client: “Show me the money!” As it was used in the movie and in its original intent, there is a great deal of difference to what I would like to discuss today. But I will use the same statement: “Show me the money!”
How many of you, whether husband or wife or even a single person for that matter, can really feel comfortable that you have “shown” someone the money? If there were a major issue that developed today, would your spouse, significant other or even just a trusted family member, close friend or advisor really know where it was? And what about those important financial papers, insurance policies, estate planning documents, bank account numbers (let alone locations), and retirement account numbers, et al? What if you have given someone the power of attorney for your financial affairs (if they are even aware of your designation) and they have no clue of what your assets are or where to access them? And even more importantly, what about all of those passwords and account names that we are required to use in order to access anything on-line? Does your spouse or personal representative or anyone necessary for that matter know anything about your life insurance or where the policies are? Are you starting to get the picture?
I would venture to say that the number of people who are up to date with this information and who have listed it in a very orderly manner are about as many as those who have taken the time to plan their estate or financial future. Most people seem to allow things to happen to them rather than taking the time to make sure they do not. This even goes for the number of times that I have seen accounts improperly named, beneficiaries improperly listed or not changed when necessary to do so because of divorce or other issues.
If this is the case for you, then you seriously need to consider an organized binder that puts all the information in one place. It not only offers you the security of knowing that when the time comes for its use that it will be there, but it is also a working program that can be changed throughout the years with ease. You do not want anyone to have to struggle to try to put your estate in order. You want them to be able to access accounts in an orderly fashion. You want to make sure you have a system in place that allows you to track and view your financial situation at any point in time.
For help with this or with any other financial planning issue, please do not hesitate to give me a call. I can arrange a convenient time to meet with you and discuss this matter.
In addition to this, I would like to offer you another item now that we are in the official hurricane season here in Florida. I have copied a hurricane preparedness checklist that I will gladly send to you upon request. Just give my office a call or contact me via e-mail on my web site. My office phone number is (941) 955-0106. You may reach me on my web site by logging in at www.westminsterpartners.com. Or, if you choose, you can just send me an e-mail directly. My e-mail address is email@example.com.
As always, I hope this is of help to you with your financial planning.
R. Dale Adcock