Having to step in and take over the finances when someone becomes incapacitated or passes away can be an extremely daunting task. Often, people don’t know what their responsibilities are, how to get started, who to contact, or where the important records and information are located. 

That is why our team has developed the Personal Planning Portfolio to help your family be better prepared whenever the time comes.

Planning for the future with Carolina FEP 

3 Key Tools in Our Personal Planning Portfolio:

1. Memos to Your Various Helpers

Your various helpers may include your healthcare power of attorney, financial power of attorney, trustees, or similar. For many people, this will be the first time they have had to assume a role like this. We want to set them up for success by ensuring they understand what their role really entails, what their duties and responsibilities are, and who they should contact if they need help. 

We also provide them with frequently asked questions that we have developed out of common issues we have seen arise. We want to ensure that they are able to access the information they need and avoid being stonewalled by healthcare providers or financial institutions. 

2. Checklists

For helpers such as your financial power of attorney or trustees, we provide checklists containing some of the common things that they need to take care of in a timeline-sorted format. This ensures they know what tasks are most urgent and helps ensure they do not miss any important deadlines. 

3. Financial Organizer

The Financial Organizer is where we gather the important documents and account access information so that your helpers can step in and handle your affairs on your behalf when the need arises. With more accounts utilizing online logins and digital record-keeping, it is more important than ever that you have this information written down and easily accessible. 

Not having access to the right information in the appropriate timeframe is an issue we see often in our office. When the power of attorney needs to step in, he or she does not know where things are located or how to find the accounts. We have sometimes run into lost assets or bank fees that could have been avoided as a result of the power of attorney not having the information he or she needed. 

For example, if you have bills on auto-draft, those continue being paid until the power of attorney or executor can stop those, but your income has stopped. We have seen estates go into overdraft status and incur bank fees as a result because the power of attorney or executor could not access the account immediately. 

How can I ensure my family has what they need?

Utilizing our Personal Planning Portfolio allows you to make things as easy as possible for your family while avoiding unnecessary stress. Most estate planners ignore these important issues, but we know what the common issues are and have developed tools to help your family be better prepared. 

At Carolina Family Estate Planning, we help families build better lives by planning for a secure future. Our team takes an all-inclusive approach to our clients' long-term care and estate planning. We focus on building relationships with our clients, offering sound legal advice and expertise to help you make the best decisions for your family.

Contact us at Carolina Family Estate Planning at 919-443-3035 in Cary, North Carolina, or schedule your consultation online, to begin the estate planning process today. 

Still doing your research? Check out our free guide: Estate Planning Pitfalls: The 12 Most Common Threats to Your Estate & Your Family's Future

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