Three Sheets Of Paper, Or Three Sheets To The Wind?
Those familiar with Tom Clancy’s novel Debt of Honor will recall how a radical Japanese financial conglomerate sabotaged the U.S. securities markets by electronically erasing a full day’s trading records. But a solution emerged when Ryan’s wife, Caroline Ryan, MD, advised, “If something isn’t written down, it didn’t happen.” Then all proceeded normally as the financial world simply picked up where prices from previous day had left off.
Dr. Cathy’s remark is nowhere more pertinent than in your clients’ estate planning.
It doesn’t matter how firmly resolved clients are in the desired future conduct of their affairs, or how many people they have told; if it isn’t written down, it doesn’t matter, the difference here being there is no safety net for failure to put pen to paper.
While we don’t give legal advice, we do well to alert our clientele that at least three written and properly executed documents are the necessary foundation of any estate plan:
Durable Power-of-attorney – Who has authority to handle your clients’ affairs when circumstances (e.g. foreign travel) or lack of mental capacity prevent them from doing so?
Health Proxy (or Living Will, or Health Directive) – Who will make medical decisions (up to and including life or death determinations) for your clients if they are unable?
Last Will & Testament – How, when, and to whom will your clients’ property be distributed in the event of death?
Without written directions, a client’s future affairs are in the wind, with no assurance of results. We will get on the call with you and your clients to discuss the importance of these documents and how they can be effectively coordinated with all that you do for them. Contact Tom Virkler, JD – Director of Advanced Markets at 706-614-3796 or tom@cpsadvancedmarkets.com today!